The Nation Newspaper

Tag: Visa

  • Visa , StanChart unveil 360° rewards credit card

    A New product, 360° Rewards,   has been unveiled by Visa and Standard Chartered Bank Nigeria Limited (StanChart). The product allows customers to redeem points earned from a variety of local and international brands.

    Through the partnership, the bank’s customers can earn loyalty points whenever their cards are used across payment platforms, including Point of Sale (POS) or online.

    The platform is an end- to-end solution, managing earning and usage of points via a comprehensive rewards catalogue. The programme will reward credit card users with points based on every N100 and N200 spent for Platinum and Gold credit cards. This is the first of its kind in Nigeria and a critical value add for our customers.

    Speaking on the launch, Head of Retail Banking, Standard Chartered Bank Nigeria Limited, Mrs. Ebby Momoh said: “We are pleased to partner with Visa on this extraordinary initiative. With the rewards initiative, all our clients can access over 200,000 items ranging from hotel and travel booking payments to shopping online and can conveniently do so anytime and anywhere while earning points on the go. All clients with credit cards will automatically earn points when they use their cards for various transactions and can use these points to enjoy more opportunities such as paying for services or products across various platforms.

    “This is a first of its kind reward system and one of the many ways we continue to reiterate to our clients that we are here for good. Clients will be required to create a profile and register their credit cards to start redeeming items from the new platform. This will enable cardholders to manage their points with more flexibility and involvement.

    “The self-service rewards portal also allows customers to track points and redeem directly. The bank’s credit card is enhanced with an additional layer of security through the Verified By VISA service. Through the VISA secured network, the cards are even more protected against unauthorised use and fraudulent activity while transacting online.”

     

  • Lagos, Visa explore how tech can improve SMEs

    The Lagos State government and global payment technology solutions provider, Visa Inc. say they are exploring how technologies developed by indigenous small and medium enterprises (SMEs) could be deployed to promote the cashless initiative of the Central Bank of Nigeria (CBN).

    Speaking on the sideline of Cashless Lagos Hackthorn held at the weekend, the Executive Secretary, Lagos State Employment Trust Fund (LSETF), Akintunde Oyebode, said the forum was designed to solve problems around cash management in thevstate.

    He said it was also looking at how to use technologies developed locally by SMEs to solve challenges around the Cashless programme.

    He said: “I am pleased with the winning teams and the possibility of using these solutions to solve payment issues experienced by SMEs. If we are able to help businesses optimise payments and grow, it will not only improve the state’s economy, but also create new jobs. This hackathon further demonstrates how partnerships between government and socially responsible companies can spur development and create double or triple bottom line impact.”

    According to him, the cash prizes won by the teams that pitched would be used to build the actual solution.

    “What you see here is the prototype solution and we hope to take it to the market in the next six months. We also have banks interested in how they support the roll out of the solution for their customers bringing the ecosystem together.

    “This is the second programme we launched this year. We look forward to doing more and partner with relevant institutions. We are funding tech startups and issued work space stations to 50 start-ups already and to 25 more before the end of this month.

    “In total, we are talking about N80 million in work space vouchers. A funding allowance of N200 million is available and this is the first set of funding going to the tech ecosystem,” Oyebode said.

    Leader of Team Blended, which won the star prize of N2million, Olawale Olarenwaju,said the solution is a handy point of sale (PoS) in a mobile device that works like the normal PoS. “Our integration will be powered by Visa because it is big card switching companies that allow us authenticate other cards through Visa,” he said.

     

  • Cashless Lagos Hackathon for launch in September

    As part of its efforts to educate and enable Nigerians to reduce their reliance on cash, Visa, the global leader in payments, has announced the launch of the Cashless Lagos Hackathon in partnership with Lagos Innovates, an initiative of the Lagos State Employment Trust Fund (LSETF).

    The three-day event, which is scheduled to hold from 14 September until 16 September, will seek to digitize payments for Micro, Small and Medium Enterprises (MSMEs) and will be delivered by Passion Incubator (www.passionincubator.ng). The hackathon is open to software developers, programmers, coders, data specialists and designers who have the capacity to create lasting technology based financial solutions for MSMEs who are beneficiaries of LSETF.

    Participants can access lagosinnovates.ng/hackathon for details on the hackathon and have until 11 September 2018 to submit their applications. Selected applicants will meet with the MSMEs on the first day of the hackathon to understand their pain points before the commencement of the hackathon.

