By Adedapo Adesanya

UK-based business-to-business cross-border payments platform, Verto, has been announced as the winner of the $1 million Milken-Motsepe Prize in fintech.

The award recognises companies expanding access to capital and financial services for small businesses in emerging and frontier markets. It was presented at the Milken Institute Global Conference in Los Angeles on May 5.

In a statement shared with Business Post, Verto emerged as the winner after a rigorous multi-stage evaluation process that assessed affordability and accessibility, ethical practices, scalability, technological innovation, and the potential for equitable financial access.

Verto’s platform enables businesses in emerging markets to seamlessly send and receive payments across borders, including exotic currencies in emerging markets. By eliminating intermediary fees, supporting 49 currencies, and ensuring rapid transaction settlement in markets where this was not previously possible, Verto helps businesses and SMEs in underserved markets access economic prosperity and greater financial inclusion.

The Milken-Motsepe Prize in FinTech, a $2 million initiative by the Milken Institute and the Motsepe Foundation, attracted over 3,000 entrepreneurs from 126 countries.

Launched in May 2024, the prize saw 400 initial applications narrowed down to 10 semifinalists who pitched their innovations at the Milken Institute Middle East and Africa Summit in Abu Dhabi in December 2024. Verto was selected as one of three finalists, ultimately claiming the Grand Prize.

Speaking on the milestone, Verto CEO, Mr Ola Oyetayo said, “Winning the Milken-Motsepe Prize in Fintech validates our mission to break down barriers in cross-border payments but also provides us with the resources and recognition to accelerate our efforts in empowering businesses across emerging markets. It is a testament to the hard work and dedication of the entire Verto team.”

Dr Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation, commented, “Across the African continent, technology and innovation are disrupting traditional finance and banking approaches. Investment in this space is profitable and, more importantly, necessary for financial inclusion.

“My heartfelt congratulations to the winners and all the finalists for demonstrating feasible and impactful solutions that will drive economic activity and shared prosperity in the global South, while influencing the financial sector all over the world.”

This Fintech prize marks the third award under the Milken–Motsepe Innovation Prize Programme, which has awarded over $6 million to more than 50 innovators since 2021. Participating teams have collectively raised nearly ten times the Grand Prize in additional investments, impacting over 530,000 community members globally.

By Adedapo Adesanya

The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has set a target of increasing the Information Communication Technology sector’s contribution to the Nigerian economy to 21 per cent from currently below 18 per cent.

Speaking during a visit to his alma mater, Anglican Grammar School, Onikolobo, Abeokuta, he said President Bola Tinubu was making significant efforts to raise Nigeria’s Gross Domestic Product (GDP) through increased contributions from the digital economy.

As of the fourth quarter of 2024, Nigeria’s ICT sector contributed 17.68 per cent to the country’s real GDP, marking an increase from 16.66 per cent in Q4 2023.

He said if the target is actualised, it would translate to further growth in Nigeria’s economy.

“This means more jobs and opportunities. For the first time in the history of this country, an administration is investing in 90,000 kilometers of fibre optic cables across the nation.

“This infrastructure will bring high-speed internet to schools through cables—not through jungles—enabling better learning environments,” he said.

Encouraging the students, Mr Tijani said background should not be a barrier to success.

“I once sat where you sit today. The lessons of kindness and empathy I learnt here shaped who I am.

“You can become ministers, ambassadors, governors, or even the President. You can shake the world,” he said.

To support education, Mr Tijani announced a fellowship programme for the top three students in JSS 1–3 and SS 1–2.

Each will receive N100,000 annually, along with laptops and school uniforms.

This will benefit around 70 students each year.

He also revealed plans to refurbish and digitally equip a school building and adopt the science laboratory.

The minister attended an ‘Innovation and Startups Roundtable’ with digital technology entrepreneurs and solution providers in Ogun State.

There, he underscored the need for technology-driven agriculture to address food insecurity and boost local food production.

