One of the 10 fintechs that advanced to the semi-final phase of the Milken-Motsepe Fintech Prize will receive a $1 million grand prize during the Milken Institute's Global Conference in Los Angeles in May.

The Milken Institute and the Motsepe Foundation yesterday announced the 10 teams advancing to the semi-finals, with each team receiving $100,000 in funding.

According to the organisers, the Fintech Prize challenge encourages innovative ways to increase access to financial inclusion tools in emerging and frontier markets.

The semi-finalists will take part in an Innovation Showcase at the Milken Institute's Middle East and Africa Summit on December 5-6, 2024, in Abu Dhabi, UAE.

During this event, the ten teams will pitch their ideas to a panel of expert judges and investors, with three teams selected to advance to the prize's final stage in the US.

The judges will evaluate the pitches based on the teams' capacity to provide solutions that increase financial inclusion for underserved groups in emerging and frontier countries.

The contest will ultimately give $2 million in total, including a $1 million grand prize.

The grand prize will be awarded at the Milken Institute’s Global Conference in Los Angeles, in May.

“By supporting these pioneering teams, we aim to foster financial inclusion and empower entrepreneurs who drive economic growth and opportunities in their communities,” said Emily Musil, senior director, Milken Institute. “Our prizes help identify, support, and celebrate talent to ignite the entrepreneurial spirit and empower visionaries to turn their ideas for a better future into reality.”

These teams operate in nearly 30 countries across three continents, and their inventions have the potential to transform financial inclusion for the underserved individuals around the world.

Over the next four months, the semi-finalists will test and develop their ideas, which will be assessed for impact, scalability, and sustainability.

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