VugaPay Developers Win Africa Start-up Challenge

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Vugapay co-founder Muhire (center) is one of the best three selected from the top ten.

A Rwandan tech start-up company (VugaPay) has emerged among the top three most promising business ideas which will be rewarded with a cash prize of $10.000.

These three most promising African FinTech companies, Irofit Technologies, Sokowatch and Vugapay, receive a 10,000 EUR cash prize each and will share their insights about FinTech innovation in Africa with the global financial community during Sibos.

The winners were announced during the SWIFT Innotribe’s 2017 Startup Challenge for Africa held in Abidjan, Ivory Coast, on 17 May 2017.

The winning startups receive a 10,000 EUR cash prize and invitations to attend Sibos, SWIFT’s annual global financial services conference, taking place from 16-19 October in Toronto this year.

At the Toronto event, the startups will share the stage with FinTech experts, banks and financial institutions from across the globe and will provide great insights on innovation happening in Africa.

In its 24th year, ARC brings together policy makers, industry leaders and the broader financial community from across the African continent.

Typically attracting up to 500 delegates from over 40 countries, the conference was the perfect place for our startups to deliver compelling pitches around their innovative products and demonstrate how they could support the economic development of the continent

“Our partnership with SWIFT’s African Regional Conference over the last three years has highlighted how much SWIFT’s community is keen to understand FinTech innovation, whether we refer to its latest developments, benefits or the opportunities it can unlock”, says Fabian Vandenreydt, Global Head of Securities Markets, Innotribe and the SWIFT Institute at SWIFT.

“It was a real pleasure for us to provide expert mentoring and in-depth industry feedback to the 9 participating startups and we wish them all a lot of success in the future”.

Commenting on the Innotribe finalists, Sido Bestani, Head of Middle East, Turkey and Africa at SWIFT said:

“The Innotribe showcase at ARC gives delegates a unique opportunity to tap into the most exciting new Fintech businesses on the continent. This year’s finalists are providing real solutions to the most pressing challenges facing the African financial industry including financial crime compliance, financial inclusion and supply chain finance.”

VugaPay co-founder, Muhire said winning this competition would leverage their competitiveness   “We have come on top.  “We feel so encouraged to continue our payment App. We have got new partners from the event which will help us to launch in many more African markets,” Patrick Muhire said shortly after the event.

The African showcase was the first regional event to be held in 2017. The next regional Startup Challenge will be organised in St Petersburg on 14 July 2017 during the Bank of Russia’s International Financial Congress (IFC) to be hosted by the Bank of Russia and will take place from July 12-14, 2017.



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