Visa, the world’s leader in digital payments, has announced the sole winner of their joint training program with Egypt’s Information Technology Industry Development Agency (ITIDA). Out of ten fintech’s shortlisted, and a hundred applicants, the winning startup, Dayra, will garner a massive prize of USD 20,000 to amplify its growth within the next phase. The mentorship program will extend throughout 6 months providing an extensive 360 training program to the selected startup.
Dayra, the winning fintech, headed by its CEO Omar Ekram, is a Cairo-headquartered startup offering financial services to unbanked gig economy workers and micro-businesses, with a track record of seed funding and incubator presence.
In addition to the financial prize, the program is set to offer technical training and business mentorship with respect to business models and needs, marketing, and success approach, including the testing of payment solutions ensuring they meet Visa’s standards and specifications. The program would also cover one-on-one mentorship sessions in addition to matchmaking opportunities with banks and enablement partners via Visa’s global network to stretch their startup capabilities.
Following the study of 100 applicants, ten fintech’s were shortlisted earlier in this round. The list included five candidates, namely, Neqabty, El Gameyah, Dayra, Bona Invest, and Fawaterak. From bridging the gap between companies and their unbanked workers, to savings and investment tools, collectively, the shortlisted startups gathered an invaluable amount of market-relevant innovation, passion and problem solving.
The selection criteria covered the company’s unique selling proposition, their business model, the scalability of their market product, and the diverse skillset which the team of founders brings to the organization.
Engineer Amr Mahfouz – CEO of ITIDA, said: “I’d like to thank all the participants in our joint mentorship program with Visa, and congratulations to Dayra on their well-deserved success.” Mahfouz praised the winners’ efforts, and their ability to embrace today’s challenges and address them through innovative tech solutions, especially in rapidly growing sectors like Fintech.
“Fintech is a major focus area where ITIDA will continue to support local fintech startups as we look forward to more cooperation with all the ecosystem’s stakeholders including the private sector and leading tech companies to catalyze our entrepreneurs’ journey, support them in bringing about innovative solutions and ideas, and help them in commercialization and to scale up.”, Mahfouz noted.
Read more in the Egyptian Gazette
