Three Kenyan fintech startups have qualified for the semi-final of the Milken-Motsepe Prize in FinTech, each receiving $100,000 in funding.
The startups include AZA Finance, a B2B fintech providing businesses with efficient and low-cost financial services such as payments, foreign exchange and cash flow in major currencies; Chumz, a gamified savings platform that uses behavioral psychology to help individuals save at low cost; and Paycloud, a digital banking platform that addresses late payments in Africa through transparent payment processing, automated invoicing, payment splitting and financial tools.
These startups are among 10 startups from three continents participating in the competition.
Responding to a global call for applications, this award supports innovative solutions aimed at expanding access to the tools needed for financial inclusion in emerging and frontier markets.
Semi-finalists will participate in an innovation showcase at the Milken Institute Middle East and Africa Summit on December 5-6, 2024 in Abu Dhabi, United Arab Emirates.
At this event, the 10 teams will present their innovations in front of a panel of expert judges and investors, and three teams will be selected to advance to the award finals. Judges will evaluate presentations based on the teams’ ability to deliver solutions that improve financial inclusion for disadvantaged groups in emerging and frontier markets.
The prize will ultimately award $2 million in total, including a grand prize of $1 million. Following the presentation in December, the grand prize will be awarded at the Milken Institute Global Conference in Los Angeles in May.
“By supporting these pioneering teams, we aim to drive financial inclusion and empower entrepreneurs who are driving economic growth and opportunity in their communities,” said Emily Musil, senior director of the Milken Institute. “Our awards help identify, support and celebrate talent to spark entrepreneurship and empower visionaries to bring their ideas to life for a better future.”
Over the next four months, the semi-finalist teams will test and evolve their solutions, evaluating their impact, scalability and sustainability.
Other Milken-Motsepe Prize semi-finalists in the FinTech category are Chapa (Ethiopia), Farmpawa (Uganda), Flow Global and Verto (UK), Nyla Bank, Oze (Ghana) and Trade Lenda (Nigeria).
Follow us on Telegram, TwitterAnd FacebookOr subscribe to our weekly newsletter to make sure you don’t miss anything future updates. Send tips to editor@techtrendsmedia.co.ke