The ABH Summit and Grand Finale in Kigali, Rwanda, celebrated the Top 10 finalists, selected from nearly 20,000 applicants to compete for a share of the $1.5 million prize. Under the theme “AI – African Innovation, Insight and Impact,” they pitched their businesses to a live audience and a distinguished judging panel, including Dr. Diane Karusisi, CEO of Bank of Kigali and Ibukun Awosika, Founder of the Chair Centre, who were joined by Fred Swaniker, Founder and CEO of Sand Technologies. The event culminated in the awards ceremony, where the winners were unveiled.

The top three Africa’s Business Heroes for 2024 are:

1. US$300,000 – Henri Ousmane Gueye, Co-founder & CEO, EYONE from Senegal
2. US$250,000 – Dr. Salma Bougarrani, Co-Founder & CEO, GREEN WATECH from Morocco
3. US$150,000 – Alexander Odhiambo, Founder & CEO, Solutech Limited from Kenya

Commenting on the win, Henri Ousmane Gueye said, “I am very proud to be announced as the winner of the 2024 ABH Prize Competition. This achievement is the result of a lot of hard work, and I am incredibly proud of my team. It’s a significant milestone for us, and it serves as an encouragement for us to keep working towards solving the problem our innovation addresses. It motivates us to continue tackling the big challenges our country faces.”

ABH Managing Director – Africa, Zahra Baitie-Boateng highlighted the debut of ABi, ABH’s AI co-host, at this year’s Summit and Grand Finale, noting its role in providing insights, sparking discussions and enhancing connections. She emphasized the ingenuity of the Top 10 finalists, whose impact showcases entrepreneurship’s power to address Africa’s challenges. “Congratulations to Henri and all our finalists! As we celebrate their success, we’re excited to launch the 2025 call for applications and continue empowering Africa’s next business leaders.”

ABH announced that Rwanda will host the Summit and Grand Finale for the next four years, reinforcing its role as a hub for entrepreneurship. The Rwanda Development Board (RDB) and Rwanda Convention Bureau (RCB) were recognized as key partners, with Bank of Kigali also supporting the event.

A Summit of Entrepreneurial Insights and Thought Leadership
The two-day ABH Summit and Grand Finale brought together 1,606 participants, showcasing thought leadership and top entrepreneurial talent. Discussions explored how entrepreneurship addresses Africa’s key challenges in healthcare, agriculture and education. The event featured live podcast recordings, a debate, TED-style ABHx talks, a financing masterclass and interactive experiences like the ABH Heroes’ Circle business ‘roast’ and Networking in the Dark, a blindfolded networking session.

With over 50 distinguished speakers from 15 countries, the lineup included Jean-Guy Afrika, CEO of the Rwanda Development Board; Nick Hu, Executive Director of Health Innovation at Sand Technologies; Dr. Brenda Kateera, Country Director at the Clinton Health Access Initiative; Nathalie Munyampenda, CEO of Kepler; and Hasan Haider, Founder & Managing Partner at PlusVC and ABH Semi-Final judge.

In her opening keynote, ABH Grand Finale judge Ibukun Awosika emphasized ‘African Intelligence’ as key to shaping the continent’s entrepreneurial future. She highlighted purpose-driven leadership, lived experiences and local ingenuity in driving impactful solutions. “Africa’s future will be shaped by those who see challenges as opportunities and take action,” she stated.

The 2025 ABH Call for Applications
The event closed with the official launch of the 2025 call for applications, inviting African entrepreneurs to apply for the next edition of the competition and stand their chance to win a share of $1.5 million USD. Full details for interested applicants can be found here.

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This event will spotlight the top 100 startups from across Nigeria, offering them a chance to compete for a substantial prize pool of 100 million Naira and valuable business-to-business meetings with angel investors. These finalists, selected from an anticipated pool of over 200 applicants through AIDCA, have already proven their mettle in national competitions and undergone rigorous training at a global boot camp.

The EPC finals will be a central feature of the Global Entrepreneurship and Investment Summit, scheduled for July 21st-22nd, 2025, at the International Conference Centre in Abuja. The summit, themed “Unlocking Nigeria’s Economic Potential: Harnessing Entrepreneurship and Investment Opportunities,” is designed to connect innovative entrepreneurs with private equity firms, venture capitalists, family offices, angel investors, and other key stakeholders from across Africa and beyond. This prestigious gathering will offer a unique platform for organizations, entrepreneurs, and startups to engage in Business-to-Business meetings, explore exhibitions, attend insightful keynotes and panel sessions, and participate in the AIDCA Awards.

