The Milken Institute and the Motsepe Foundation have officially announced the three teams that have advanced to the final round of the prestigious Milken-Motsepe Fintech Prize. This competition is dedicated to recognizing innovative solutions that enhance financial inclusion for small businesses operating in emerging and frontier markets.
With a total prize pool of $2 million, the competition features a grand prize of $1 million. However, the benefits of being a finalist extend beyond the financial rewards; the selected teams will also gain invaluable networking and pitching opportunities. These experiences are designed to help expedite the implementation of their solutions in sectors that have a significant impact on communities.
The Milken-Motsepe Fintech Prize encourages the adoption of modern technology to improve access to funding and financial services for underrepresented entrepreneurs worldwide. This initiative is particularly crucial in addressing the barriers that small businesses face in securing the financial support they need to thrive.
According to the organizers, the three finalist teams were selected from a highly competitive pool of applicants, showcasing the caliber of innovation present in the fintech space. The finalists will have the opportunity to attend the Milken Institute’s 2025 Global Conference in Los Angeles, California, scheduled for May 2025, where the grand prize winner will be announced.
According to Innovation Village, the three finalists were chosen from a pool of ten semi-finalists announced in October 2024.
The finalists for the Milken-Motsepe Fintech Prize are:
- Chumz (Kenya): This team has developed a gamified savings product that leverages behavioral psychology to encourage individuals to save money in an engaging and affordable manner.
- Oze (Ghana): Oze is a digital lending platform designed to bridge Africa’s credit gap. It offers banks an SME-focused application that digitizes financial data, enabling better risk assessment and enhancing lending opportunities for small businesses.
- Verto (United Kingdom): Verto is a business-to-business cross-border payments platform tailored for businesses in emerging markets. It eliminates intermediary fees through a unified network, supports 49 currencies, and ensures faster transaction settlements.
Emily Musil, Managing Director at the Milken Institute, emphasized the significance of the competition in advancing financial inclusion, stating: “This initiative not only highlights the innovative spirit of these teams but also underscores our commitment to fostering solutions that empower small businesses and drive economic growth in underserved markets.”
The Milken-Motsepe Fintech Prize represents a vital step towards creating a more inclusive financial landscape, and the finalists are poised to make a meaningful impact in their respective regions.
