Dr Patrice Motsepe, founder and chairman of the Motsepe Foundation.

The Milken Institute and the Motsepe Foundation have named the three teams who have advanced to the final round of the Milken-Motsepe prize in fintech.

The Milken-Motsepe fintech prize seeks to acknowledge innovative solutions for increasing financial inclusion for small enterprises in emerging and frontier countries.

The fintech prize pool totals $2 million, with the grand prize set at $1 million.

Beyond the financial award, finalist teams gain crucial networking and pitching opportunities, allowing them to expedite the implementation of their solutions in high-impact sectors.

The Milken-Motsepe fintech prize encourages the use of modern technology to improve under-represented entrepreneurs' access to funding and financial services around the world.

According to the organisers, the three finalist teams were chosen from a very competitive pool of applicants. They will now have the opportunity to attend the Milken Institute's 2025 Global Conference in Los Angeles, California, in May, where the grand prize winner will be announced.

The finalists for the prize are:

• Chumz, Kenya, a gamified savings product that leverages behavioural psychology to help individuals save money in an engaging and cost-effective manner.

• Oze, Ghana, a digital lending platform bridging Africa’s credit gap by providing banks with an SME-focused app that digitises financial data, enabling better risk assessment and improved lending opportunities for small businesses.

• Verto, United Kingdom is a business-to-business cross-border payments platform designed for businesses in emerging markets. Its unified network eliminates intermediary fees, supports 49 currencies, and facilitates faster transaction settlements.

Emily Musil, managing director at the Milken Institute, emphasised the significance of the competition in fostering financial inclusion, saying: “By supporting these pioneering teams, we aim to empower entrepreneurs who drive economic growth and opportunities in their communities.

"The Milken-Motsepe prize in fintech highlights the power of innovation to address financial challenges in emerging markets, and we are excited to see these finalists bring their ground-breaking solutions to life.”