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.

The facility aims to narrow Africa’s substantial trade finance gap, which is estimated to be between $100 and $120 billion.

This latest agreement continues a longstanding partnership between BII and Absa, which has delivered significant trade liquidity to countries such as Ghana, Nigeria, Kenya, Uganda, Tanzania, and Mozambique, supporting over $1 billion in trade volumes since 2019.

This new facility targets critical sectors across the continent, including agriculture, fast-moving consumer goods (FMCG), and healthcare.

It emphasizes sustainable and inclusive funding for small and medium-sized enterprises (SMEs) and businesses led by women and young entrepreneurs.

The initiative also qualifies for the 2X Challenge, an impact investment standard that promotes gender equality, inclusive leadership, and social progress.

UK Development Minister Anneliese Dodds highlighted the partnership’s importance, stating:

“This facility demonstrates BII and Absa’s shared commitment to address Africa’s estimated $100 billion trade financing gap, fostering sustainable and inclusive economic growth.”

Admir Imami, Director of Trade & Supply Chain Finance at BII, echoed the sentiment, noting:

“Our partnership with Absa is rooted in a mutual goal of advancing inclusive economic development, particularly for SMEs and women-led businesses. By combining BII’s support with Absa’s cross-border expertise, we aim to improve access to trade finance and the flow of essential goods across Africa.”

Charles Russon, Absa Group’s Interim Group Chief Executive Officer, added:

“Our reach across Africa and beyond positions us to facilitate the capital and trade finance needed by African businesses to scale. Through strategic partnerships, we are fostering sustainable growth and new opportunities in emerging markets, strengthening Africa’s economic ecosystem.”

The agreement was formalized at the World Bank Annual Meetings in the presence of Nick O’Donohoe, BII CEO, Anneliese Dodds, and Charles Russon.

Backed by notable institutions including the African Development Bank Group (AfDB) and the European Investment Bank (EIB), the fund aims to catalyze African entrepreneurship and foster job creation, with a specific focus on opportunities for youth and women.

The firm closed the fund for the first time in 2022 at €26 million, with initial backing from the AfDB and EIB.

Additional support for the final close came from new investors such as the Mastercard Foundation Africa Growth Fund, Tunisia’s ANAVA fund, the endowment fund of Ghana’s Ashesi University, the U.S. International Development Finance Corporation (DFC), and the World Bank’s International Finance Corporation (IFC).

Founded by Fatoumata Bâ, Janngo leverages technology and funding to establish digital ecosystems in high-growth sectors.

It aims to empower African SMEs and provide growth pathways for youth and women in the workforce.

With women-led companies comprising 56% of its portfolio, Janngo is tackling the region’s gender gap within the entrepreneurial landscape.

Notable investments include Nigeria’s Sabi, a B2B eCommerce platform, underscoring the firm’s commitment to supporting female-led ventures.

Bâ has emphasized Janngo’s commitment to impact-driven investment, noting that Africa, while having the highest global rate of female entrepreneurship, receives only a small share of global VC funding.

She highlighted that although venture capital funding in Africa has grown from $150 million a decade ago to around $4 billion to $5 billion today, Africa’s share remains at only 1%-2% of global funding—a figure that does not align with the continent’s population share of 17%.

Bâ remarked, “If we believe tech is critical to economic development in Africa, we should have proportional access to VC.”

Since its inception in 2018, Janngo’s portfolio has included over 30 investment rounds across 21 startups, including Series B follow-on investments.

The firm allocates between €150,000 and €5 million to startups in sectors such as healthcare, logistics, financial services, retail, agritech, mobility, and the creator economy and maintains offices in Abidjan, Mauritius, Tunis, and Paris.

In March 2024, Janngo’s Startup Fund (JCSF) also received a €4 million ($4.3 million) equity investment from Tunisia’s “ANAVA” fund, designated for francophone African startups and female-founded businesses.

Through this deal, Helios will gain a 49% stake in Raya Foods, signaling confidence in the company’s potential to expand its manufacturing and export capabilities globally.

Raya Foods, Egypt’s second-largest exporter of frozen fruits and vegetables, is already exporting to over 50 countries, with a strong foothold in Europe and the Americas.

The company aspires to lead the Egyptian market as its top exporter of frozen goods and become the first in Egypt to manufacture and export freeze-dried fruits and vegetables.

Ahmed Khalil, CEO of Raya Holding, hailed the investment as a strategic milestone, reflecting investor trust in Raya’s vision for growth.

“This investment aligns with our objectives to expand across various sectors and increase foreign currency revenue through one of our fastest-growing subsidiaries. With this new freeze-drying facility, Raya Foods is poised to diversify products, boost production, and enhance exports,” Khalil remarked.

Omar Abdelaziz, CEO of Raya Foods, added that the company’s partnership with Helios marks a transformative phase.

“Securing $40 million from Helios highlights Raya Foods’ rapid growth over the last five years and our potential for sustained progress. This investment will help us cement our position as Egypt’s largest frozen food exporter, with our annual production now reaching 50,000 tonnes. The addition of a second facility will further support our mission to lead in freeze-dried exports,” Abdelaziz stated.

Raed Barkatis, Helios Investment Partners’ head of consumer and healthcare, expressed optimism about the collaboration, describing it as a mutual growth opportunity.

The investment underscores a growing trend of international interest in Egypt’s food production sector, positioning Raya Foods for greater influence in the global market while contributing to the country’s economic growth.

The investment round was led by Pangea Africa Limited, with contributions from Root Capital, RDF Ghana, and the SEFAA Fund, managed by Sahel Capital.

This capital infusion is set to enable Oyster Agribusiness to expand its reach, directly impacting more smallholder farmers and enhancing sustainable agricultural practices across Ghana.

Founded in 2018, Oyster Agribusiness provides crucial support to smallholder farmers through access to sustainable agricultural inputs, improved agronomic practices, and a stable market for their produce.

Leveraging technology, the company powers its input distribution system and boosts yields using specialized tools like seeders and drones for efficient planting and spraying.

Oyster Agribusiness has already demonstrated a strong track record, having invested over GH¢60 million ($3.8 million) into the livelihoods of 4,500 smallholder farmers over the past five years.

To date, it has successfully cultivated more than 20,000 acres of farmland and supplied over 25,000 tons of produce to both local and international markets.

Commenting on the funding, CEO Edmond Kombat noted:

“This investment is a testament to the impact we’ve made with smallholder farmers and the tremendous potential we see in scaling our operations.”

“Together, we are working toward a more sustainable, inclusive, and resilient agricultural ecosystem in Ghana.”

Oyster Agribusiness’s progress aligns with Ghana’s growing agricultural sector, which has a projected market size of $3.40 billion in 2024 and is expected to reach $3.87 billion by 2029, marking a compound annual growth rate (CAGR) of 2.65%.

Agriculture remains a cornerstone of Ghana’s economy, and Oyster’s tech-driven, climate-resilient solutions contribute significantly to advancing the sector’s sustainability.