Rwandan Vugapay App Selected for Startup Challenge Africa

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By Daniel Sabiiti

Rwanda Tech-prenuers Patrick Muhire and Cedric Muhoza- founders of VugaPay money transfer platform are among the ten African innovators selected to compete in the Startup Challenge Africa.

Rwanda Tech-entrepreneurs Patrick Muhire and Cedric Muhoza- founders of VugaPay money transfer platform are among the ten African innovators selected to compete in the Startup Challenge Africa.

The successful startups, are among those selected by SWIFT to pitch their products in Abidjan, Ivory Coast, today, May 17, 2017 during SWIFT’s African Regional Conference.

SWIFT is a global leading provider of secure financial messaging service provider connecting more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories.

The finalists were selected by over one hundred judges from across the financial, technology, and investment communities who, this May, 2017 evaluated close to 100 applications received for the third edition of the Startup Challenge.

The applications came from 16 countries, with South Africa, Nigeria and Kenya dominating the list.

The judges assessed the companies on their potential to provide an important innovation to the future of the financial industry, and ultimately narrowed the selection process to this year’s 10 participating startups:

Organisers of the event said that the Startup Challenge is an enriching experience for all participating companies to benefit from expert mentoring and get exposure to financial institutions.

“It is a pleasure for us to see the number of African startups applying to our programme growing year after year. Their calibre continues to impress, and there is no doubt they are going to play an important role in shaping the future of finance,” says Fabian Vandenreydt, Global Head of Securities Markets at SWIFT Institute.

After the pitches, the conference audience, will vote for the three best startups who will be invited to SWIFT’s annual global financial services conference (Sibos), which will take place from 16-19 October 2017, in Toronto, Canada.

The three finalists will have the opportunity to share the stage with Financial Technology (FinTech) experts, providing great insights on innovation happening in Africa to the financial industry at large. They will also receive a 10,000 USD cash prize each.

“I am just delighted to have VugaPay at the competition” Muhire said.

The Start-up Challenge Africa competition comes barely a week after the first Ever MissGeek Africa (Ruth Njeri Waiganjo-from Kenya) was nominated in Kigali during the 2017Transform Africa Summit (TAS)- which focused on recognizing innovative Africa talent in ICT.

Miss Geek is a competition designed to inspire African girls to be part of solving the continent’s challenges using technology and encourage them to choose a career in Science, Technology, Engineering and Math.

The competition is set to be an annual continental event, and Rwanda ICT girl geeks dominated the competition selections to the finals this year.

 

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