Nigerian Fintech Nearpays Achieves Historic Win at AI for Good Innovation Factory
Nigerian fintech startup Nearpays has made history by becoming the first African company to clinch the top honor at the AI for Good Innovation Factory, surpassing over 500 startups worldwide. This landmark achievement underscores Africa’s growing role in developing practical solutions in artificial intelligence.
The award was presented during the United Nations’ AI for Good Global Summit in Geneva, following Nearpays’ success in the African regional finals held in Johannesburg. The competition, orchestrated by the International Telecommunication Union (ITU) alongside other UN agencies, assembles governments, researchers, startups, and tech firms focused on AI solutions addressing global social and economic issues.
Beyond the recognition, this victory represents a significant milestone for African startups, marking a shift where they evolve from being mere consumers of technology to becoming innovative creators recognized on the global stage.
Nearpays garnered accolades for tackling one of the continent’s foremost challenges in financial inclusion: enabling millions of small and medium-sized enterprises to process digital payments without incurring the hefty expenses associated with traditional point-of-sale systems.
The company’s flagship solution, SoftPOS, innovatively transforms compatible Android smartphones into makeshift payment terminals. This allows merchants to accept contactless card payments directly on their mobile devices, eliminating the need for external hardware. Integrating artificial intelligence with payment processing, fraud detection, regulatory compliance, and business management tools, SoftPOS positions itself as a versatile resource for many businesses.
One of SoftPOS’s standout advantages is its design tailored to African market conditions. Unlike many digital payment platforms that depend on a consistent internet connection, Nearpays’ solution functions both online and offline, enabling merchants in rural and underserved areas to maintain payment capabilities during network outages.
This strategic focus on responding to local infrastructure challenges reflects a wider trend amongst African tech companies, which are increasingly crafting solutions for homegrown issues, rather than modifying existing products designed for developed economies.
The AI for Good Innovation Factory attracted a competitive field of over 500 startups, each aiming to present AI-driven technologies that tackle urgent developmental challenges. Nearpays’ journey commenced with a victory in the African regional competition, followed by a rigorous series of rounds in Geneva culminating in this prestigious accolade.
The company views this award as more than a mere corporate achievement; it symbolizes a triumph for African innovation, illustrating how locally sourced technology can thrive on an international platform. Nearpays expressed gratitude for years of dedicated product development and collaboration, acknowledging the United Nations, ITU, and the AI for Good initiative for their role in fostering a space conducive for such breakthroughs.
Nearpays anticipates that this victory will inspire a new wave of African entrepreneurs to develop technology tailored to local challenges while aiming for broader international validation. In a landscape where global investors and policymakers are zeroing in on Africa’s burgeoning AI sector, this win signifies a growing recognition of homegrown innovations that specifically address regional issues in sectors such as finance, healthcare, agriculture, and education.
For Nearpays, achieving global recognition is expected to bolster efforts to enhance digital financial infrastructure across Africa, further solidifying Nigeria’s position as a key player in fintech innovation on the continent. This success sends a clear message that AI-driven solutions conceived in Africa are not merely vying for local prominence but are beginning to set global standards.
