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Verto Wins $1m Milken-Motsepe Prize in Fintech

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Anthony Oduu Verto

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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Meta Launches AI Accelerator in Nigeria, Calls for Entries

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Llama Impact Accelerator Meta

By Modupe Gbadeyanka

An eight-month program developed to support early-stage startups leveraging open-source Llama models to address key national and regional challenges in Nigeria has been launched by Meta.

This initiative is in partnership with the National Centre for Artificial Intelligence and Robotics (NCAIR), the National Information Technology Development Agency (NITDA), and the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE).

The schemed, named Llama Impact Accelerator program, will enable the development of impactful Artificial Intelligence (AI) solutions in Nigeria.

It focuses on four high-priority areas, including Agriculture, Security & Safety, Healthcare, and a wild card category encouraging bold, original applications of AI in any other sector with high impact potential.

With a strong focus on open innovation, the program includes a six-week incubation phase, where selected teams will receive technical training and mentorship from AI experts and industry leaders, followed by six months of extended support, including access to additional technical resources and opportunities.

Meta said in a statement that the initiative is part of its broader commitment to democratizing access to responsible AI and supporting local innovation in Nigeria.

By working closely with government partners, academia, and civil society, the accelerator will help foster an inclusive and forward-looking AI community in Nigeria.

It was disclosed that applications for the programme have opened and will close on June 27, 2025, with details available on www.llamaimpactssa.splashthat.com.

The Head of Public Policy for Anglophone West Africa at Meta, Sade Dada, while commenting, said, “We’re excited to partner with the Federal Ministry of Communications, Innovation & Digital Economy to launch this AI Accelerator in Nigeria — a country with a robust innovation ecosystem.

“By making open-source AI more accessible and relevant to local challenges, we aim to enable the development of solutions that can drive national development and are impactful for communities.”

On his part, the Minister of Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, said, “This partnership marks a major step forward in our mission to develop a thriving AI ecosystem in Nigeria.

“We see AI as a key driver for national development, and this program by Meta will equip innovators with the right tools and guidance to tackle some of our most pressing issues.”

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Interswitch Pushes for More Digitally Inclusive Real Estate Ecosystem

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Lagos Real Estate Fest 2025

By Modupe Gbadeyanka

The urgent need for the real estate sector in Nigeria to innovate through the help of technology has been stressed by a financial technology (fintech) firm, Interswitch.

Speaking at the Lagos Real Estate Fest 2025 recently, the company noted that stakeholders cannot underestimate the role of technology in the industry, stating that as Nigeria’s cities continue to grow, innovation must go beyond infrastructure to include digital access, financial flexibility, and smarter, user-centric delivery.

At one of the event’s panel sessions, the Vice President for Energy Ecosystems at Interswitch, Mr Adeyinka Adekoya, shared the company’s vision for a more digitally inclusive real estate ecosystem.

He spotlighted how technology, especially through platforms like Quickteller Homes, is transforming Propertytech (also known as Proptech) and the way Nigerians engage with real estate, improving everything from payments and accessibility to trust and transparency.

Mr Adekoya submitted that with Interswitch leading this transformation, the ecosystem is on a strong path toward inclusive and scalable growth.

The programme, themed The Business of Real Estate: Staying Innovative in a Changing Landscape, featured engaging panel discussions, keynote addresses, and interactive brand showcases, highlighting trends around Proptech, construction finance, sustainable development, and data-driven design.

The fest struck a perfect balance between inspiration and practical insight for attendees who either came to learn, network or explore new ventures.

It brought together key players across the real estate value chain, including developers, architects, regulators, proptech innovators, and investors, to address pressing challenges and explore new opportunities for digital transformation.

One message that resonated as the 2025 edition closed was the future of real estate in Nigeria would be defined by collaboration, innovation, and the intelligent application of technology.

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Digital Innovation Parks Will Make Nigeria Leader in Technology—Tijani

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Digital Innovation Park

By Adedapo Adesanya

The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has said the newly inaugurated Nigerian Communications Commission (NCC) Digital Innovation Park in Abeokuta, Ogun State, would enhance the country’s position as a global leader in digital infrastructure, talent development, and innovation.

The Minister, who stated this at the official inauguration of the Digital Innovation Park on Wednesday, June 4, 2025, added that the project would also serve as a platform for youth empowerment and a place where skills meet opportunity.

Mr Tijani stated further that the initiative is a launchpad for innovation, where ideas transform into ventures and ventures become industries, noting that it is not an isolated project but a vital part of President Bola Tinubu’s Renewed Hope Agenda, which places digital innovation, youth empowerment, and inclusive economic growth at the heart of Nigeria’s journey to a $1 trillion economy.

“In our Ministry’s Strategic Blueprint, we’ve set out to make Nigeria a global leader in digital infrastructure, talent development, and innovation.

“We are building the foundations—fibre optics, AI frameworks, tech talent pipelines, and smart regulation—not just for Lagos or Abuja, but for every part of our country.

“Because shared prosperity must be built on shared access to opportunity. And that is exactly what this Digital Innovation Park symbolises,” he said.

Mr Tijani, however, explained that the park, the first of its kind to be inaugurated in the country, was located in Abeokuta due to the city’s growing network of academic institutions, eager minds waiting to be nurtured, and its strategic proximity to Lagos.

“Abeokuta has everything it needs to compete—not just with Lagos, but with Kigali, Accra, and Nairobi. What we need now is to unlock and connect the dots. And, of course, a government, led by Governor Dapo Abiodun, that is investing wisely—in roads, tourism, infrastructure, and now, digital futures. This is how states help power the national agenda—through practical, forward-looking investments like this,” he submitted.

On his part, the Executive Vice Chairman and CEO of the NCC, Mr Aminu Maida, said the newly completed Digital Industrial Park is a landmark and symbolic project of the Nigerian Communications Commission.

“Technology today is one of the most powerful drivers of economic transformation. For an emerging economy like ours, it remains one of our greatest hopes for leapfrogging development. This is why we must create the right environment for it to thrive.

“The concept behind the Digital Industrial Park is rooted in our vision to promote innovation and digital entrepreneurship in the ICT sector, and to support research and development by transforming ideas into market-ready solutions,” he said.

While disclosing that the Commission is currently implementing three other Digital Industrial Parks in Kano, Borno, and Enugu States, Mr Maida said the parks are equipped with computer labs, smart networking systems, collaborative workspaces, and multipurpose halls.

“They have been designed to include hands-on practice laboratories for training and skills development. In addition, we have also engaged skilled technical and managerial personnel to operate the centres, working alongside students enrolled in industrial training or part-time apprenticeship programmes.”

“Our goal is to establish a thriving ecosystem where cutting-edge ICT infrastructure supports the federal government’s efforts to make digital services accessible and inclusive across Nigeria. These Parks will provide a platform for digital innovators and entrepreneurs to develop their ideas into tangible products and prototypes, bringing broadband connectivity and reliable power supply—two critical enablers of innovation and digital productivity—closer to innovators in Ogun State.

“We are confident that this Digital Industrial Park will not only serve the people of Ogun State, but will also benefit the entire southwestern region in their pursuit of digital advancement and economic development,” the NCC CEO submitted.

Adding his input, Governor Dapo Abiodun said that the event marked another significant milestone in the journey of the state towards becoming a leading hub for technology, innovation, and digital transformation in Nigeria.

“This Digital Innovation Park means progress, a catalyst for economic growth, and a testament to the state government’s commitment to harnessing technology for the collective good of the people,” he noted.

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