    Through the hackathon, participants are required to come up with solutions that would allow the business owners to receive payments, make bulk purchases and keep inventory of their transactions, thereby allowing access to bank loans and government grants.

    Kemi Okusanya, Country Manager, Visa West Africa said; “This partnership is part of our strategy to help merchants become more financially responsible. What makes this hackathon unique is that it encourages Nigerians to develop locally relevant solutions, tailored for their specific environment and needs. We are always looking to support innovative programmes that can better equip individuals to manage their money more effectively, and these solutions will achieve that.”

    Six teams will present their ideas to the judging panel constituted of representatives from a cross section of business and payments experts drawn from the public and private sectors. Three finalists will be selected based on impact, design, innovation, and customer validation. The winning teams will receive ₦2million, ₦1million and ₦500,000 grants respectively to be used for the development of the solutions, courtesy of Visa.

    Commenting on the partnership, the Executive Secretary LSETF, Akintunde Oyebode said; “We are pleased to have Visa on board with us for the second edition of our Hackathon. Lagos State is the economic capital of Nigeria and the home of Africa’s leading startups. Our partnership with Visa puts us in a unique position to help uncover, support and apply emerging technologies to some of the biggest transaction challenges faced by entrepreneurs. We are excited by the possibility of leveraging technology, especially digital channels to improve our current cash-based economy”

  • Visa, Stripe, Others Raise $8M for Paystack Startup Growth

    Paystack, a Nigeria-based payments system startup company has raised $8 million in Series A funding from Stripe, Visa and Tencent.

    The startup firm said  the round was led by Stripe, and includes Visa, follow-on funding from Tencent and Y Combinator, as well as angel investors Tom Stafford (Managing Partner at DST Global),

    Others were Gbenga Oyebode (founding partner of Aluko & Oyebode and Board member of MTN Nigeria), and Dale Mathias (Co-founder, Innovation Partners Africa).

    This brings Paystack’s total investment to date to more than $10 million. Existing investors include Tencent, Y Combinator, Comcast Ventures Catalyst Fund, Blue Haven Ventures, and Ventures Platform.

    Within a little over two years, Paystack’s all-African team has grown to process nearly 15% of all online payments in Africa’s largest economy, powering tens of thousands of businesses of all sizes including telcos, airlines, and government agencies.

    Paystack provides powerful APIs to help developers quickly build modern payments experiences online. With only a few lines of code, developers can create custom checkout experiences, build automated recurring billing systems for subscription products, instantly send bulk transfers to any bank account in Nigeria, verify the identity of customers through five different verification APIs, and much more.

    Through the company’s sleek payments interface, customers can pay with local and international cards, or directly from their bank accounts. Paystack also supports localized payment channels, including mobile money, QR code, and USSD payments. Every payment is screened by sophisticated fraud-monitoring systems to protect merchants from chargebacks, and Paystack’s direct bank integrations ensure the highest transaction success rates.

    Beyond payments, Paystack provides businesses with powerful growth tools in the form of a Dashboard that helps them closely monitor and act on every aspect of their business’ performance, from granular transaction error data, to detailed customer insights.

    “As recently as 2015, it was really difficult for a developer or business owner in Nigeria to quickly start accepting online payments,” says Shola Akinlade, CEO and co-founder of Paystack. “We started Paystack because we believe that better payments tools are one of the most important things that African businesses need to unlock their explosive potential. We think of Paystack as an amplifier of the incredible work that African business owners are already doing. With better technology tools, African businesses can be better equipped to play a growing role in the global economy.”

    “The Paystack founders are highly technical, fanatically customer oriented, and unrelentingly impatient,” says Patrick Collison, CEO of Stripe. “We’re excited to back such people in one of the world’s fastest-growing regions.”

    “Africa is central to Visa’s long-term growth strategy, especially when you consider how cash is still a primary payment option for millions on the continent,” says Otto Williams, Head for Strategic Partnerships, Fintechs and Ventures for Visa in Central & Eastern Europe, Middle East and Africa (CEMEA). “Our investment in Paystack aligns with the kind of investments we look for – those that will help extend our reach into the global commerce ecosystem as it changes and grows, and that will provide mutually beneficial business opportunities.”

    Paystack will invest the new round of funding in scaling its engineering team, further deepening its payments infrastructure, and accelerating their expansion across the continent.

