SWIFT Innotribe which launched in 2009 as an innovation hub to connect people, ideas, and networks, has 10 startups to compete in the 3rd edition of the Startup Challenge for Africa.
The successful companies will pitch their products in Abidjan, Ivory Coast, on 17 May 2017 during SWIFT’s African Regional Conference. With applications coming from 16 African countries, including South Africa, Nigeria and Kenya who dominated the list, Innotribe worked with over one hundred judges sourced from diverse sectors including finance, technology, and investment communities to evaluate the 100+ applications.
The judges assessed the companies on their potential to provide an important innovation to the future of the financial industry, and ultimately narrowed the selection process to this year’s 10 participating startups:
FinChatBot, South Africa – FinChatBot aim to make financial services available to everybody, and even fun.
FINT, Nigeria – is a peer-to-peer lending platform that provides easy access to affordable loans.
Inclusiveft, Ghana – Inclusive is an identity verification API that helps businesses verify African identities via digital channels.
IroFit Technologies, Nigeria – IroFit helps small businesses process in-store mobile/ card payments even when there’s no Internet connection.
Mobbisurance, South Africa – is a startup company that is focused on offering emerging farmers with affordable crop insurance.
Ovamba, Cameroon – Ovamba brings financial solutions to the world’s Illiterate population.
Releaf, Nigeria – Releaf makes investing in Africa easier for foreign investors, by leveraging Big Data Analytics.
Sokowatch, Kenya – is a last-mile ordering and distribution network for small African shops.
ThisIsMe, South Africa – ThisIsMe brings trust into transactions through proprietary, true identification technology.
Vugapay, Rwanda – provides a mobile wallet which can be topped up from Bitcoin, mobile money, debit and credit cards and bank accounts.
These successful companies all focus on providing innovative solutions for the financial industry in Africa. They will pitch their new products in Abidjan on 17 May, during SWIFT’s African Regional Conference (ARC). The event attracts up to 500 high-level delegates from more than 40 countries and is a unique platform for discussion, debate, and high-level networking for the African financial community.
“It is a pleasure for us to see the number of African startups applying to our programme growing year after year. Their calibre continues to impress, and there is no doubt they are going to play an important role in shaping the future of finance,” says Fabian Vandenreydt, Global Head of Securities Markets, Innotribe and the SWIFT Institute at SWIFT.
After the pitches, 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 16-19 October in Toronto. The three finalists will have the opportunity to share the stage with FinTech experts, providing great insights on innovation happening in Africa to the financial industry at large. They will also receive a 10,000 USD cash prize each.