Adedotun Olaoluwa, the president of Dotmount Communications and an organizer for this summit, emphasizes its potential to cultivate a robust investment ecosystem, building upon the success of the recent Middle East Investor Expo. “We are excited to host this prestigious event, which will bring together key players in the entrepreneurship and investment ecosystem. Our goal is to create a platform that fosters collaboration, innovation, and growth, ultimately unlocking Nigeria’s economic potential.”

Building on Previous Success Following the success of the last Middle East Investor Expo, we are confident that this event will exceed expectations and provide a valuable experience for all participants.

Registration and More Information To register and learn more about the Global Entrepreneurship and Investment Summit and the Entrepreneurship Pitch Competition, please visit www.AIDCA.Africa.

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LoftyInc is one of Africa’s most established venture capital firms. With over a decade of investing experience, the firm has backed startups such as Flutterwave, Andela, Wave Mobile Money, OmniRetail, RelianceHealth, Thndr, and Moove– which recently secured $100m in investment from Uber and Mubadala. LoftyInc has played a key role in shaping Africa’s tech ecosystem while delivering strong returns to investors.

The Fund’s first close attracted a mix of African and international backers, including sovereign wealth funds, development finance institutions (DFIs), US family offices, and regional investment bodies. Investors include Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), Tunisia’s Anava Fund of Funds, FMO (the Dutch Entrepreneurial Development Bank), Proparco with FISEA, the International Finance Corporation (IFC), AfricaGrow (advised by DEG Impact GmbH), the Dutch Good Growth Fund (DGGF), and US-based First Close Partners.

The fund also secured commitments from African high-net-worth individuals (HNIs), reinforcing strong regional confidence in LoftyInc’s ability to back transformative companies.

LoftyInc’s leadership team brings decades of investment experience and operational expertise across African and global markets.

Idris Ayodeji Bello, Mariam Kamel, and Kevin Simmons lead a skilled investment and operations team across Africa’s largest tech hubs, including Francophone Africa, ensuring strong local execution and founder support.

The Alpha Fund is designed to help startups transition from early traction to scalable growth. Beyond capital, LoftyInc leverages its network and expertise to support founders in navigating operational challenges, securing strategic partnerships, and accelerating market expansion.

With increasing investor interest and a rapidly growing tech ecosystem, Africa is emerging as a major driver of global innovation. The Alpha Fund builds on LoftyInc’s legacy of identifying and supporting top-tier entrepreneurs, ensuring long-term value creation for startups and investors.

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With this new funding, Raenest aims to deepen its operations in Nigeria, while also strengthening its Kenyan presence. The company also plans to enter the United States and Egypt this year, broadening its impact with Africans within the continent and outside the continent, and also attract top talent to support its growth. Currently, Raenest holds licenses in Nigeria as an approved International Money Transfer Operator [IMTO] and in Canada as a Money Services Business [MSB] and is working to secure additional licenses in key jurisdictions. The company has established strategic partnerships with leading banks in the US and UK, to ensure operational stability and reliability, and plans to use the funding to form additional collaborations with financial institutions worldwide.

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially operated as an Employer of Record (EOR) before evolving into a platform that redefines global banking for Africans, helping businesses and freelancers receive international payments, convert between currencies, operate a multi-currency wallet, while managing transactions seamlessly. The platform also enables customers to open global bank accounts in their names, access physical and virtual dollar cards, and manage payments in USD, EUR, and GBP. These tools offer the flexibility and reliability needed to navigate global markets. To date, the company has amassed over 700,000 individual customers, processed over $1 billion in payments, and serves over 300 businesses, including MoniePoint, Helium Health, Fez Delivery, and Matta.

Raenest also offers a consumer-focused product, Geegpay, which provides Africa’s gig economy, particularly freelancers, creators, remote workers, and solopreneurs, with efficient solutions for receiving payments from Upwork, Fiverr, Gusto, as well as other overseas platforms and clients while minimising fees.

