Development think tank the Milken Institute and philanthropy organisation the Motsepe Foundation have awarded UK-based fintech Verto the $1-million Milken-Motsepe Prize in FinTech for its business-to-business cross-border payments platform, which enables businesses in emerging markets to send and receive payments.

The platform also eliminates intermediary fees, supports 49 currencies and settles transactions quickly.

Across Africa, technology and innovation are disrupting traditional finance and banking approaches. Investment in this space is profitable and, more importantly, necessary for financial inclusion, said Motsepe Foundation co-founder and CEO Dr Precious Moloi-Motsepe.

“Congratulations to the winners and all the finalists for demonstrating feasible and impactful solutions that will drive economic activity and shared prosperity in the Global South, while influencing the financial sector all over the world,” she said.

FinTech is the third prize awarded as part of the Milken–Motsepe Innovation Prize Programme, which is a series of competitive multimillion-dollar global competitions and awards designed to incentivise and reward bold, innovative solutions to address pressing economic and environmental challenges in Africa.

Meanwhile, the partner organisations have also launched the fourth Milken-Motsepe Innovation Prize, which focuses on AI and manufacturing. The new $2-million award, including a $1-million grand prize, is designed to recognise established companies driving innovation in Africa’s manufacturing sector.

Focused on advanced data analytics and AI, the prize rewards technological breakthroughs that create long-term economic resilience in the supply chain in Africa.

Entries for this award are open until July 31.

The AI and manufacturing prize is focused on companies that accelerate technological advancements, create jobs and improve access to essential goods and services for communities across Africa.

The award represented an opportunity to support companies leading the next wave of transformative change in manufacturing, the organisations said.

“Our prize programmes have brought forward some of the most visionary thinkers across sectors; from agriculture to financial technology. We’re excited to see what bold entrepreneurs are doing for the manufacturing sector to harness the power of AI and other advanced technologies to improve the supply chain in Africa,” said Milken Institute environmental and social innovation MD Dr Emily Musil.

“Prizes like this have the power to reveal new and better ways to operate in the digital age and shape how we can do better for people and the planet in the new future we are building,” she said.

Since its launch in 2021, the Milken-Motsepe Innovation Prize Programme has awarded more than $6-million in funding to more than 50 innovators worldwide.

Participating teams have raised nearly ten times the grand prize in additional outside investments, reaching and impacting more than 530 000 community members.

The Milken-Motsepe Innovation Prize Programme offers free, curated resources and online events not only to award winners but also to nearly 9 000 global entrepreneurs.