Catenaa, Thursday, May 15, 2025- Verto, a London-based African fintech firm, has won the $1 million Milken-Motsepe Prize in FinTech for its work enabling seamless cross-border transactions in local currencies across Africa.
The recognition comes amid renewed efforts to increase intra-African trade, which currently accounts for just 15% of the continent’s global commerce.
SMEs and other businesses can now move funds swiftly and cost-effectively across borders, thanks to Verto’s platform, which streamlines international payments for companies in emerging markets.
It eliminates intermediary fees, supports dozens of currencies, and bypasses traditional banking risk premiums by focusing on business behavior rather than country of origin.
Operating from Nigeria, South Africa and Kenya, and in the process of expanding into Tanzania, Verto’s solution comes as the African Continental Free Trade Area (AfCFTA) pushes for deeper economic integration.
Oyetayo said the platform offers African markets the chance to reduce dependency on the US, Europe and Asia.
The Milken Institute and Motsepe Foundation unveiled Verto’s win at the Global Conference in Los Angeles on early May.
The prize rewards scalable innovations that address economic and sustainability challenges. Two other African finalists — Kenya’s Chumz and Ghana’s Oze — also received $100,000 each.
Organizers say next year’s competition will focus on AI and manufacturing.
Verto’s win shows fintech’s growing role in reshaping Africa’s economic future and empowering SMEs through locally tailored, tech-driven financial services.