    Akinlade adds: “As Paystack looks to expand rapidly across the continent, we’re thrilled to have the benefit of the deep experience of Stripe, Visa, and Tencent. Our ambition is to give African merchants the tools and services they need to go toe-to-toe with the best businesses in the world, and win.”

  • How Nigerian Startups Win US$25,000 @Visa Everywhere Initiative Johannesburg

     Nigerian startups CredPal and Zowasel have emerged winners in the Merchant Payments and Financial Inclusion challenges Sub Saharan Africa (SSA) Everywhere Initiative, a global program aimed at startups and designed to encourage the development of the next big thing in payments.

    Their winning solutions beat 10 other contenders selected from 238 submissions to emerge as champions.

    The SSA program was structured around three real life business challenges:

    1. Merfirst-everents Challenge: How to enable smaller merchants to accept payments in-store digitally ORProvide a safe and secure solution for online merchants to drive eCommerce and reduce cash on delivery?
    2. Social Business Payments Challenge: How can startups use Visa’s APIs to leverage mass reach and social media partner platforms like Facebook to help businesses operating in fast-paced consumer centric environments improve cash flow and receive payments?
    3. Financial Inclusion Challenge: How can startups leverage technology to provide services that are functional for illiterate customers to provide them with secure transaction experiences that build and enhance their confidence in the banking system?

    Nigerian startup, CredPal, won the “Merchant Payments” challenge and US$25,000 for its solution that allows business and individuals to pay for purchases in installments across online and offline merchants by providing them with instant access to credit at the point of checkout. The merchant then fulfills the order and is paid in full while the customer pays CredPal back in fixed monthly installments.

    Zowasel, another Nigerian startup, developed a solution which connects under-financed smallholder farmers with investors via mobile phone-based P2P lending and marketplace sales, as well as gives them access to best agricultural practices. They won in the “Financial Inclusion” challenge. The SSA edition of Visa’s Everywhere Initiative is also the first time that startups have been given a challenge specific to financial inclusion since it was launched in 2015.

    Mookh Africa developed a social business payments solution which makes it easy for people in Africa to buy and sell on Facebook, Instagram, and Twitter. Once the seller creates an online store on Mookh, they can embed it into their Facebook page.  The Kenyan startup won both the “Social Business Payments” challenge as well as the overall prize for its idea. The company took home US$50,000 and the opportunity to work with Visa to develop the concept further.

    Geraldine Mitchley, Senior Director – Digital Solutions, sub-Sahara Africa at Visa, said: We have had the privilege of working with some of the best minds in the region over the last few months and the selected three category winners have the potential to truly change the way people pay in the region. We congratulate Mookh Africa, CredPal, and Zowasel and thank all the finalists for participating in the Everywhere Initiative.”

    She added: “The future of digital payments will be shaped through collaboration and we look forward to working with our startup partners to transform the payments landscape over the coming years to the benefit of consumers, merchants and issuers alike. It’s an exciting time in Africa’s payments and fintech space.”

    Oluwakemi Okunsanya, General Manager: Visa West Africa, said: “Visa is proud to play its part in Africa by enabling a smart economy powered by secure digital payments. This vision comes to life when we can collaborate with passionate minds and foster an entrepreneurial ecosystem where innovators can thrive.  Today, we saw this passion and innovation first-hand; and we are excited to build on the technologies that have secured the top positions in each of these challenges. Together with Visa and our financial institution partners, we would love to see at least some of these become a reality for consumers in the near future.” 

    Carmen Whatley, Managing Director, Accenture Digital Financial Services and one of the judges for the final said: “VEI is a very powerful initiative. Africa is always made to feel like the lost continent and today we saw what is coming out of the continent. It was mind-blowing and a reminder that good ideas are everywhere. I am energized. It was amazing for me to see that we had a panel of judges who came from very different backgrounds and looked at this from very different angles; and we unanimously decided on the winners. There were very clear, innovative ideas; or ones with phenomenal social impact. All the winners have incredible ideas for Africa – from opening up access to finance for customer, to linking up small farmers with financers – biggest highlight has been seeing these ideas and their social impact.”

    Visa’s Everywhere Initiative is a global program designed to support the company’s goal of fostering the growth of next generation payment technologies. This is the first time Visa has rolled out its Everywhere Initiative in Sub Sahara Africa and shortlisted fintechs from Kenya, Nigeria, South Africa, Uganda and Zambia took part in the final pitch event. To date, nearly 2,100 fintech startups from across North America, Latin America, Europe and Asia have participated.

