The Milken Institute together with the Motsepe Foundation revealed three teams that have advanced to the final round of the Milken-Motsepe prize in fintech.
The competition aims to recognize groundbreaking solutions that boost financial inclusion for small enterprises in emerging and frontier markets. With a total prize pool of $2 million and a grand prize of $1 million, the contest offers more than just financial rewards, finalist teams will also benefit from vital networking and pitching opportunities that help fast-track the deployment of their innovations in sectors with significant impact.
The prize is designed to promote the adoption of modern technology to enhance under-represented entrepreneurs’ access to funding and financial services worldwide. Organizers noted that the three finalists were selected from a highly competitive pool of applicants. They are set to attend the Milken Institute’s 2025 Global Conference in Los Angeles, California, in May, where the ultimate winner of the grand prize 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: 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.
Managing director at the Milken Institute, Emily Musil, stressed on 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,” he added.
