Kenyan company Chumz has been named among finalists for the prestigious Milken-Motsepe Prize.
The Milken-Motsepe Prize is a global competition that seeks to expand financial inclusion for small businesses in emerging markets.
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Chumz and two other finalists will compete for the Ksh129 Million ($1 million) grand prize, with the winner set to be announced at the Milken Institute’s 2025 Global Conference in Los Angeles in May 2025.
The three companies, Chums from Kenya, Oze from Ghana and Verto from the United Kingdom, were selected from a highly competitive pool of applicants.
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“By supporting these pioneering teams, we aim to empower entrepreneurs who drive economic growth and opportunities in their communities. The Milken-Motsepe Prize in FinTech highlights the power of innovation to address financial challenges in emerging markets,” stated the Managing Director at the Milken Institute Emily Musil.
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About Chumz, the Kenyan Startup
Developed by Moneto Ventures Ltd in partnership with Nabo Capital, Chumz is a leading fund manager in Kenya regulated by the Capital Markets Authority and the Retirement Benefits Authority.
Launched in 2022, Chumz enables users with mobile money accounts to save individually or as part of a group.
Once registered, users can set personal or group savings goals, starting from as low as Ksh5. The app then provides prompts to encourage consistent saving and offers investment advice tailored to users’ spending habits.
Moreover, it leverages gamification and behavioral psychology to encourage individuals to save in a fun and cost-effective way.
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The Milken-Motsepe Prize in FinTech
The Milken-Motsepe Prize was launched in May 2024 to recognize groundbreaking solutions that enhance access to capital and financial services for underserved entrepreneurs.
The competition provides Ksh258 million ($2 million) in total prizes, including the Ksh129 Million ($1 million) Grand Prize, and offers finalists access to key networking and pitching opportunities that can accelerate the impact of their solutions in high-growth markets.
Chumz is competing against Ghana’s Oze, a digital lending platform that helps banks assess credit risk for SMEs, and the United Kingdom’s Verto, a B2B cross-border payments platform facilitating seamless transactions in emerging markets.
The winner of the $1 million Grand Prize will be revealed in May at the Milken Institute’s Global Conference in Los Angeles, where all three finalists will present their solutions to industry leaders, investors, and policymakers.
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