Two Ghana-based fintechs, Oze and Nyla Bank, have advanced to the semifinalist stage in the Milken-Motsepe Prize in Fintech, joining eight other teams from across Africa and the United Kingdom. Each semifinalist team will receive $100,000 in funding to support developing and scaling innovative financial solutions that advance financial inclusion in emerging and frontier markets.
Led by Meghan McCormick, Oze offers a digital lending platform to close Africa’s credit gap for small and medium-sized enterprises. The app digitizes SMEs’ financial data, allowing banks to evaluate risk more accurately and extend credit to businesses that may otherwise struggle to access funding. By providing reliable lending options for African SMEs, Oze aims to help businesses grow sustainably and reach their full potential.
Founded by Mubarak Sumaila, Nyla Bank aims to become Africa’s first digital Islamic bank, offering Shariah-compliant banking services that adhere to ethical principles. The bank’s mission is to provide a billion people across Africa with accessible and equitable financial services designed to foster financial inclusion for communities that seek products aligned with Islamic banking values.
The semifinalists will participate in an Innovation Showcase at the Milken Institute’s Middle East and Africa Summit on December 5-6, 2024, in Abu Dhabi, UAE. During this event, the ten teams will pitch their innovations to a panel of expert judges and investors, and three teams will be selected to move on to the final round of the prize. The prize will ultimately award $2 million, including a $1 million Grand Prize. Following the December showcase, the Grand Prize will be awarded at the Milken Institute’s Global Conference in Los Angeles in May 2025.
