Farmpawa Secures $100,000 as a Semi-Finalist in the 2024 Milken-Motsepe Fintech Prize

The Milken Institute and Motsepe Foundation has announced 10 teams that will share USD$1 million (approx. UGX3.67 billion) in total funding to support financial inclusion efforts for small businesses in emerging markets —having emerged as semi-finalists in the 2024 Milken-Motsepe Prize in Fintech. Each team will receive USD$100,000 (approx. UGX367 million).

Farmpawa (from Uganda) is among the 10 semi-finalists. The other semi-finalists are from Ethiopia, Ghana, Kenya, Nigeria, and the United Kingdom.

“We are truly lucky to have become participants of this competition and getting to the semifinals,” Moses Eteku, CEO of Farmpawa told PC Tech Magazine. “With this fund, we envision expanding the reach of the company’s services by reaching more farmers in Uganda and possibly other countries, as well as refining the technologies used in the platform to ease usage for everyone.” He adds “With this funding, we would also be able to increase the amounts of training and support given to farmers improving overall production returns as well as efficiency on their farms.”

FarmPawa is a crowd-farming platform that connects farmers and investors to create mutual benefits of available agricultural opportunities in Uganda. It aims to promote sustainable investment in the agriculture sector as well as provide the farmer with the necessary instruments.

The 10 semi-finalists competing for a grand prize of USD$1 million —will participate in an Innovation Showcase at the Milken Institute’s Middle East and Africa Summit on December 5-6, 2024, in Abu Dhabi, UAE. During the event, the teams will pitch their innovations to a panel of expert judges and investors —and only three teams will be selected to move on to the final round of the prize.

The Grand Prize will be at the Milken Institute’s Global Conference in Los Angeles, in May 2025 where the overall winner will receive USD$1 million.

During the December showcase, the judges will evaluate the pitches based on the teams’ ability to deliver solutions that improve financial inclusion for under-resourced groups in emerging and frontier markets.

The Milken-Motsepe Prize in Fintech awards startups demonstrating the use of cutting-edge technologies to expand access to capital and financial services for small businesses in emerging and frontier markets.

These teams operate in nearly 30 countries across three continents, and their innovations hold the potential for significant breakthroughs in financial inclusion for underserved communities on a global scale. Over the next four months, the Semifinalist teams will test and scale their solutions, which will be evaluated for impact, scalability, and sustainability.

“By supporting these pioneering teams, we aim to foster financial inclusion and empower entrepreneurs who drive economic growth and opportunities in their communities,” said Emily Musil, Senior Director of Milken Institute. “Our prizes help identify, support, and celebrate talent to ignite the entrepreneurial spirit and empower visionaries to turn their ideas for a better future into reality.”

The 10 semi-finalists