Nearpays becomes first African startup to win UN AI for Good Grand Finale
Nigerian fintech Nearpays made history by winning the UN AI for Good Innovation Factory Grand Finale in Geneva, outperforming over 500 global startups.
Nigerian fintech startup Nearpays made history on July 16 by becoming the first African company to win the UN’s AI for Good Innovation Factory Grand Finale in Geneva. Outperforming over 500 global startups, the AI-powered platform simplifies digital payments and financial compliance for small businesses. The victory earned Nearpays a $20,000 cash prize, access to a global investor network, and global recognition for leveraging technology to solve local challenges.
Nearpays’ victory is a testament to the growing strength of Nigeria’s fintech ecosystem. The country has produced several successful fintech startups, including Flutterwave, Paystack and Interswitch. Nearpays’ global recognition is a further validation of that ecosystem.
This echoes the 2010s fintech boom, when Nigerian startups like Flutterwave and Paystack emerged as global players. The mechanism then was different, but the result was the same: Nigerian startups proving they can compete with the best.
The winners: Nearpays, which has gained global recognition; Nigeria’s fintech ecosystem, which benefits from the win; and the Nigerian economy, which gains from innovation. The losers: the startups that lost, and the Nigerian government, which has not provided enough support for the tech sector.
Bottom Line: A Nigerian fintech has won a UN AI competition. That is a big deal. The question is whether the government will build on this momentum or let it fade.