Swipe2Pay, a mobile payment credit scoring model for SMEs, is among the finalists for Visa’s Everywhere Initiative in Sub-Sahara Africa Challenge.
Visa’s Everywhere Initiative, is a global program to support and promote innovations that offer financial technology solutions to customers.
The Swipe2Pay team joined the initiative in February this year, after the global company Visa initiated their operations to Sub-Saharan Africa.
The finalists of the initiative will have a chance to win a grant of up to USD 50,000 (about Shs187 million) to implement their projects and ideas in cooperation with Visa or its partners.
Visa, one of the leading providers of secure transactions including driving financial inclusion, looks to influence use of that build and enhance their confidence in the banking system. According to the company website, there will be three (3) winners, with each winner awarded $ 25,000 (about Shs93 million).
But if Visa determines in its sole discretion that a brief winner has created a standout solution, Visa may provide further investment and monitoring support to that brief winner, subject to the parties agreeing on a suitable program and additional terms for others investment, says the website.
Swipe2Pay will now compete with other 12 start-ups in a program that will start July 23, 2018, in Johannesburg, South Africa
Swipe2Pay is a mobile payment credit scoring model for SMEs to ease their access to loans from banks and MFIs using their business performance analytics data and cell phone data to determine their creditworthiness.
The company is run by Solomon Kitumba as the team leader, Keneth Buhiire is the CTO, CK Japheth serves as head of Strategy, Julius Mutumba as the assistant CTO while Lutaaya Benjamin is the creative director.