Overview:
Ugandan startups dominated the MEST Africa Challenge, securing six of 20 finalist spots. The fintech firms will compete for a $50,000 equity investment from Absa.
KAMPALA, Uganda — Ugandan technology companies secured more spots than any other nation in the top 20 finalists for the prestigious MEST Africa Challenge 2025. Six Ugandan startups, primarily focusing on financial technology and inclusion, advanced in the competition sponsored by Absa Bank and the Meltwater Entrepreneurial School of Technology, or MEST Africa.
The strong performance highlights Uganda’s rapidly expanding ecosystem for tech entrepreneurship, particularly in solutions aimed at local challenges. This year’s challenge featured startups from eight of Absa’s regional operation markets: Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Zambia, and Uganda.
Ugandan Finalists Lead the Pack
Uganda’s six finalists, all developing innovative tools to address fragmented payments, lending, and financial access, are:
- Paytota: Working to unify Africa’s digital payments ecosystem through a single gateway.
- Xzerra: Providing a secure, cashless biometric payment system for use in schools.
- Kanzu Finance Limited: Offering a digital banking platform specifically designed for Savings and Credit Cooperative Organizations, Village Savings and Loan Associations, and microfinance institutions.
- Axiom Zorn: A data company focused on improving access to finance and markets for smallholder farmers.
- Credify Africa, Inc: Bridging the finance gap for small and medium enterprises with a trade finance and logistics platform.
- eMaisha Pay: A digital payments solution aimed at financial inclusion for agro-traders and small businesses.
Focus on Local Solutions
Tawanda Chatikobo, head of digital for Absa Regional Operations, Retail and Business Banking, noted the high quality of the applications, which spanned themes including digital financial inclusion, alternative lending, and artificial intelligence.
“The quality of submissions has been exceptional, showcasing the depth of innovation and entrepreneurial drive across Africa,” Chatikobo said. “These ventures are tackling real challenges and creating pathways for more inclusive economic growth.”
Ashwin Ravichandran, portfolio advisor at MEST Africa, echoed that sentiment, emphasizing that the founders are “reimagining how finance works for Africans” by solving real problems within their communities.
The top 20 finalists will next be narrowed down to 10. The ultimate winning startup will secure a $50,000 seed equity investment to scale their business and gain the opportunity to collaborate with Absa on innovation projects.
Tamu Dutuma, head of strategy and transformation for Absa Regional Operations Technology, stressed that supporting these enterprises is a direct investment in the continent’s economy.
“Africa’s startup community is no longer on the sidelines. It’s stepping forward with ideas, leadership, and global potential,” Dutuma said.