Nigerian fintech startup Nearpays has won the Fintech for Good Award at Money20/20 Middle East, adding another international recognition to its work in digital payments and financial technology.
Nearpays emerged as the winner after competing against more than 500 applicants, with 25 companies progressing to the semifinal stage. The recognition places the Nigerian startup among fintech companies being recognised for using technology to address challenges in financial services.
The company was recognised for its Soft POS solution, which allows businesses to accept card payments through smartphones without buying traditional physical point-of-sale terminals.
The technology is designed to reduce the cost of accepting digital payments, particularly for small and medium-sized businesses that may face financial barriers when adopting conventional payment devices.
Victor Daniyan, Founder and CEO of Nearpays, said the company was focused on making payment collection easier for businesses across Africa.
‘Nearpays is positioned to positively impact SMBs across Africa by making digital payment collection simpler, more accessible, and affordable. Our goal is to remove the barriers that prevent businesses from accepting digital payments and give them the technology they need to grow.’
During the competition, the organisers highlighted Nearpays’ pitch, its focus on customer value and its use of artificial intelligence and contactless payment technology.
Mareme Paullele, one of the judges at the semifinal stage, also praised the startup’s presentation and product.
‘Nearpays delivered an exceptional pitch and presented a strong product that can easily help scale e-commerce businesses by improving digital payment acceptance.’
The Money20/20 award comes after another international recognition for Nearpays at the AI for Good Innovation Factory in Switzerland, where the company was recognised for its use of artificial intelligence to address real-world challenges.
For the company, the two recognitions point to its efforts to develop technology in Africa for businesses and consumers on the continent while pursuing applications beyond the region.
Daniyan said the awards reflected the work of the Nearpays team and its approach to developing technology.
‘These recognitions are a reflection of the hard work of our team and our belief that African technology can solve African problems while creating solutions with global relevance. We are only getting started.’
Through its Soft POS solution, Nearpays is seeking to expand access to digital payment acceptance by allowing businesses to use smartphones as payment devices.
The company says the technology can help businesses accept payments, reach more customers and participate in the digital economy without the need for traditional POS hardware.
The Money20/20 recognition adds to Nearpays’ international profile as it continues to develop payment technology from Nigeria for businesses across Africa and other markets.