  • Visa releases World Cup spending data

    Visa, the official payment services partner of FIFA, has released an analysis of spending inside the 2018 FIFA World Cup Russia stadiums from the opening match on June 14 through the semi-finals on July 11.

    The data highlights the increased consumer adoption of innovative payment technology, as 50 per cent of purchases with Visa in tournament venues utilised contactless transactions, including cards, mobile devices and wearables.

    Visa cardholders on average spent 1,408 rubles (approximately $23) per transaction inside the stadiums throughout the tournament, with fans from Russia spending the most, followed by United States and Mexico, respectively.

    The largest average individual purchases were seen on in-stadium merchandise (4,200 rubles; approximately $68), Fan Fest merchandise (3,300 rubles; approximately $53.00) and in-stadium food and beverage (800 rubles; approximately $13).

    “Visa’s sponsorships enable us to showcase the latest in payment innovation on a global stage,” said Lynne Biggar, chief marketing and communications officer, Visa Inc. “Visa cardholder spending data during the FIFA World Cup™ illustrates the growth of contactless payments in Russia and fans’ reliance on quick and secure payments so that they can spend less time in line and more time focused on the pitch.”

    Of the 62 matches played at the 2018 FIFA World Cup Russia thus far, the opening match between the host nation and Saudi Arabia at Luzhniki Stadium had the highest payment volume, with fans spending over 55 million rubles (approximately $900,000).  Of the total spend at the opening match, 69 per cent came from Russian citizens and 31 per cent came from non-Russian citizens.

    “The Russian payment industry is undergoing a dynamic transformation and has seen huge growth,” said Ekaterina Petelina, country manager, Visa Russia. “Through our partnership with FIFA, Visa is focused on providing fans in Russia with new ways to pay, while advancing our business in market.”

     

     

  • Visa names Torre Regional President for CEMEA

    Visa names Torre Regional President for CEMEA

    Visa Incorporated has announced the appointment of Andrew Torre as Regional President for its Central and Eastern Europe, Middle East and Africa (CEMEA) region, based in Dubai. Torre, who previously led Visa’s Sub-Saharan Africa business, will now oversee all its operations in more than 90 countries across CEMEA and report to Visa’s global president, Ryan McInerney. Torre will also sit on Visa’s global Operating Committee.

    Torre is a Visa and payments industry veteran, with deep experience across the markets that comprise Visa’s CEMEA region. He has been with Visa since 2002, holding global roles in product, strategy and pricing, as well as general manager roles in Russia and Sub-Saharan Africa.

    “Andrew’s deep experience, which touches every part of our CEMEA region, has prepared him well for his new role. It provides him with a phenomenal understanding of both Visa’s global operations, as well as the markets that make up this fascinating and complex region,” says Ryan McInerney, President, Visa Inc.

    He adds: “We are doubly proud and excited that the world-class executive we needed to bring into this role came from our own in-market ranks. This is testament to the value we place on hiring the best people, and helping them develop into the best they can be.”

     

     

  • 6 Sure Signs Your Visa will Be Denied (And What to Do about Them)

    6 Sure Signs Your Visa will Be Denied (And What to Do about Them)

    Rejection is the last thing you want to hear after investing time and your hard-earned money in a visa application process. Here, Africa’s largest online travel company, Wakanow, shares 6 major factors that could dim your chances of getting a visa.

    It doesn’t matter what stage of the application. If you notice any of the following red flags in your visa processing, chances are you are up for rejection. That doesn’t sound so nice, isn’t it? But there’s a way out. So, ensure you read till the very end.

    #1. When you have a history of visa refusals

    If your visa has been refused more than once in the past, avoid the temptation to apply for a new one until you have spoken to a visa expert. Otherwise, you stand the risk of damaging your travel profile forever. You don’t want this to happen. Most embassies are always reluctant to grant a travel visa to an applicant with such history. It gives you away as someone who is desperate to leave the country without any plan to return.

    #2. When you misrepresent the facts

    “Honesty”, they say, “is the best policy.” Nowhere is this saying truer than when applying for your visa. It can be tempting to present fake documents when you know something does not add up. At all cost, don’t fall for this. Fake documents and falsification of personal information or travel history only increase your chances of being denied a visa.

    Proven dishonesty during a visa application could earn you a lifetime travel ban. If you are unfortunate to get a US ban, this could last forever while the UK ban lasts as long as 10 years, depending on the severity of the case.

