14 African companies in the financial technology sector will compete in the African Regional Conference, a decider phase of the Innotribe Startup Challenge initiated by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

The Conference will take place in Cape Town from 5-7 May and allow competing early-stage and growth-stage startups a platform to pitch ideas to finance services experts, angel investors, venture capitalists and global bank decision makers.

Innotribe says the 14 companies are from South Africa, Ugandan, Zimbabwe and Nigeria.

Organisers have also announced that 60 companies out of the 370 early-stage and growth-stage startup applicants to participate in the 2015 Startup Challenge.

In a media statement Innotribe said it "worked in close collaboration with more than 500 judges from across the financial, technology and investment communities evaluated the applications narrowing the selection process to this year's 60 semi-finalists."

The key areas of African innovation include: corporate business services, lending, payments, big data, e-commerce, investment management, financial education and forex.

The African semi-finalists have been named as BitFinance, Creditable, Digital Legacy Management Solutions, Ex Nihilo Labs, Intelworld, Kulea Consulting, LulaLend, Notafy, SafePersona Services, YueDiligence, 2Quins, Bristlecone Holdings, ScanMan and ZAQ.

Hugo Smit, Head of Sub-Sahara Africa, SWIFT, says: "In 2014, just 1% of applications to the global startup challenge came from Africa; this year, the continent represents 13% of the total. This is a tremendous achievement in 12 months and a clear indication of the continent's innovative spirit. Africa has already brought mobile money into the world; it has the potential to deliver other disruptive financial technologies."

A hand-picked audience of financial services experts, angel investors, venture capitalists, and global bank decision-makers will attend the different showcases and vote for the top five companies of their choice.

Across the four showcases, the audience will select the 20 companies who will automatically secure a place as finalists in the Innotribe Startup Challenge Grand Finale, which will be held at Sibos in Singapore on 14 October 2015.