Milken-Motsepe Prize in FinTech prize celebrates companies that leverage innovative technologies to enhance access to capital and financial services for small enterprises .
On the International Day for the Eradication of Poverty, three Kenyan teams are among ten teams moving forward to the Semifinalist Round of the Milken-Motsepe Prize in FinTech.
This prize celebrates companies that leverage innovative technologies to enhance access to capital and financial services for small enterprises in emerging and frontier markets.
The selected teams are active in nearly 30 countries across three continents, offering promising innovations that could lead to significant advancements in financial inclusion for underserved populations globally.
This initiative calls for innovative strategies to broaden access to essential financial tools in emerging and frontier markets. The Semifinalists will showcase their projects at the Milken Institute’s Middle East and Africa Summit scheduled for December 5th and 6th, 2024, in Abu Dhabi, UAE.
At the event, the ten teams will present their innovations to a panel of expert judges and investors, with three teams being shortlisted for the final round of the competition.
Judges will assess the pitches based on how well the teams provide solutions that enhance financial inclusion for under-resourced groups in emerging and frontier markets.
The total prize money amounts to $2 million, including a Grand Prize of $1 million, which will be awarded at the Milken Institute’s Global Conference in Los Angeles in May, following the December event.
The ten Semifinalists include:
– **AZA Finance (Kenya)**: Founded in 2013 in Nairobi, this B2B FinTech company offers affordable financial services, such as payments, currency exchange, and treasury solutions across major currencies.
– **Paycloud by Lipa Later (Kenya)**: A digital banking platform that combats late payments in Africa by providing effortless payment processing, payment splitting, automated invoicing, and other financial tools.
– **Chumz (Kenya)**: This mobile-based saving and investment app uses behavioral psychology to gamify savings, helping users set goals and take on challenges to boost their saving habits.
– **Nyla Bank (Ghana)**: Aiming to be Africa’s first digital Islamic bank, Nyla Bank seeks to empower one billion people with innovative Shariah-compliant products and services grounded in ethical principles.
– **Oze (Ghana)**: A digital lending platform that addresses the credit gap in Africa by providing an app focused on small and medium-sized enterprises (SMEs) that digitizes financial data for better risk assessment and lending.
– **Trade Lenda (Nigeria)**: A digital bank dedicated to SMEs, offering strategic financing to foster business growth and contribute to economic development following various United Nations Sustainable Development Goals.
– **Chapa (Ethiopia)**: Established in 2020 in Addis Ababa, Chapa provides an online payment system with a developer-friendly API that facilitates payment processing for Ethiopian businesses.
– **Farmpawa (Uganda)**: This platform connects investors with sustainable farming projects, supporting local farmers and promoting economic growth in agricultural communities.
– **Flow Global (United Kingdom)**: A liquidity engine designed to help retail merchants thrive in the digital economy by addressing their working capital needs with innovative technology.
– **Verto (United Kingdom)**: A B2B cross-border payments platform that serves businesses in emerging markets by eliminating intermediary fees and efficiently handling transactions in 49 currencies.
In the upcoming four months, these Semifinalist teams will test and scale their solutions, which will be assessed for impact, scalability, and sustainability.**Milken-
On the International Day for the Eradication of Poverty, three Kenyan teams were recognized as among the ten teams moving forward to the Semifinalist Round of the Milken-Motsepe Prize in FinTech. This prize celebrates companies that leverage innovative technologies to enhance access to capital and financial services for small enterprises in emerging and frontier markets.
The selected teams are active in nearly 30 countries across three continents, offering promising innovations that could lead to significant advancements in financial inclusion for underserved populations globally.
This initiative calls for innovative strategies to broaden access to essential financial tools in emerging and frontier markets. The Semifinalists will showcase their projects at the Milken Institute’s Middle East and Africa Summit scheduled for December 5th and 6th, 2024, in Abu Dhabi, UAE.
At the event, the ten teams will present their innovations to a panel of expert judges and investors, with three teams being shortlisted for the final round of the competition.
Judges will assess the pitches based on how well the teams provide solutions that enhance financial inclusion for under-resourced groups in emerging and frontier markets.
The total prize money amounts to $2 million, including a Grand Prize of $1 million, which will be awarded at the Milken Institute’s Global Conference in Los Angeles in May, following the December event.
The ten Semifinalists include:
AZA Finance (Kenya)
Founded in 2013 in Nairobi, this B2B FinTech company offers affordable financial services, such as payments, currency exchange, and treasury solutions across major currencies.
Paycloud by Lipa Later (Kenya)
A digital banking platform that combats late payments in Africa by providing effortless payment processing, payment splitting, automated invoicing, and other financial tools.
Chumz (Kenya)
This mobile-based saving and investment app uses behavioral psychology to gamify savings, helping users set goals and take on challenges to boost their saving habits.
Nyla Bank (Ghana)
Aiming to be Africa’s first digital Islamic bank, Nyla Bank seeks to empower one billion people with innovative Shariah-compliant products and services grounded in ethical principles.
Oze (Ghana)
A digital bank dedicated to SMEs, offering strategic financing to foster business growth and contribute to economic development per various United Nations Sustainable Development Goals.
Chapa (Ethiopia)
Established in 2020 in Addis Ababa, Chapa provides an online payment system with a developer-friendly API that facilitates payment processing for Ethiopian businesses.
Farmpawa (Uganda)
This platform connects investors with sustainable farming projects, supporting local farmers and promoting economic growth in agricultural communities.
Flow Global (United Kingdom)
A liquidity engine designed to help retail merchants thrive in the digital economy by addressing their working capital needs with innovative technology.
Verto (United Kingdom)
A B2B cross-border payments platform that serves businesses in emerging markets by eliminating intermediary fees and efficiently handling transactions in 49 currencies.
In the upcoming four months, these Semifinalist teams will test and scale their solutions, which will be assessed for impact, scalability, and sustainability.
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