With a prize pool of up to US$55,000, this competition offers a significant boost for entrepreneurs aiming to make an impact across the continent through innovative solutions to pressing challenges.

The New Venture Competition is part of the annual Africa Business Conference, scheduled for February in Boston, and is hosted by the Africa Business Club, a student-run organization at Harvard Business School.

The event serves as a premier platform for showcasing the achievements of African entrepreneurs and fostering meaningful dialogue about the continent’s business landscape.

Each year, the conference attracts global investors, industry experts, and innovators who are keen to explore Africa’s burgeoning entrepreneurial ecosystem.

This year, ten promising startups will be chosen to attend the event as finalists, where they will pitch their business ideas to a panel of seasoned judges, including investors, successful entrepreneurs, and industry veterans.

These selected finalists not only have the chance to win up to US$55,000 in cash prizes but also gain invaluable feedback from a global panel with diverse expertise.

The competition provides these startups with an opportunity to refine their strategies and gain exposure to a global audience.

In recent years, Africa has seen a dramatic rise in startup activity, particularly within fintech, e-commerce, healthcare, and renewable energy sectors.

This growth aligns with a surge in venture capital interest, with investors increasingly viewing African markets as ripe for innovation and high-impact solutions.

The New Venture Competition aims to support this growth, showcasing Africa’s entrepreneurial talent and encouraging investment in transformative solutions across the continent.

Applications for the competition are open until November 12.

African startups with innovative solutions and ambitious goals are encouraged to apply, capitalizing on this unique opportunity to connect with a global network, gain expert insights, and compete for prizes that could significantly impact their growth and scalability.

Interested startups can apply here.

This long-term partnership intends to elevate the digital banking experience for individuals and businesses throughout East Africa.

A central focus of the collaboration will be to deliver innovative, secure, and user-friendly payment solutions.

Mastercard and DTB also plan to introduce passive payment wearables powered by tokenization, making Kenya the first in the region to implement this contactless payment technology.

Developed with Tappy Technologies, these new tokenization-based payment wearables enable consumers to make secure, tap-to-pay transactions using wearable devices at any compatible point-of-sale terminal.

Tokenization replaces sensitive payment information with encrypted tokens, ensuring secure transactions by safeguarding cardholder data.

“We are thrilled to collaborate with Diamond Trust Bank and Tappy Technologies to launch these game-changing innovations,” said Mark Elliott, Division President for Africa at Mastercard.

“By combining our expertise in digital payment solutions with DTB’s strong market presence, we are enhancing the banking experience and providing customers with more secure and convenient ways to pay. This collaboration underscores our commitment to driving digital transformation and financial inclusion across East Africa.”

The partnership marks a significant milestone in digital transformation efforts within the region, enhancing the convenience and security of everyday transactions through advanced payment technology.

This initiative aligns with Visa’s ambitious $1 billion commitment to support Africa’s digital economy by 2027.

The chosen startups – Oze, Workpay, OkHi, and ORDA – are tackling distinct challenges within the continent’s financial landscape.

Ghana-based Oze, one of the four, provides digital tools and embedded finance products tailored for small and medium enterprises (SMEs).

Oze’s offerings include a machine-learning-powered loan management system designed to streamline operations for financial institutions. =

Meanwhile, Kenya’s Workpay provides cloud-based HR and payroll solutions, extending its services to 35 African nations.

Nigeria’s OkHi offers a digital address verification system, and ORDA, also with a strong presence across Nigeria, Kenya, and South Africa, has developed cloud-based management software used by over 1,500 restaurants.

“These investments demonstrate Visa’s dedication to fostering innovation in Africa,” stated Godfrey Sullivan, Senior Vice President of Products, Partnerships, and Digital Solutions at Visa CEMEA.

“By supporting these remarkable fintech entrepreneurs, we’re working together to shape the future of digital payments on the continent.”

Launched in 2023, Visa’s Africa Fintech Accelerator has already empowered 45 startups through a robust 12-week curriculum that includes training, mentorship, and networking.

The accelerator’s third cohort began today in Abidjan, gathering 20 new digital innovators. More than just financial support, Visa’s involvement provides strategic guidance and credibility for these startups.

Workpay’s CEO, Paul Kimani, highlighted the importance of Visa’s backing: “Visa’s support pushes us closer to our goal of delivering innovative solutions and enhancing backend processes across Africa.”

The program has attracted attention from major tech firms, with Amazon Web Services (AWS) offering free cloud resources to participants.

The second cohort of startups is preparing for a Demo Day on December 2 in Cape Town, where they will present to venture capitalists, angel investors, and potential business partners.

Visa has hinted that additional investments and partnerships with program graduates are in the pipeline, signaling a bright future for Africa’s fintech landscape.