Each of these innovative teams has been awarded $100,000 in funding as they move forward in the competition, which aims to address financial inclusion challenges across emerging and frontier markets.

The selected startups come from a diverse range of financial technologies, offering solutions aimed at bridging the financial inclusion gap for underserved communities. 

These semifinalists will showcase their innovations at the Milken Institute’s Middle East and Africa Summit, set to take place in Abu Dhabi, UAE, from December 5-6, 2024. 

During the summit, the teams will pitch their solutions to a panel of experts, competing for a chance to secure a spot in the final round of the competition.

The Milken-Motsepe Prize in FinTech offers a total of $2 million in awards, with the ultimate Grand Prize of $1 million to be announced in May 2025 at the Milken Institute’s Global Conference in Los Angeles. 

The focus of this year’s competition is on advancing financial inclusion for marginalised populations, with an emphasis on scalability, sustainability, and tangible impact.

The 10 Semifinalists are as follows:

1. AZA Finance (Kenya)
   Led by Caroline Shiku Njathi, AZA Finance provides low-cost, secure financial services, such as currency exchange and payments, for businesses across major currencies, addressing the financial needs of businesses in Africa.
2. Chapa (Ethiopia)
   Headed by Nael Teklehaimanot, Chapa offers an online payment gateway with a developer-friendly API that simplifies payment integration for Ethiopian businesses, making it easier for companies to process payments online.
3. Chumz (Kenya)
   Led by Sam Njuguna, Chumz is a savings platform that utilises gamification and behavioural psychology to encourage low-cost savings, helping individuals manage their finances more effectively.
4. Farmpawa (Uganda)
   Under the leadership of Moses Eteku, Farmpawa connects investors to farming assets through its crowd farming platform, empowering farmers and promoting sustainable agricultural growth in Uganda.
5. Flow Global (United Kingdom)
   Michael Rothe’s Flow Global is a liquidity engine aimed at assisting retail merchants by providing the working capital solutions they need to thrive in the digital economy.
6. Paycloud by Lipa Later (Kenya)
   Paycloud is a digital banking solution designed to address late payments in Africa. Led by Eric Muli, the company offers seamless payment processing, automated invoicing, and financial tools to help businesses streamline their financial operations.
7. Nyla Bank (Ghana)
   Led by Mubarak Sumaila, Nyla Bank is Africa’s first digital Islamic bank, offering Shariah-compliant financial products designed to empower over a billion people with ethical, innovative banking solutions.
8. Oze (Ghana)
   Headed by Meghan McCormick, Oze focuses on digital lending, providing SMEs in Africa with tools to digitise financial data and helping banks better assess credit risk for lending.
9. Trade Lenda (Nigeria)
   Led by Adeshina Adewumi, Trade Lenda is a banking platform for small and medium-sized enterprises (SMEs), offering quick loan access and micro-savings solutions to help businesses achieve their financial goals.
10. Verto (United Kingdom)
    Under the leadership of Rachel Coombs, Verto is a B2B cross-border payments platform designed to serve businesses in emerging markets. The platform handles 49 currencies and streamlines transactions, reducing intermediary fees and accelerating settlement times.

Over the coming months, the semifinalist teams will be testing and refining their solutions, which will be judged based on their potential impact, scalability, and sustainability. 

The teams will now prepare for their Innovation Showcase in December and the global spotlight is on their ability to provide lasting solutions that expand access to essential financial tools and services for underserved populations.

This collaboration seeks to leverage the expertise of well-known business leaders to offer deep insights into Africa’s dynamic market.

The announcement follows the official launch of the Africa Leaders Business Council by the Milken Institute on July 2, an initiative designed to strengthen the institute’s engagement across the continent by bringing together influential figures from diverse sectors such as technology, finance, sustainability, and innovation.

Olugbenga “GB” Agboola, Founder and CEO of Flutterwave, noted that Flutterwave’s role in facilitating market entry for global businesses into Africa aligns perfectly with the Milken Institute’s mission to drive sustainable economic growth.

Agboola emphasised Flutterwave’s mission to empower local businesses and facilitate innovation.

“Flutterwave’s ability to enable seamless expansion for global multinationals, along with our support for local enterprises, mirrors the Milken Institute’s objectives of leveraging technology to enhance economic development in Africa,” Agboola said. “We are thrilled to collaborate with the Milken Institute to further these goals.”

The involvement of Dangote Group, outstanding in manufacturing, emphasises the council’s focus on leveraging industrial and economic expertise to address Africa’s business challenges.

The group’s wide experience in sectors like cement, oil and gas, and consumer goods is expected to provide invaluable insights.

Laura Deal Lacey, Executive Vice President at the Milken Institute, highlighted the timing of the council’s formation amidst global economic shifts. She pointed out that Africa’s demographic potential and innovative expertise make the continent a key player in the global economy.

“Africa is on the cusp of significant economic transformation,” Lacey said. “The Africa Leaders Business Council will guide our stakeholders through the complexities of the African market, offering new perspectives on issues like climate change, health, capital access, and energy transition.”

The Milken Institute, known for its work in promoting financial and social progress, has a history of engaging with Africa through various initiatives.

These include the Global Financial Scholars Program, the Milken–Motsepe Innovation Prize Program, and efforts to improve pandemic preparedness and health innovation in countries like Kenya and Nigeria.

The Africa Leaders Business Council aims to capitalise on these initiatives by enabling deeper connections and facilitating high-impact projects across the continent.

Upcoming events to engage the council include a private investor dialogue alongside the United Nations General Assembly, a policy roundtable in Nigeria focused on debt sustainability, and the Milken Institute Middle East and Africa Summit scheduled for December.

Integrating the strengths of its diverse members, including other notable organisations such as Africa Investment Forum, BES, CrossBoundary Group, and Women’s World Banking, will enable the council to bolster Africa’s business industry and drive sustainable growth.