Congratulations to the Winner of the Milken-Motsepe Prize in FinTech!
The Milken-Motsepe Prize in AI and Manufacturing is now open for registration!
Why Green Energy?

Why Green Energy?

A lack of access to reliable electricity in many sub-Saharan countries is one of the most serious obstacles to economic growth. To achieve SDG 7 in Africa, energy generation capacity will need to double by 2030 and be multiplied fivefold by 2050. Currently in Africa, only 58% of the continent’s population has access to electricity, leaving more than 600 million Africans without access to electricity, despite progress in recent years. Excluding South Africa, nearly one billion people across 48 countries in sub-Saharan Africa share roughly the same generation capacity as Germany, which has only 83 million people. And Africa’s population is set to exceed 2 billion by 2040.

Even for those Africans with some access to electricity, reliable access remains a major problem. Many African countries experience recurrent electricity outages and interruptions in service (load shedding) due to unreliable grids, constraining GDP growth in some countries by 2-4% annually. According to some estimates, about two-thirds of Africa’s existing grids are considered unreliable.  Over 70 percent of African businesses experience regular electrical outages—the highest percentage for any world region—and African firms report that, on average, about 30 percent of their electricity comes from generators, producing excessive amounts of carbon emissions and requiring over $13 billion in unnecessary spending on diesel and petrol. 

While African countries have contributed almost none of the world’s cumulative greenhouse gas emissions, there is a growing consensus that Africa can become a global leader in the green energy transformation, as part of a broader energy strategy to power economic development on the continent. At present, however, only 9 percent of Africa’s current energy supply comes from renewable sources.  An underlying motivation of the Milken-Motsepe Prize in Green Energy is that new sources of reliable, sustainable electricity can help advance progress across the full range of United Nations Sustainable Development Goals (UN SDGs), by helping expand access to quality education and safe housing, for example, and by powering agricultural innovations that can expand food security.

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Worth Magazine: Milken-Motsepe Innovation Prize Empowers Entrepreneurs Worldwide

The Milken Institute’s strategic philanthropy initiatives, including the Milken–Motsepe Innovation Prize, are using capital to catalyze global change and empower entrepreneurs to tackle systemic challenges. At this year’s Milken Global Conference, the buzz wasn’t just about big capital but about how to use it wisely. Emily Musil, Managing Director of Social Innovation at the Milken Institute, sat down to talk about how strategic philanthropy can catalyze global change. “I sit within the strategic philanthropy pillar,” Musil explained, “which means we try to work with people to figure out the best way to use capital to have the biggest impact in the world.” That mission translates to initiatives ranging from economic mobility and fintech access to sustainable development across emerging markets.   Read the full article and watch the interview here.

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AfroAsian News: Milken Institute and Motsepe Foundation Announce Winner of the Milken-Motsepe Prize in Fintech and Launch New Prize

Prize program awards Verto the $1 million Grand Prize to advance FinTech innovations; the program also launches a new $2 million prize in manufacturing JOHANNESBURG, South Africa, May 8, 2025/APO Group/ –The Milken Institute (https://apo-opa.co/452va1L) and the Motsepe Foundation are proud to announce the winner of the Milken-Motsepe Prize in FinTech, a $2 million innovation award designed to reward 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. FinTech is the third prize awarded as part of the Milken–Motsepe Innovation Prize Program, a series of competitive multimillion-dollar global competitions

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Wee Tracker: Verto Wins Big In Bid To Fuel B2B Payments For Global South

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.

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