Egypt’s Information Technology Industry Development Agency (ITIDA) has announced the launch of a new mentorship programme in collaboration with Visa that will look to hone in on the growing fleet of fintech startups that is coming to define Egypt’s local ecosystem.
Looking to help elevate an ecosystem that GSER (Global Startup Ecosystem Report) 2020 included in its ‘Top 10 Global Ecosystems for Affordable Talent in 2020’ and ‘Top 10 Africa & Middle Eastern Ecosystem in Funding’ lists, the programme has three very specific aims; to enhance cooperation when it comes to supporting entrepreneurship; encouraging startups to develop innovative fintech solutions; and promoting digital payments in Egypt, as digitisation takes over both it and the regional ecosystem.
While the programme is on the lookout for startups working in financial inclusion, digital payments, asset management, microfinance and other related fintech sectors, ITIDA and Visa are also looking to use it as a vehicle with which it can highlight supporting women in business. In addition to reducing the financial inclusion gender gap, through empowering and supporting women entrepreneurs working in the fintech field, the programme will also address several issues such as the cost of cash;
governmental e-payment solutions; and fostering a prosperous digital payment ecosystem, through engaging with companies specializing in software development and IT.
For the chosen startups, Visa’s involvement opens up a whole host of opportunities. Upon joining, startups Visa’s development Application Programming Interfaces (API), which facilitates integration of the financial services giant’s global network and experimentation with its sandbox. After the completion of the business mentorship and technical training, the best performing startup will gain a small but tidy $20K prize.
Applications are now open until March 3rd, 2021. For more information and to apply, click here.