Salima Gutieva, Vice President and Country Manager for UAE, Visa, stated, “We are thrilled to celebrate International Women’s Day by highlighting the significant strides women entrepreneurs have made in embracing AI and digital technologies. Our collaboration with Meta for the Marketplace for Good event exemplifies our commitment to supporting women-owned businesses and fostering a community of innovation and empowerment. We believe that by providing these platforms and resources, we can help women entrepreneurs continue to thrive and make a positive impact on their communities.”

Moon Baz, Director of Global Partnerships, Middle East, Africa and Turkey, Meta, said, “We are excited to partner with Visa for the Marketplace for Good event, which aligns perfectly with our mission to support small businesses and creators. This event not only provides a platform for women entrepreneurs to showcase their products but also reinforces our collective commitment to giving back to the community during the holy month of Ramadan. Together, we aim to create opportunities for women-owned businesses to grow and succeed in the digital economy.”

Key findings from the Women SMB Digitalization Index:

Raising Capital. Access to funding remains a critical challenge for women entrepreneurs as they navigate financial constraints and investment priorities.

• Over half (57%) of women-owned businesses in the UAE rely on personal finances, while (43%) turn to family and friends to set up their businesses.
• Similar to the previous year’s results, most surveyed women entrepreneurs in the UAE continue to rely on personal savings (41%) or reinvesting profits (37%) to fund their business.
• Nearly 4 in 10 women plan to allocate additional funds toward developing new products or services and expanding into new markets.

Technology Adoption. Women entrepreneurs in the UAE are actively embracing digital advancements to enhance their businesses’ efficiency, security, and customer experience.

• Over 7 in 10 women recognize the impact of AI in business and apply it to HR function (71%), sales and marketing (68%), and data analysis and decision-making (68%).
• More than half of survey respondents reported a better payment experience with AI, citing increased accuracy in transactions and reconciliations (57%) and faster approvals and authorizations (50%) in daily operations.
• Women-owned businesses in the UAE actively use business social media accounts (67%) and their company websites (43%) to sell products and services online.
• Women entrepreneurs in the UAE prioritize employee awareness and training (59%) as well as advanced security measure (51%) to safeguard their digital transactions.

Growth Priorities. Growth and skill development remain key priorities for women entrepreneurs in the UAE, with many looking to expand into new markets.

• More than half of respondents (51%) in the UAE aim to expand into new markets or industries to grow their businesses.
• Nearly half of surveyed women-owned businesses (46%) seek to broaden their range of products.
• Many women entrepreneurs are interested in learning more about payment security and eCommerce setup (38%), financial and budget management (30%), and business fundraising (28%).

As women entrepreneurs focus on digital growth and business expansion, Visa remains committed to supporting them with tools, resources, and platforms they need to thrive in the digital economy.

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In the UAE alone, SMEs account for over 63.5% of the country’s non-oil GDP, making them a central element of the nation’s economic strategy. The UAE has been ranked first globally for fostering entrepreneurship in the Global Entrepreneurship Monitor (GEM) report for 2023-2024, highlighting the country’s focus on creating an environment where small businesses can succeed.

“This partnership represents a critical milestone in SC Ventures’ mission to strengthen the SME ecosystem in MENA region. Through this partnership, we are committed to equipping SMEs with the tools and resources to thrive, expand, and drive sustainable growth in the increasingly digital and interconnected global economy,” said Gautam Jain, Operating Member SC Ventures said.

The MoU sets the foundation for a proof of concept that will focus on developing a joint offering to promote SME growth. The partnership will include regular workshops and meetings to share knowledge, exchange best practices, and ensure the relevance of the solutions being developed.

“Visa is focused on supporting economic growth in the region. This collaboration with SC Ventures will help provide SMEs with the tools and knowledge they need to accelerate their digital transformation as well as to expand their business, improve efficiency, and explore new growth avenues,” said Salima Gutieva, Visa’s Vice President and Country Manager for UAE.

As the SME sector in the MENA region continues to grow, such collaboration are essential in providing SMEs with the necessary resources and support to navigate a rapidly changing business environment. It is estimated that UAE’s SME sector alone will reach 1 million by 2030.

