Nigerian Fintech Nearpays Becomes First African Startup to Win UN AI for Good Innovation Factory Grand Finale

Nearpays, a Nigerian fintech company, has achieved a significant milestone by winning the UN AI for Good Innovation Factory grand finale. This makes them the first African startup to secure the global title in this prestigious competition, which saw over 500 startups worldwide vying for the top spot. The International Telecommunication Union (ITU) organizes this event, inviting AI-driven startups to present solutions addressing various social and economic challenges.

Nearpays developed an AI-powered platform called SoftPOS, designed to transform compatible Android smartphones into payment acceptance devices. This innovative solution enables small and medium-sized businesses, particularly in rural and underserved communities across sub-Saharan Africa, to accept contactless card payments without requiring expensive, dedicated hardware. The platform integrates AI across its operational layers for payment processing, compliance, fraud detection, and business operations.

A key differentiator for Nearpays' SoftPOS is its ability to function both online and offline, a crucial feature for regions with inconsistent internet connectivity. This engineering choice directly addresses African infrastructure realities, setting it apart from many globally designed SoftPOS platforms. The company views this victory as a testament to years of product development and customer engagement, and a signal to other African founders that locally-developed AI solutions can compete and excel on the international stage.

This win coincides with a growing African presence within the AI for Good initiative, including the launch of the AI for Good Global Commission with significant African representation. For Nigeria, specifically, this achievement validates its rising prominence in the AI sector, complementing its high ranking on the UNESCO Government AI Readiness Index and other recent AI-related developments. The next challenge for Nearpays will be to translate this global recognition into further investment and broader deployment across other African markets facing similar challenges.