Three Kenyan fintech startups have made it to the Semifinalist Round of the prestigious Milken-Motsepe Prize in FinTech, each securing $100,000 in funding to further their innovative financial solutions. AZA Finance, a B2B fintech providing businesses with low-cost, efficient financial services, including payments, currency exchange, and treasury management.
Chumz, a gamified savings platform that uses behavioral psychology to help individuals save effortlessly and at a low cost. Paycloud, a digital banking platform focused on resolving late payments in Africa through seamless payment processing, automated invoicing, payment splitting, and financial tools.
These three are among the 10 semifinalists chosen from across three continents to compete in this global competition, which seeks to foster financial inclusion in emerging and frontier markets.
The Milken-Motsepe Prize in FinTech was launched to encourage innovative solutions that broaden access to essential financial tools. The competition focuses on expanding financial inclusion for underserved communities worldwide.
The 10 semifinalists will participate in the Innovation Showcase at the Milken Institute’s Middle East and Africa Summit in Abu Dhabi this December. There, the teams will pitch their solutions to a panel of expert judges, vying for a spot in the final round.
During the December showcase, the judges will evaluate each team’s potential to deliver impactful, scalable, and sustainable solutions. Three teams will advance to the final round, with the chance to win a share of the $2 million total prize pool, including a $1 million Grand Prize. The final winners will be announced at the Milken Institute’s Global Conference in Los Angeles in May 2025.
“By supporting these pioneering teams, we aim to promote financial inclusion and empower entrepreneurs who drive economic growth in their communities,” said Emily Musil, Senior Director at the Milken Institute.
Over the next four months, the semifinalist teams will refine and scale their solutions, which will be evaluated on impact, scalability, and sustainability. The competition will serve as a platform for these fintech innovators to demonstrate how they can make a meaningful difference in financial inclusion, not only in their home countries but across the globe.
In addition to the Kenyan startups, other semifinalists include Chapa (Ethiopia), Farmpawa (Uganda), Flow Global, Verto (United Kingdom), Nyla Bank, Oze (Ghana), and Trade Lenda (Nigeria).