The three winners are:
- Irofit Technologies — which provides a mobile point of sale that helps small businesses process card payments in real time even during poor internet connections.
- Sokowatch — with its SMS ordering system that provides a distribution channel for companies to reach smaller retailers.
- Vugapay — which helps mobile-money merchants across Africa to get paid.
Aside from claiming a cash prize of €10,000 each, the three winners have been invited to attend Sibos, SWIFT’s global financial services conference, set to take place in Toronto from 16 to 19 October.
At Sibos, the three startups will share a stage with other financial services experts and will provide attendees with insights as to what’s happening in Africa.
“Our partnership with SWIFT’s African Regional Conference over the last three years has highlighted how much SWIFT’s community is keen to understand FinTech innovation, whether we refer to its latest developments, benefits or the opportunities it can unlock,” said the global head of securities markets at Innotribe and Swift, Fabian Vandenreydt in a press release to Ventureburn.
‘Innotribe winners are providing solutions to pressing challenges’
The founders and CEO’s of the three startups also commented on their experiences during the Startup Challenge.
“Being coached by some of the most knowledgeable startup investors in Africa and Silicon Valley was an invaluable experience in helping us craft our pitch for a global financial audience,” said Sokowatch founder Daniel Yu.
The Irofit co-founder Omoniyi Olawale echoed this, saying he experienced “awesome coaches, invaluable feedback, and inspiring fellow-entrepreneurs”.
Sido Bestani the head of Middle East, Turkey and Africa at SWIFT also commented on the three winners.
“This year’s finalists are providing real solutions to the most pressing challenges facing the African financial industry including financial crime compliance, financial inclusion and supply chain finance.”