Speaking on the announcement, Victor Alade, CEO of Raenest, said: “At Raenest, we are dedicated to addressing the barriers that hinder Africans from accessing seamless financial services. Our journey over the past two years has been shaped by innovation, collaboration, and a shared vision to build a sustainable, globally impactful business that bridges economic and digital divides. This funding, supported by new and existing investors who share our mission, provides the momentum to scale our solutions and expand our impact across the continent. We are excited to continue building solutions that connect Africa to the world and drive inclusive growth and prosperity.”

Gbenga Ajayi, Partner and Head of Africa and the Middle East at QED Investors, added: “At QED, we’re thrilled to support Raenest as they redefine cross-border banking for Africans. Their commitment to financial inclusion, combined with a seamless user experience, positions Raenest as a game-changer in the region’s fintech landscape. We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers and businesses, ultimately driving greater economic empowerment across the continent.”

Lexi Novitske, General Partner of Norrsken22, “Africa’s gig economy is growing at an impressive 20% year-on-year, yet cross-border payment challenges persist for workers and businesses alike. Our investment in Raenest reflects our belief that they are unlocking new opportunities by transforming how Africa’s global workforce connects to the world economy.”

Kola Aina, Founder and General Partner at Ventures Platform, emphasised their continued support: “As one of Raenest’s earliest backers, we have witnessed their exceptional growth, their consistent delivery of quality and reliable services to customers, and their ability to deliver meaningful impact in the financial services sector. Raenest’s unwavering commitment to Africa’s gig economy and businesses is evident at every stage of their journey, and we are thrilled to see them continue to scale while staying true to their bold vision.”

With this Series A funding, Raenest is set to expand its reach and strengthen its role in the growing cross-border payments industry, which is projected to reach $320 trillion by 2032. Africa remains one of the fastest-growing regions for global transactions. With the backing of global and early-stage investors, Raenest is well-positioned to deliver fast, transparent, and affordable financial tools that simplify cross-border money management. By scaling its infrastructure, deepening partnerships with global financial institutions and enhancing its multi-currency offerings, Raenest is enabling more African businesses and individuals to participate fully in the global economy.

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The winners will be revealed at the awards gathering on February 13th during the seventh edition of Africa Tech Summit Nairobi. The summit, taking place on February 12th and 13th, 2025, will bring together over 2,000 industry leaders and more than 1000 companies, providing a platform for networking, collaboration, and knowledge sharing.

The Africa Tech Summit Awards highlight achievements in 11 sector categories and two individual categories, celebrating the companies and leaders shaping Africa’s tech landscape and addressing critical challenges on the continent. The 55 companies were selected from a pool of over 300 applications received. A panel of independent judges evaluated all applications based on innovation, impact, scalability, and relevance to the African market.

Lauren Adair, Director of Africa Tech Summit, commented: “We’re delighted to announce the finalists for the inaugural Africa Tech Summit Awards. With over 300 entries, our judges had the tough task of narrowing it down to only 5 finalists in each category. All the finalists are transforming their sectors and driving growth across the continent, and we look forward to celebrating their achievements in Nairobi next month.”

The 2025 finalists include:

Agritech
AFEX (Nigeria), ChipChip (Ethiopia), Mazao AgClimate Limited (Tanzania), Keep it Cool (Kenya), and Winich Farms (Nigeria).

Artificial Intelligence
Cassava Technologies (South Africa), Chpter (Kenya), NextAV (Tunisia), Tawi Fresh (Kenya), and ToumAI Analytics (Morocco).

Climate Tech
Afrilogic Solutions (Ghana), Innovex (U) Ltd (Uganda), Instollar Technologies (Nigeria), Sabi (Nigeria) and Takazuri (Kenya).

Cross Border Payments
Aza Finance (Kenya), Flutterwave (Nigeria), Grey (Nigeria), WeWire (Nigeria), and Yellow Card (South Africa).

Digital Commerce
OmniRetail (Nigeria), Sendmercury (Nigeria), SwiftVEE (South Africa), Tawi Fresh (Kenya), and Tola (Ireland).

EdTech
Cassava Technologies (South Africa), DirectEd Development (Kenya), Hermplify (Nigeria), Ikusasa Technology Solutions(South Africa), and Laboussole (Cameroon).

Enterprise
Andela (United States), Beacon Power Services (Nigeria), Froid Energy Ltd (Kenya), Incentro Africa (Kenya) and Smile ID (Nigeria).

FemTech
Babysteps (Kenya), Hermplify (Nigeria), Mara Scientific (Uganda), My Pregnancy Journey (South Africa), and Sanicle Digital Health (United States).