    #3. When your lifestyle is inconsistent with a visa category

    This may sound ridiculous, but truth is some visa applicants burn their own fingers by choosing a category that does not tally with their lifestyle. You narrow your chances when you opt for a holiday that costs you an arm and a leg when your annual take-home can’t justify that luxury. It’s even worse when such a person has no travel history to back up their new taste for such luxury.

    #4.  When you have a lean bank account

    Your bank statement is one of the most important factors that can decide the fate of your visa. Every embassy wants to be certain that you have enough in your account to sponsor the trip. So, your application could be denied if the visa officer is not satisfied with your statement of account.

    Now, some applicants try to beat the system by getting relatives or friends to top up their account with huge sums. This is a grave mistake, especially when the “sudden cash deposit” seems unreasonable.

    #5. When you lack sufficient visa information

    Everywhere, you find people who claim to know a thing or two about visa processing. This often results in misinformation. For instance, the fact that a person knows UK visa laws doesn’t mean such persons have specific solutions to your visa issues. You need to talk to a visa expert, not some random adviser.

    #6. When you have no ties at home

    Many people hide on the guise of a vacation to run away from their home country. The visa officers wants to be sure you will return home after the trip, not disappear into thin air, like these people. So, a few ties like a good job, family and properties can help to neutralize such fears.

    The interesting thing is that most of these visa issues can be better managed by experienced professionals. So, why would you want to complicate the mess instead of speaking to a visa expert?

     

  • Suspected fake Canadian visa racketeer arrested

    Suspected fake Canadian visa racketeer arrested

    The Economic and Financial Crimes Commission (EFCC) has arrested a suspected fraudstar, who specialised in issuing fake Canadian visa to his victims.

    Mr Ago Oyewole, EFCC Zonal spokesman in Ibadan, told the News Agency of Nigeria (NAN) on Wednesday that the visa-racketeering suspect (names withheld), had defrauded his victims of more than N3 million.

    He said that some of the victims were allegedly charged between N200,000 and N1 million per visa.

    Oyewole said his arrest was sequel to a petition filed to the commission on the alleged involvement of the suspect in the issuance of fake Canadian visa.

    “Eight of the victims have come forward to volunteer useful information to the operatives of the Commission.

    “Copies of fake Canadian visas were recovered from the suspect at the point of arrest. The suspect will be charged to court as soon as investigations are concluded,” the EFCC official said. (NAN)

  • Four countries with easiest visa procedures for Int’l students

    Four countries with easiest visa procedures for Int’l students

    Over time studying abroad has actually become more accessible to students in a number of countries. You only need to do your research well enough to reveal these countries with good tertiary institutions and relatively easy visa procedures for international students, and take advantage of their offers. Jumia Travel, the leading online travel agency, shares 4 countries with the easiest visa procedures for international students.

    Canada

    Canada is considered as one of the top study destinations in the world because of its great universities, reasonable cost of living and beautiful environment and landscape. The country has quite an easy procedure for students to apply for study visas. The process basically requires the student to first apply for and gain entry into a Canadian university and then obtain a Canadian study permit, which is renewable for the length of the students study period. The best part of a Canadian study visa is that, not only can an individual study as an international student, he/she can also work as a student, obtain a post-graduation work permit, gain Canadian work experience and learn about pathways towards Canadian citizenship. Also, another great perk is that you can bring family members with you! You can learn more about studying in Canada by visiting the Canadian Immigration and Citizenship website.

    Germany

    What is better than a country that has abolished tuition and fees at public universities? Nothing! Germany is such a country and another great place for international students to consider. Aside having an easy visa procedure for international students, it has a reasonable cost of living and some of the world’s finest universities. Basically, the process of getting a German study visa is to first gain admission into a German University, then complete a visa application and attend an interview. A positive outcome sees you obtaining a German study visa that allows you to study and work in the country. In addition, if you want to go to Germany just learn their language, you can obtain a language-study visa that lasts for a good two years and be on your way to learning the awesome language.

    New Zealand

    This is another country with an easy visa procedure for international students. Basically, you start by checking out the types of study visas the country offers and then begin your application process. You can also contact the program or university that accepted you and ask for their help in your visa application process; they can provide you with valuable information.

    Ireland

    This country has such an easy visa procedure for international students that it can all be done online. Surprising right? Of course, you will need proof of your acceptance to a program of study and then the required paperwork. You can also contact the international students’ services office of the institution for assistance with the process, if you need it. An Irish study visa also gives you access to part-time employment depending on your program’s eligibility.