In an exclusive interview, Mubarak Sumaila, representing Nyla Bank and one of the 10 semi-finalists of the Milken-Motsepe Prize in FinTech, shares insights into his team’s groundbreaking efforts to drive financial inclusion for small businesses. Sumaila discusses the inspiration behind their solution, how it stands apart from existing innovations, and the transformative impact they envision for underserved communities.
Read and watch the full interview here.
UK-based and Africa-focused fintech Verto has secured a USD 1 M boost after winning the Milken-Motsepe Prize in fintech, a prestigious award recognising companies advancing financial access for small businesses in underserved markets. The win adds to Verto’s growing credibility and firepower in an increasingly competitive cross-border payments landscape, especially in frontier economies. Founded in 2018, Verto simplifies international B2B payments for businesses navigating fragmented and often overlooked currency corridors. With support for 49 currencies, many of them exotic or thinly traded, the platform eliminates intermediary fees and accelerates settlement times. This is a game-changer in markets where traditional banking infrastructure has lagged behind. Read the full article here.
Milken: Where power networks meet It’s been a packed few days at the Milken Institute’s Global Conference 2025 at the Beverly Hilton in Los Angeles — so far the only global conference able to bring both sides of the political spectrum under the same roof (and even at the same dinner, but more on that later). This year’s conference — covering everything from critical minerals and global risk to the evolution of fintech, the future of women’s health, and a new era of opportunity — closed with one of its most well-attended events: the Milken-Motsepe Prize in FinTech. The prize spotlighted entrepreneurs advancing financial inclusion across Africa, disbursing $2 million in awards, including $100,000 to semifinalists and a $1 million grand prize to Verto, a platform simplifying cross-border payments. Finalists showcased cutting-edge solutions: Chumz, an app using behavioral psychology to boost savings rates, and Oze, a platform improving small business lending through machine learning. Notably, this
Johannesburg – The Milken Institute (https://apo-opa.co/452va1L) and the Motsepe Foundation have announced UK-based Verto as the winner of the Milken-Motsepe Prize in FinTech. The $2 million innovation award rewards companies working to expand access to capital and financial services for small businesses in emerging and frontier markets. The winner was announced at the Milken Institute Global Conference in Los Angeles. Verto (https://apo-opa.co/4d7WePf), based in the United Kingdom, won the $1 million Grand Prize for its business-to-business cross-border payments platform, which enables businesses in emerging markets to send and receive payments, eliminating intermediary fees, supporting 49 currencies, and settling transactions quickly. Read the full article here.
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