By Hamed Mahmoud
The Information Technology Industry Development Agency (ITIDA), in co-operation with Visa, the global payments technology company have recently announced the launch of their fintech training Programme offering a full-fledged package of benefits and services for Egyptian fintech startups and entrepreneurs.
ITIDA-VISA Mentorship Programme aims to enhance co-operation in supporting entrepreneurship, encouraging startups to develop innovative fintech solutions, and promoting digital payments in Egypt.
Furthermore, the shortlisted fintech startups will avail Visa’s global partner network to empower their business and enrich their market experience. Upon joining the Programme, the participating fintech startups and entrepreneurs will be eligible to access VISA’s development Application Programmeming Interfaces (API), which facilitates integration with VISA’s global network and experimenting with VISA’s sandbox.
Additionally, the Programme offers a prize of USD20k for the best performing startup, after completion of the technical training and the business mentorship that includes business models, market requirements review, and learning about business methodologies that speed up accessing Visa’s network.
The deadline for receiving applications is on the 3rd of March, as stated by ITIDA. The Programme targets fintech startups with creative solutions in financial inclusion; digital payments; insurance; empowering merchants to understand, accept and use digital payments; settlements; asset management; mobile solutions; peer-to-peer (p2p); microfinance; security; authentication; special focus on supporting women in business; and other fintech related solutions are all welcome to apply.
Both parties have recently signed a Memorandum of Understanding (MoU) in November 2020. With respect to this partnership, the training Programme offers insightful business models with due respect to market requirements and allows startups to test and qualify their payment solutions to meet Visa’s standards.
The co-operation aims at promoting the digitisation of payments among businesses and solve the challenges existing in the Egyptian market through fostering cutting-edge technology solutions provided by entrepreneurship, as well as supporting innovative startups.