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Other semifinalists include AZA Finance of Kenya, a B2B FinTech company offering low-cost financial services, and Chapa from Ethiopia, an online payment gateway simplifying payment processing. Chumz, based in Kenya, offers a gamified savings product leveraging behavioral psychology.
Kampala, Uganda – Ugandan agritech startup Farmpawa has taken a significant step forward in the prestigious Milken-Motsepe Prize in FinTech, advancing to the semifinal round and moving closer to the $1 million grand prize.
Farmpawa, a crowd farming platform, was selected as one of 10 semifinalists from over 300 applicants across 30 countries. The startup connects investors with real farming assets, empowering farmers and driving sustainable agricultural growth.
“We’re thrilled to be among the top 10 semifinalists,” said Moses Eteku, Farmpawa’s team lead. “Our platform is revolutionizing agricultural finance, and this recognition validates our mission.”
The Milken-Motsepe Prize in FinTech supports innovative financial inclusion solutions for under-resourced communities. 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.
Other semifinalists include AZA Finance of Kenya, a B2B FinTech company offering low-cost financial services, and Chapa from Ethiopia, an online payment gateway simplifying payment processing. Chumz, based in Kenya, offers a gamified savings product leveraging behavioral psychology.
Additionally, Flow Global from the UK is a liquidity engine addressing retail merchants’ working capital needs, while 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.
Paycloud by Lipa Later of Kenya is a digital banking platform addressing late payments, and 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.
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.
“Farmpawa’s innovative approach to agricultural finance has tremendous potential for impact,” said Emily Musil, senior director, Milken Institute. “We’re excited to support their growth.”
The competition evaluates teams’ ability to deliver solutions improving financial inclusion for under-resourced groups in emerging and frontier markets.
With its semifinalist status, Farmpawa is one step closer to securing the grand prize and further scaling its innovative solution.