Kampala, Uganda – Ugandan startup Farmpawa has been selected as one of 10 semifinalists in the Milken-Motsepe Prize in FinTech, a global competition supporting innovative financial inclusion solutions.
Farmpawa, a crowd farming platform, connects investors with real farming assets, empowering farmers and driving sustainable agricultural growth.
“We are reimagining the world of agricultural investments,” said Moses Eteku, Farmpawa’s team lead. “Our platform acts as a bridge between investors and farmers, creating a win-win situation for both parties.”
Other semifinalists include AZA Finance of Kenya, a B2B FinTech company offering low-cost financial services. Chapa from Ethiopia is an online payment gateway simplifying payment processing. Chumz, based in Kenya, offers a gamified savings product leveraging behavioral psychology.
Flow Global from the UK is a liquidity engine addressing retail merchants’ working capital needs. Nyla Bank of Ghana is a digital Islamic bank offering Shariah-compliant products. Oze, also from Ghana, is a digital lending platform bridging Africa’s credit gap.
Additionally, Paycloud by Lipa Later of Kenya is a digital banking platform addressing late payments. Trade Lenda from Nigeria is a banking platform tailored to SMEs. Verto, based in the UK, is a cross-border payments platform for businesses in emerging markets.
The Milken-Motsepe Prize in FinTech received applications from over 300 teams across 30 countries. Semifinalists will participate in an Innovation Showcase at the Milken Institute’s Middle East and Africa Summit in Abu Dhabi, UAE, on December 5-6, 2024.
Each semifinalist team receives $100,000 in funding. Three teams will be selected to move on to the final round, competing for the $1 million Grand Prize.
“By supporting these pioneering teams, we aim to foster financial inclusion and empower entrepreneurs who drive economic growth and opportunities in their communities,” said Emily Musil, senior director, Milken Institute.
The competition evaluates teams’ ability to deliver solutions improving financial inclusion for under-resourced groups in emerging and frontier markets.