Fintech
Flow (Uganda), HUB2 (Mauritius), Peach Payments (South Africa), Valu (Eqypt), and Yellow Card (South Africa).

Health Tech
Antara Health (Kenya), ION Kenya (Kenya), OneHealth (Nigeria), Remedial Health (Nigeria) and Zuri Health (Kenya)

Web3
ICP Hub (Kenya), Investa Farm (Kenya), MiniPay (Nigeria), Sabi (Nigeria), and Yellow Card (South Africa)

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i3 is selecting a total of 15 leading startups for this cohort:

• 10 early-stage startups innovating in healthcare delivery or product distribution
• 5 growth-stage startups building the future of pharmacy care

Early-stage startups will receive a $50K grant and growth-stage startups will receive a $225K grant to unlock major partnerships that can expand patient access across the continent. For startups in the cohort,  i3 aims to facilitate at least 150 relationships with key healthcare organizations, worth at least $30M,  which will expand patient access while creating valuable local jobs.

In just two years since its launch, i3 has empowered 60 African health innovators across 16  countries, exceeding expectations with 43% women-led and 20% Francophone-led ventures. The program provided $3M in direct grants, and facilitated 450 strategic connections, resulting in >$11M in contracted partnerships, expanded reach, and nearly 1,000 jobs created—half of which were held by women. i3 is coordinated by Salient Advisory and Solina Center for Research and Development  (SCIDaR).

Dr. Uchenna Igbokwe, CEO, SCIDaR “With the right resources, African-led companies can scale commercially while reaching underserved communities and creating jobs. The i3 program has been able  to prove, in just two years, that an actively engaged network of leading global health institutions and  partners can power African innovators to solve critical African problems in healthcare.”

Oghenetega Iortim, CEO of Figorr, a company that provides end-to-end supply chain tracking technology and an i3 alumni, said, “We partnered with the Nigerian government to track over 200M health products. Through i3 we met with major global customers who were excited to find ways to expand  Figorr’s impact both in Nigeria, and beyond. We’re grateful to i3 for opening these doors.”

Applications for the 3rd cohort are open now until February 28. Interested startups can apply here: innovationsinafrica.com/application. The selected startups will be announced on April 30th. A virtual Q&A  session will be hosted by i3 on February 21st to answer any questions regarding the application process.  i3 is coordinated by Salient Advisory and Solina Center for Research and Development (SCIDaR).  Leading tech hubs CcHUB and Villgro Africa will spearhead cohort selection, alongside a distinguished panel of African experts.

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Manar Labidi, Cynoia’s Chief Financial Officer, accepted the award at the Cape Town International Convention Centre, where the company competed alongside 45 other startups pitching on what AfricArena founder Christophe Viarnaud calls the “stage of Africa’s future.” This recognition at one of Africa’s most significant tech gatherings reinforces Cynoia’s position as a leading innovator in the African SaaS landscape.

2024 has been a transformative year for Cynoia, which helps teams collaborate better while reducing their software costs by up to 80%. With leadership evolution, international recognition, and expansion across the continent, the team is preparing to revolutionize how African teams work with its upcoming AI engine, Hannibal.

In a significant internal promotion, Nermine Slimane advanced from Team Lead to Chief Technology Officer, bringing her deep understanding of Cynoia’s architecture to the executive team. This move enabled co-founder Ayoub Rabeh to step into a dedicated Chief Product Officer role, strengthening the company’s product development focus. Felipe Millan joined as Chief Marketing Officer, completing a leadership team that reflects Cynoia’s commitment to diversity, with women representing 47% of the company.

“We’re building something special here,” says Nassreddine Riahi, CEO of Cynoia. “Our team is stronger than ever, and we’re reaching more businesses across Africa than we imagined possible when we started. We’re not just creating another collaboration tool – we’re building the workspace that African teams actually need.”

November saw the release of Cynoia Version 2.0, introducing enhanced project management, chat, video calls, and file sharing in a single, bandwidth-efficient platform adapted to all budgets. The company has expanded its presence beyond Tunisia, establishing a legal entity in Senegal and growing its user base in the Ivory Coast, the Democratic Republic of Congo, Cameroon, and Rwanda. “Being closer to our users helps us understand their real needs,” explains Ayoub Rabeh, CPO. “Every market is unique, and we’re adapting our platform accordingly, especially for areas with limited internet connectivity.”

