Kacha Digital Financial Service, the pioneering private payment instrument issuer in Ethiopia, has emerged as the winner of the highly anticipated Ethiopian edition of the esteemed Visa Everywhere Initiative (VEI) for 2023. This global innovation program and competition for start-ups and fintech companies have recognized Kacha as the frontrunner, catapulting them into the spotlight of the financial technology landscape.
Kacha has been awarded a monetary prize of USD 25,000, underscoring its innovative approach to transforming the financial sector in Ethiopia. This substantial reward not only acknowledges their remarkable achievements but also provides a significant boost to their continued growth and development.
With several contenders vying for the top spot, Qena, a formidable participant, secured an impressive second place, earning a well-deserved prize of USD 15,000. Meanwhile, Smile Pay, a noteworthy contender in its own right, clinched third place and received a commendable USD 10,000.
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.