Two Africa-focused financial technology companies, Oze and Chumz have emerged as finalists for the Milken-Motsepe Prize in Fintech award. This was disclosed in a press statement by the Milken Institute and the Motsepe Foundation, the two organisations behind the prize.
Oze, a digital lending platform based in Ghana, and Chumz, a gamified saving platform, both qualified for the finals alongside the UK-based fintech, Verto. Verto is a business-to-business cross-border payment platform.
“The Milken Institute and the Motsepe Foundation are pleased to announce the three teams advancing to the final round of the Milken-Motsepe Prize in FinTech. These innovators are competing for the prestigious US$1 million Grand Prize,” the statement reads.
It also noted that the Milken-Motsepe Prize in FinTech aims to recognise groundbreaking solutions for expanding financial inclusion for small businesses in emerging and frontier markets.
Meet Oze, Chumz and Verto
A new prize, the Milken-Motsepe Prize in FinTech launched in May 2024 at the Milken Institute Global Conference. The purpose of the prize is to award innovative companies that best demonstrate the use of cutting-edge technologies to expand access to capital and financial services for small businesses in emerging and frontier markets.
Three fintech startups have emerged as finalists in this pioneering edition of the prize. They were selected from a highly competitive pool of applicants. They include:
Oze, Ghana
Oze is a digital lending platform that aims to bridge Africa’s credit gap by providing banks with an SME-focused app that digitises financial data. This service thus enables better risk assessment and improved lending opportunities for small businesses.
Based in Accra, the startup was founded in 2018 by Dave Emnett and Meghan McCormick (CEO), the startup has raised at least $3 million since its founding.
Chumz, Kenya
Chumz is a Kenyan gamified savings product that leverages behavioural psychology to help individuals save money in an engaging and cost-effective manner.
The Nairobi-based startup was founded in 2019 by Samuel Njuguna who is CEO of the startup. The platform was designed to build better financial habits among users, guiding them on how and when to save based on their lifestyle and spending patterns.
Verto, United Kingdom
Verto is the only non-African startup on the list. Based in the UK, it 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.
Each of these startups will be competing for a total prize of $2 million in total prizes. Beyond the financial award, the three startups will also benefit from invaluable networking and pitching opportunities, helping them accelerate the implementation of their solutions in high-impact markets.
They will also 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 eventual winner will be selected based on the impact, scalability, and sustainability of their solutions.
The Milken-Motsepe Prize in FinTech says it supports the use of cutting-edge technologies to increase access to capital and financial services for underserved entrepreneurs worldwide.
Speaking about the prize and the finalists, Managing Director at the Milken Institute, Emily Musil,emphasised the significance of the competition in fostering financial inclusion.
“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 groundbreaking solutions to life,” she said.
See also: What the tech culture in the University of Ibadan looks like in 2025
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