The United Nations Capital Development Fund launched the challenge with the aim to attract local and global fintechs with market-ready solutions to address identified problem statements which represent the challenges faced by Pacific Islands Countries.

The theme of the 2022 IF50 competition is “Making Digitalization Count.”

The fintech has now raised $38 million to date and intends to use the fresh capital to launch new financial products in Ghana, expand its customer base throughout the continent.

Trusting Social is an AI fintech company aspiring to democratize financial services through AI-based consumer insights and embedded finance.

Catalyst will provide each firm with an investment as large as GBP 80,000 ($105,000) and arrange non-financial support from the staff of BFA and various partner investment and consulting firms.

Nova Credit is on a mission to accelerate financial inclusion for millions of creditworthy individuals who immigrate to new countries every year.

Voyager, which serves 47 million people through its consumer platforms that include e-wallet and digital payments, said the fresh capital will fund its digital banking venture and other services like cryptocurrency and micro-investments.

Finalists will deliver a technical presentation of their innovations within a global audience of AFI member institutions, fintech experts and relevant stakeholders in virtual sessions across 12-13 April.

The new products and services offered by the digital banking platform NowNow will further enhance its already existing services, consumer banking, agency banking and merchant payment solutions.

The fund is an implementation of the country’s strategic vision to support young innovators, with Nclude by Global Ventures to focus on accelerating fintech innovation and driving financial inclusion.