“Given our large population and reliance on traditional farming, we cannot meet local food demand without embracing digital tools,” he said.

“Technology such as mobile apps, sensors, and drones can help farmers monitor crops, control pests, track soil changes, and ultimately improve productivity.”

Mr Tijani noted that countries like Ukraine had sustained agricultural output even amid conflict, due to their heavy investment in agricultural technology, encouraging Nigerian farmers to adopt similar innovations to reduce dependence on food imports and preserve foreign exchange.

By Adedapo Adesanya

The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has lauded the Chinese multinational corporation and technology company, Huawei Technology Company Limited, for its investment in Nigeria’s digital sector.

He highlighted Huawei’s strong commitment to building national digital infrastructure and commended the company’s efforts in launching an Innovation Centre and fostering local talent development at the Huawei Day Nigeria 2025 Government Forum, held in Lagos.

He expressed appreciation for Huawei’s ongoing contributions to Nigeria’s digital transformation and emphasized the importance of continued collaboration between the ministry and Huawei.

The Huawei Day Nigeria 2025 Government Forum brought together top government and industry leaders to explore the transformative impact of digital technologies on governance, security, and public service delivery.

The forum featured a series of presentations with key leaders sharing their vision for the future of Nigeria’s digital landscape and the pivotal role of ICT in driving national progress.

The government forum organised as part of the activities in the ongoing Huawei Day Nigeria 2025 had speakers from various government MDAs share insights and best practices on digital transformation urban security， intelligent traffic and video surveillance, and ICT talent cultivation.

On his part, Mr Olusegun Olulade, the Executive Director, Centricity and Marketing of Galaxy Backbone stressed the importance of E-Government Network & Cloud in enabling Nigeria’s digital services.

He disclosed that “Galaxy Backbone’s cloud infrastructure is crucial for supporting Nigeria’s digital programmes by enhancing secure communication and data exchange across government ministries and agencies.

“It enables seamless interoperability, real-time data sharing, and improved decision-making, while ensuring robust cybersecurity.”

Furthering the discourse, Huawei Global Public Sector BU Chief Technology Officer, Mr Augustine Chiew, highlighted the cruciality of smart cities for Urban Digital Transformation.

“Smart city initiatives are reshaping urban environments by leveraging AI-powered surveillance, IoT platforms, and scalable cloud solutions to enhance traffic management, public safety, and overall quality of life.

“Cities like Lagos and Abuja are benefiting from these innovations, with a strong focus on sustainability, energy efficiency, and real-time connectivity, driving more efficient and livable urban spaces.

“Huawei smart city solutions accelerate public service digitalisation, serving 700+ smart cities in 100+ countries across the globe.

“Taking Lagos as an example, Huawei’s intelligent traffic solution has increased traffic efficiency, reduced traffic accidents, and decreased economic losses, which boosts city service efficiency and citizen satisfaction.”

The event had other speakers including the Director of Lagos State Vehicle Inspection Service, Mr Akin-George Fashola, who examined the importance of creating effective transportation systems in Lagos State.

He emphasised the need for the integration of big data analytics with video surveillance to enhance security operations and build public trust.

“This will contribute to multi-agency collaboration and improve emergency response capabilities, particularly in high-traffic and densely populated areas,” he said.

The government forum was an interactive platform for discussions on the impact of digital technologies on governance and public services in Nigeria.

The event underscored the need for enhanced collaboration between the public and private sectors to overcome infrastructure challenges, accelerate digital adoption, and build a more inclusive digital ecosystem.

Other speakers at the event include Deputy Comptroller General (ICT), Nigerian Immigration Service, Mr Mohammed Tukur Umar; Head, Infrastructure and Operations, Federal Inland Revenue Service, Mr Lanre Olaifa; ICT Director of the Lagos State Ministry of Innovation, Science and Technology, Mr Adeyinka Sorungbe; Head of Computer Engineering Department, Ahmadu Bello University, Professor Muhammed Muazu; and top Huawei executives.