Omnisient, leader in privacy-preserving data collaboration, receives globally recognized award Finovate Financial Inclusion Excellence Award 2024. Omniscient was the only African fintech to be recognized as a leader in its category.
The award, presented in the United States, recognizes both established institutions and rising stars that have made significant strides in providing innovative and effective products and services to the financial services industry. Each winner was selected from a pool of finalists who have each demonstrated exceptional contributions to society and developed breakthrough solutions that have reshaped the fintech landscape. The Excellence in Financial Inclusion award specifically recognizes institutions that are making significant strides in providing access to financial services to underbanked and unbanked populations around the world.
Omnisient won the award, beating out US and international competitors for its innovative use of privacy and AI technologies, which allows financial services institutions to use retail purchase data to create AI models that can be used to predict loan repayment for people with no credit history. This has enabled South Africa’s leading banks to qualify 3.2 million people for affordable, life-changing loans who would have previously been denied due to a lack of credit history.
“Being the only African company recognized by Finovate this year speaks volumes about the world-class solutions we provide, particularly in unlocking financial services for the millions of underserved people in Africa,” said Jon Jacobson, CEO and co-founder of Omnisient. “This award is a validation of the work we are doing to build a more inclusive financial system, and it is particularly meaningful to be recognized alongside some of the biggest names in global fintech.”
This is not the first time Omnisient has received international recognition for the impact of its technology on increasing financial inclusion. In 2023, the company was selected as a Technology Pioneer According to the World Economic Forum, was rewarded Fast Company’s “The Next Big Tech Innovations”, and was also selected as one of only two early-stage African startups to be guest by TechCrunch to participate in their Battlefield 200 competition in San Francisco.
The award caps a series of milestones for Omnisient. Last month, the company announced that it had Secured $7.5 Million in Series A Funding from Arisean investment aimed at promoting financial inclusion across Africa.
The full list of categories, winners and finalists is available at https://informaconnect.com/finovate-industry-awards/2024-winners/