The partnership between SC Ventures and Visa represents a significant step in the development of the SME ecosystem in MENA. By combining Visa’s global payment technology with SC Ventures’ expertise in fintech, this collaboration aims to provide SMEs with the solutions needed to support their long-term growth.

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The travel solution will allow travel companies to obtain Qashio cards and transact in different currencies, including AED, SAR, USD, EUR and GBP issued from UAE, enabling payments & settlements in multiple currencies.

Qashio and Visa’s specialised solution will enable travel companies to digitize and automate their payments within the travel sector, optimizing their reconciliation and enhancing liquidity. The solution is seamlessly integrated with global travel management companies and their booking tools including Global Distribution Systems (GDS), making travel booking and payments seamless and secure.

Since launching in the UAE in 2022, Qashio has quickly established itself as one of MENA’s top providers of business finance solutions, meeting the evolving financial needs of today’s businesses with a commitment to innovation. Utilising the Visa Commercial Choice Travel program, Qashio Corporate Travel offering aims to streamline operational complexities, reduce expenses, and support companies of all sizes to manage their travel payments.

Leveraging Visa’s secure payment infrastructure, this partnership ensures high standards of protection for all B2B travel-related transactions.

Beyond payment security and control, Qashio’s Visa Commercial Choice Travel solution will provide real-time data insights and analytics to make cashflow tracking and budgeting more precise. With an unlimited pool of customizable Qashio cards companies will gain full control and visibility over payments. Qashio’s direct-to-ERP integrations will enable travel companies to reconcile their booking transactions efficiently, reducing costs and maximising revenue.

“We are committed to continue our joint growth with Visa, a global leader in payments innovation, to management,” said Armin Moradi, CEO and Co-Founder of Qashio. “We recognise that the Travel & Tourism industry is key in the region however the travel companies are underserved with strong technical payment solutions that work in their favour, we are creating a one-stop platform that simplifies the corporate travel experience for our clients, allowing them to focus on what truly matters – growing their businesses.”

Salima Gutieva, Visa’s VP and Country Manager for UAE, “Travel and tourism are key sectors driving growth and diversification of UAE and the region’s economies. Visa is delighted to partner with Qashio in bringing this innovative solution that leverages Visa’s technology, extensive network, and data analytics. This partnership reflects our commitment to providing secure and seamless payment solutions that enable the digital transformation and improve efficiencies of travel and tourism companies.”

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In addition to equity-free funding, VEI winners gain access and exposure to Visa’s vast networks of partners in the banking, merchant, venture capital, and government sectors. The winners also benefit from receiving recognition from one of the world’s most trusted and valuable brands.

With applications until May 6^th, this year’s VEI will see a virtual CEMEA competition on July 17. The startup that wins at the CEMEA finale will participate in the global finale – competing against winners from Europe, Asia-Pacific, Latin America, and North America – at the TechCrunch Disrupt event in San Francisco on October 29^th, 2024.

“The Visa Everywhere Initiative is a powerful platform that empowers and uplifts fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions solving tomorrow’s challenges in the world of payments and commerce,” said Salima Gutieva, Visa’s VP and Country Manager for UAE.

“Fintechs have the potential to offer broad social benefits to the markets they operate in – particularly when it comes to providing financial services to those who have traditionally been underserved. At Visa, we believe access to the digital economy drives equitable, inclusive growth, and VEI is an important means of supporting the growth journey of fintechs in UAE – helping them take small but significant steps towards making an impact.”

The program first launched in the US in 2015 and quickly expanded into a global program. To date, nearly 15,000 startups have participated, and have collectively raised over AED175B ($48 billion USD) in funding. VEI 2023 saw Nigeria’s Drugstock take home the VEI global grand prize of AED183,000 ($50,000 USD), as well as the Audience Favorite prize of AED36,700 ($10,000 USD).

