One of the top 10 fintech contenders in the Milken-Motsepe Fintech Prize competition is set to secure a $1 million grand prize at the Milken Institute’s Global Conference, which will take place in Los Angeles in May. The Milken Institute, in partnership with the Motsepe Foundation, recently revealed the 10 semi-finalist teams, each of which has been granted $100,000 to further their innovative projects.
The competition is designed to spur the creation of inventive financial solutions that broaden the reach of financial inclusion in developing and frontier markets. These semi-finalists are slated to participate in an Innovation Showcase at the Milken Institute’s Middle East and Africa Summit, scheduled for December 5-6, 2024, in Abu Dhabi, UAE.
At this summit, the ten teams will present their fintech solutions to a panel of seasoned judges and potential investors. Out of these, three teams will be chosen to progress to the final round of the competition, which will take place in the United States.
The judging panel will assess the presentations with a focus on each team’s ability to propose viable solutions that enhance financial inclusion for underserved populations in emerging and frontier markets. The competition boasts a total prize pool of $2 million, with the $1 million grand prize being the highlight. This grand prize will be presented during the esteemed Milken Institute’s Global Conference in Los Angeles.
Emily Musil, the senior director at the Milken Institute, emphasized the organization’s commitment to nurturing financial inclusion and supporting entrepreneurs who contribute to economic development and opportunities within their communities. The institute’s prizes are aimed at identifying and celebrating innovative talent, thereby enabling visionaries to actualize their ideas for a better future.
The semi-finalist teams, which span nearly 30 countries across three continents, are working on breakthroughs that could significantly alter the landscape of financial inclusion for underserved individuals globally. In the upcoming four months, these semi-finalists will refine and pilot their concepts, which will undergo evaluation based on their potential impact, scalability, and long-term viability.
The 10 semi-finalists are:
- AZA Finance (https://AZAFinance.com), Kenya
- Chapa (https://Chapa.co), Ethiopia
- Chumz (https://Chumz.io) Kenya
- Farmpawa (www.Farmpawa.com), Uganda
- Flow Global (www.FlowGlobal.net), United Kingdom.
- Paycloud by Lipa Later (https://LipaLater.com/), Kenya
- Nyla Bank (www.NylaBank.com), Ghana
- Oze (https://GetOze.com), Ghana
- Trade Lenda (https://TradeLenda.com), Nigeria
- Verto (www.VertoFX.com), United Kingdom
