Nigerian fintech Nearpays has won the AI for Good Innovation Factory grand final, becoming the first African business to win the worldwide championship in the competition, which is part of the United Nations’ AI for Good worldwide Summit.
The competition brought over 500 firms from around the world, each offering AI solutions for social and economic concerns. The conference is sponsored by the United Nations through the International Telecommunication Union (ITU) in collaboration with numerous UN agencies, and it brings together governments, researchers, startups, and technology businesses to discuss the role of AI in development.
Nearpays’ path to the crown began in Johannesburg, where it won the African regional competition, and continued to the global finals in Geneva. There, the company advanced through the semi-finals and won the grand finale, a first for the continent.
The company characterizes the success as more than just a corporate milestone, claiming that it is a victory for African ingenuity and proof that technology designed to solve local problems can compete and win on a global scale.
Nearpays was created to fill a chronic vacuum in African payments: small and medium-sized businesses who cannot afford or use traditional point-of-sale terminals. Many merchants, particularly those in rural and underserved areas, have been unable to accept digital payments due to cost, availability, and deployment issues.
Its solution is SoftPOS, an AI-powered platform that transforms compatible Android smartphones into payment acceptance devices, allowing retailers to accept contactless card payments using nothing more than their phones. AI is incorporated throughout the platform, assisting with payment processing, compliance, fraud detection, and company operations.
The technology was specifically created for African infrastructure; it works both online and offline, allowing businesses to continue receiving payments even when there is no internet connection.
The company attributed the success to years of product development and user involvement, and commended the UN, ITU, and the AI for Good initiative for creating a platform for entrepreneurs to apply AI to real-world challenges. It also expressed hope that the award will inspire additional African inventors to create technology that meets local needs while competing on a global scale.
For Nearpays, the title marks the end of one chapter and the beginning of another as the company continues to grow digital financial infrastructure throughout Africa.