What we are looking for
We are looking for products that deliver innovative payment and commerce solutions to consumers and businesses, prioritizing fintech startups with the following technologies:

Emerging spaces

• Artificial Intelligence
• Big Data/Open Banking
• Cloud Computing
• Digital identity and Biometrics
• Cybersecurity and Privacy
• Fraud and Risk
• Alternative Finance
• Alternative Lending
• Loyalty of the Future

Money Movers

• Remittance
• P2P and Transfers
• Cross Border Payments
• B2C (Disbursements)
• B2B Payments Orchestration

Enablers (Commerce and Banking)

• Online Marketplaces and Ecommerce
• Embedded Finance
• Core Banking and Bank Enablers
• Fintech Aggregators
• Digital Acceptance
• BaaS

Neo Banks and Brokerages

• Neo Banks/Digital Banks
• MNOs
• Digital Brokerages
• Digital Wallets

Lending

• Commercial Lending
• BNPL
• Consumer Lending
• Capital Providers

Social, Creator, and Gaming

• Creator Platforms and Services
• NFT Marketplaces
• Collectables
• Gaming Wallets and Tokenization
• In Game payments and transactions
• Gig Economy Enabler

Other categories for 2024

• Sustainable fintechs
• Risk

Prizes
Monetary prizes will be awarded at the CEMEA regional and global competitions:

• VEI CEMEA Regionals 1^st place: AED73,000 ($20,000 USD)
• VEI CEMEA Regionals Audience Favorites: AED36,700 ($10,000 USD)
• VEI Global Finals 1^st Place: AED367,000 ($100,000 USD)
• VEI Global Finals Audience Favorite: AED73,000 ($20,000 USD)

The application deadline for VEI CEMEA is May 6^th. For more information about VEI, please visit Visa Everywhere Initiative I Startup competition 2024 | Visa

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The survey gathered insights from two groups of UAE-based merchants: those who have accepted digital payments for 1-4 years and retailers who exclusively deal in cash transactions. The top five store types represented in the survey include quick-service restaurants, small grocery stores, tailors, fashion/apparel stores, and laundry, with business sizes including nano (2 or fewer employees), micro (3-10 employees), and small (11-49 employees).

According to the study, digital payments and cash together among card-accepting merchants account for 90% of payments accepted among surveyed small businesses, with digital payments accounting for the larger portion.

Digital Payments: Business Growth Driver
The findings from Visa’s study show that digital payment acceptance is an important driver in the growth of small businesses. 68% of surveyed merchants accept digital payments, claiming that accepting payment through card and mobile wallets is an essential investment that significantly contributes to their business growth. Sixty-seven percent (67%) of these merchants also claimed that most of their customers prefer paying by card or mobile phone.

While digital payment-accepting merchants surveyed are aware of the associated costs with acceptance, 95% believe that the value and benefits derived from digital payment acceptance are at par with or exceed associated costs. In fact, 68% of retailers that accept digital payments are convinced of the overall value of digital payment acceptance, with 63% indicating a strong intention to invest in new payment technologies in the future.

Challenges with Cash Only Acceptance
While cash is associated with convenience and easy refunds, more than 25% of cash-only merchants have lost transactions because customers were not carrying cash.  As a result, almost 40% of cash-only merchants surveyed plan on investing soon in digital payment technology so they can begin to offer consumers a better payment experience.

Around half expect digital payment acceptance to increase both footfall and revenue. Other digital payment benefits cited by merchants include speed with payment processing and checkout which makes businesses look more innovative.

Salima Gutieva, Visa’s VP and Country Manager for UAE, said: “As the UAE forges ahead with its ambitious digital commerce agenda, our ‘Value of Acceptance’ study underscores the transformative power of digital payments for the retail sector. Embracing digital transactions not only aligns with the UAE’s cashless society ambitions but also unlocks significant growth potential for small businesses as well as for the wider economy.”

Gutieva added: “Beyond the benefits of security, speed, and convenience, digital payments also provide invaluable data insights. With more consumers turning to digital payments, this data can assist merchants in tailoring communication, targeting offers more effectively, implementing loyalty programs, and enhancing the overall customer experience, among other advantages. These aspects are instrumental in boosting business profitability and efficiency.”

Merchant Expectations of Digital Payment Provider
Merchants that already accept digital payments expect a range of value-added services from their digital payments provider to enhance their payment infrastructure and offerings for customers. The most frequently cited include Online payment acceptance (49%), more secure and efficient B2B payments (48%), better ways to communicate unique offers to cardholders and loyalty programs (43%) and mobile payment acceptance (like Visa’s Tap to Phone solution) (41%). Additionally, multi-currency processing (32%) and fraud detection and prevention (27%) were revealed as areas where payment providers can further add value to local businesses.

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