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Kacha, scoops big in ‘Visa Fintech Innovation’ competition

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By Eyasu Zekarias
Kacha, the first private mobile money transfer service in Ethiopia, has won 25,000 US dollars in the 2023 Visa Anywhere Initiative (VEI) Fintech contest.
About 200 applicants from all over the country participated in the competition, with each of them seeking to provide innovative payment and solutions to consumers and commerce.
The award ceremony event which was held on September 15, 2023, also saw Visa Anywhere “Qena” Software Design and Development and “Smile Pay” taking second and third rank and receiving $15,000 and $10,000 respectively.
Since 2015, “VEI” has announced funding of more than $16 billion to startups from over 100 countries.
The Visa Everywhere Initiative serves as a global platform that celebrates and encourages groundbreaking ideas and innovative solutions within the fintech realm.
The success of Kacha, along with the achievements of Qena and Smile Pay, highlights the vibrant and burgeoning fintech ecosystem in Ethiopia.
As Ethiopia embraces the digital revolution in the financial sector, Kacha’s victory stands as a testament to the remarkable potential and transformative power of innovative start-ups and fintech companies. With their groundbreaking solutions and unwavering determination, these trailblazers are reshaping the way we perceive and interact with money, propelling Ethiopia into a new era of financial innovation and inclusion.

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