Looking ahead to 2025, Cynoia is set to launch Hannibal, its AI engine designed specifically for African teams. “Hannibal will make advanced AI accessible to businesses across the continent, regardless of their size or location,” notes Nermine Slimane, CTO. “We’re focusing on practical AI applications that make sense for how African teams actually work.”

The company also launched Cynoia Impact, partnering with key players in the entrepreneurial ecosystem, including startups, accelerators, venture capital (VC) funds, and others, as well as educational organizations and non-profits. This initiative aims to accelerate the digital transformation of organizations that positively impact their communities.

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Konnect’s platform makes it easier for users to manage their finances digitally. By offering services tailored for the unbanked, Konnect is addressing key barriers to financial access while helping businesses optimize their payment systems. Through key partnerships, including a strategic collaboration with VISA, Konnect is driving the region’s shift toward digital payments, making secure and efficient financial services accessible to more people.

“We’ve built Konnect to make digital payments more accessible, secure and user-friendly,” said Amin Ben Abderrahman, founder of Konnect. “Our platform supports both individuals and businesses, allowing them to manage their payments with ease. We’re excited to continue expanding across North Africa and providing innovative financial services that cater to the needs of underserved communities.”

Konnect’s platform also includes advanced fraud detection and remote onboarding. By leveraging the latest technologies, the company is playing a crucial role in modernizing the financial infrastructure in North Africa.

“Konnect is setting a new standard for digital payments in the region,” said Karim Ben Fadhel, investment ecosystem development manager at Renew Capital. “Their platform not only simplifies financial transactions but also opens doors for greater financial inclusion. We’re proud to support Amin and his team as they lead the way in expanding access to secure and scalable payment solutions.”

Renew Capital remains committed to investing in entrepreneurs who offer innovative and scalable solutions that drive financial inclusion and economic growth across Africa.

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This groundbreaking initiative connects Africa’s brightest minds with experienced mentors, cutting-edge technology, and unparalleled investment opportunities.

Supporting the entrepreneurial drive of women across the continent, 85% of the startups feature female leadership, rising from less than 50% in the inaugural edition.

The Accelerator program, launched in June 2023, is reflective of Visa’s ongoing efforts to help uplift the digital economy in Africa, including a pledge to invest $1 billion in the continent by 2027 to help revolutionize the payments ecosystem.

Here are the selected startups:

• Kenya — Credable Group, Melanin Kapital, Umba, and Zendawa
• Nigeria — Bumpa, Kredete, and Nearpays
• South Africa — Block Markets Africa, Ordev.io, and Sticitt
• Egypt — enza and MoneyHash
• Algeria — Moneco (YC S22)
• Cameroon — PaySika
• Ethiopia — Kacha | ካቻ
• Ghana — WeWire
• Morocco — WafR
• Namibia — JABU
• Rwanda — Fixa

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This financing marks a significant milestone for the company and the African FinTech industry as a whole, as it validates the vision and progress for stablecoins on the continent and practical applications for the technology worldwide.

“This fundraise not only demonstrates our resilience, but also highlights the vital role of digital assets for businesses across Africa,” said Chris Maurice, CEO and co-founder of Yellow Card. “We are excited about the opportunities, partnerships, and journey ahead; and I’m proud to work with an incredible cohort of investors that share our vision for the industry and the continent.”

Since its launch in Nigeria in 2019, Yellow Card has established itself as a pioneering force in the industry, with operations spanning 20 African countries and over US$3 billion in transactions facilitated across the continent.

This newly secured capital will be applied to fund growth and expansion, particularly through enhancing Yellow Card’s API and widget products — the gateways for international businesses (including Coinbase and Block to tap into African markets and for Pan-African companies to easily make international payments and manage their treasury via stablecoins. Additionally, Yellow Card is developing innovative new products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent.

This financing reflects the level of confidence expressed in the business by both new and existing investors.

“The future of payments lies in fast, affordable rails for everyone, powered by open networks,” said Aleks Larsen, General Partner at Blockchain Capital, the lead investor in Yellow Card’s Series C financing. “We couldn’t be more excited to back Yellow Card as they bring Africa on-chain with stablecoins.”

Yellow Card remains steadfast in its commitment to empowering the continent by making it easy for businesses of all sizes to make international payments, manage their treasury, and access hard currency liquidity via stablecoins.

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