Nigerian Fintech Nearpays Wins UN's Global AI for Good Award for Mobile Payment Innovation

Nigerian fintech company Nearpays has achieved a significant milestone, becoming the first African startup to win the grand finale of the United Nations' AI for Good Innovation Factory. This global competition, part of the UN's AI for Good Global Summit, showcases AI solutions aimed at addressing social and economic challenges worldwide. Nearpays' victory emerged from a pool of over 500 startups, highlighting the growing recognition of African innovation on the international stage.

Nearpays was founded to tackle a critical issue within African payment ecosystems: the inaccessibility and high cost of traditional point-of-sale (POS) terminals for small and medium-sized businesses. Many merchants, particularly in rural and underserved communities, have been excluded from digital payment systems due to these barriers. The company's innovative solution seeks to bridge this gap, enabling broader financial inclusion across the continent.

The core of Nearpays' offering is its SoftPOS platform, an AI-powered application that transforms compatible Android smartphones into contactless payment acceptance devices. This allows merchants to process card payments using just their phones, eliminating the need for expensive hardware. Artificial intelligence is deeply integrated into the platform, supporting various functions including payment processing, regulatory compliance, fraud detection, and overall business operations. Crucially, the platform is designed to function effectively within Africa's unique infrastructure realities, offering both online and offline capabilities to ensure continuous service even without internet connectivity.

The company views this win as more than just a corporate achievement, positioning it as a triumph for African innovation and a testament to the global competitiveness of technology developed to solve local problems. Nearpays hopes its success will inspire more African founders to create solutions tailored to local needs while aspiring for international impact. With this global recognition, Nearpays is poised to accelerate its mission of expanding digital financial infrastructure across Africa.