Two South African startups, LanteOTC and Wala South Africa, have been selected alongside eight African companies for the 2018 Zambezi Prize for Innovation in Financial Inclusion, reports from Cambridge, US, said.
The Grand Prize winner and runners-up will be announced on 29 August 2018 during the Open Mic Africa Summit in Nairobi, Kenya, the organisers said.
The prestigious competition is an initiative of the Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology (MIT), in collaboration with the MasterCard Foundation.
The award carries a total of US$200 000 in prizes.
It was established in 2015 to discover Africa’s most promising and innovative early-stage start-ups that promote and advance financial inclusion on the continent.
Sandton-based LanteOTC is an investment crowdfunding platform that connects investors with high growth potential small and medium business in Africa.
Wala South Africa – better than banking – is a mobile money solution that uses blockchain technology to send digital money to friends and family anywhere instantly ‘’for free’.
The eight other selected companies are:
• Apollo Agriculture (Kenya)
• Bidhaa Sasa (Kenya)
• FarmDrive (Kenya)
• Tulaa (Kenya)
• OZE (Ghana)
• Farmerline (Ghana)
• MaTontine (Senegal)
• RecyclePoints (Nigeria)