Egyptian Startup Fintech Wins Visa’s Grand Cash Prize of $50,000

Cairo, Egypt – June 19, 2019 — Egyptian startup Paynas, specialized in providing financial technology solutions, wins Visa’s FinTech pitch-off competition of $50,000.

The event was held on the sidelines of Seamless North Africa 2019 over the past two days. The Egyptian startup, Paynas, was granted Visa’s grand prize after competing with four Egyptian and international startups.

By relying on cloud computing technologies, Paynas specializes in providing financial solutions for human resources features, employees payroll, as well as other offered benefits by employers. The award falls within Visa’s ongoing efforts to support innovation and creativity in the financial technology sector and was presented following a competition held in cooperation with the Central Bank of Egypt that provided an opportunity to Fintechs to present their creative solutions to a panel of distinguished jurors.

The Visa pitch-off that provided an opportunity to Fintechs from all over the world to present their creative solutions , live and on stage, to leading industry experts at the prestigious FinTech and e-commerce conference and exhibition in the North Africa region held under the auspices of H.E. Dr. Mostafa Madbouly, Prime Minister of Egypt.

During the competition, Fintechs were given 5 minutes to convince leading industry experts of their innovative solutions in any of the fields of financial inclusion, digital payments, insurance, settlements, asset management, mobile solutions, P2P, security, authentication or other fintech related solutions.

“We are happy to offer Paynas the grand prize, and Visa is always keen on developing the financial sector in Egypt and in the region and expanding our relationship with the government. We have partnered with the Central Bank of Egypt in conducting workshops related to financial inclusion and we’re always looking to build the ecosystem that fosters innovative ideas. Providing the support, knowledge, and best practices is always a key priority for Visa to nurture Fintechs around the region,” stated Ahmed Gaber, Visa General Manager, North Africa.

“The Fintech pitch-off provided local and global Fintechs with an opportunity to affirm their innovative approach towards solving pain points facing numerous industries. The pitch-off is an opportunity for people at all levels in the Fintech community to talk to each other, share what challenges them and learn from each other. We are working on making it simpler and quicker for early stage start-ups to connect with our network than ever before. ,” continued Gaber.

Visa recently announced it is expanding its Fintech Fast-Track Program in Central and Eastern Europe, Middle East and Africa (CEMEA) region as part of its efforts in developing the next generation of digital payment solutions. Already rolled out in Europe, Latin America and Asia Pacific, the program provides innovative fintechs with a faster and easier integration process with VisaNet, Visa’s global network, in addition to a suite of tailored digital solutions and growth capabilities.

The Fintech Fast-Track program provides a new commercial framework that includes access to Visa’s payment capabilities, reduced fees and streamlined processes.