12 fintech startups to compete for $30,000 cash prizes in SWIFT’s innovation challenge

Twelve financial technology startups in Africa have been selected to compete for three cash prizes of $10,000 each in the Innotribe Startup Challenge for Africa after over one hundred judges from across the financial, technology, and investment communities evaluated 89 applications received for the second edition of the Challenge.

“For the second consecutive year, we are thrilled with the number and calibre of the African startups applying to our programme,” says Fabian Vandenreydt, Global Head of Securities Markets, Innotribe and the SWIFT Institute at SWIFT.

The 12 startups will pitch their new products in Mauritius on May 18, during the SWIFT African Regional Conference (ARC), an event that attracts up to 500 high-level delegates from more than 40 countries. Apart from being a unique platform for discussion, debate, and high-level networking for the African financial community, the ARC also represents a great opportunity for the local startups to meet face to face with potential investors, partners and customers.

“The Startup Challenge is an enriching experience for every company participating as they benefit from expert mentoring and get that much needed exposure to financial institutions,” Vandenreydt said.

The judges who picked the 12 semi-finalists assessed the startups’ ability to provide an important innovation in the future of the financial industry. During the ARC, the audience will vote for the three best startups who will be invited to Sibos, SWIFT’s annual global financial services conference, taking place from September 26 – 29 in Geneva. The three finalists will have the opportunity to share the stage with FinTech experts, providing great insights on innovation happening on the ground in Africa to the financial industry at large.

The 12 finalists include Alternative CircleBitPesa and Ranis Capital, all from Kenya. Others are Nigeria’s CashMadam, Cameroon’s AMoney and WeCashUp, Uganda’s Yo Uganda, as well as South Africa’s Stock ShopThe Money SchoolThe Sun ExchangeGeoPay and Hello Paisa.