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 grants Trade Lenda the opportunity to compete for a $1 million grand prize which will help the startup further enhance its services and expand its impact across Africa, continually driving financial inclusion for SMEs.

Adeshina Adewumi, founder of Trade Lenda, said: “This is a validation of our work, our team’s commitment to driving inclusive access to finance for all SMEs in Africa regardless of their gender or background, starting with Nigeria.”

The Milken-Motsepe Prize in FinTech is a global competition that aims to accelerate financial inclusion and economic development. Trade Lenda will now participate in the Milken Institute Middle East and Africa Conference, which will be held in Abu Dhabi from December 5-8, 2024. 

This event will enable the company to share its mission and achievements with global stakeholders committed to the development of Africa and other emerging markets.

Adeshina Adewumi also noted what the $1 million grand prize could mean for Trade Lenda: “The final, all things being equal, would see us compete for the grand prize of $1 million to enable us to accelerate our distribution channels, strengthen our people and technology, as well as give us an edge to negotiate lower rates for the SMEs we support across our markets.”

Trade Lenda offers a range of services designed to the needs of SMEs, including short-term loans, investment opportunities, and utility payment solutions. 

The company’s loan application process is developed to be simple and accessible, requiring only a BVN number for a quick credit score assessment.

One of the company’s outstanding services is its diverse financing solutions for different sectors, including general merchandise commerce, fast-moving consumer goods (FMCG), clean energy projects, and agricultural commodities. 

This focus on sector-specific support has earned Trade Lenda the trust of over 24,000 SMEs and merchants, with monthly disbursements exceeding ₦1 billion. The company’s financial products range from working capital financing and local purchase order financing to Islamic financing options like Murabaha and Musharakah.

Going further, Trade Lenda aims to continue its mission of driving financial inclusion for SMEs across Africa. The company’s long-term vision aligns with several United Nations Sustainable Development Goals, particularly those related to poverty alleviation, gender equality, and economic growth. 

With this recent achievement in the Milken-Motsepe Prize competition, Trade Lenda aims to take its innovative solutions to the next level, potentially contributing to the creation of 1 million jobs across Africa by 2027.