Nigerian fintech company Nearpays won the grand finale of the AI for Good Innovation Factory, becoming the first African startup to claim the global title in this competition, held as part of the United Nations Global AI for Good Summit.
The competition brought together more than 500 startups from around the world, each presenting artificial intelligence (AI) solutions designed to address social and economic challenges. The summit is organized by the United Nations, through the International Telecommunication Union (ITU), in partnership with various UN agencies, bringing together governments, researchers, startups, and technology companies to discuss the role of AI in sustainable development.
Nearpays’ journey to victory began in Johannesburg, where it won the African regional competition, securing a spot in the world finals held in Geneva. In Switzerland, the company advanced past the semifinals and claimed the title, achieving an unprecedented feat for the African continent.
The company views this achievement as more than just a business milestone, describing it as a victory for African innovation and proof that technology developed to address local problems can compete and succeed on the international stage.
Nearpays was created to address a persistent gap in Africa’s payment systems: the difficulty small and medium-sized businesses face in acquiring or using traditional point-of-sale (POS) terminals. High costs, limited availability, and implementation challenges have prevented many merchants—especially those in rural and underserved communities—from accessing digital payments.
In response, the company developed SoftPOS, an Artificial Intelligence (AI)-based platform that transforms compatible Android smartphones into payment terminals, allowing merchants to accept card payments—including contactless payments—using only their cell phones. AI is integrated throughout the platform, supporting payment processing, regulatory compliance, fraud detection, and business operations management.
One of the solution’s key differentiators is that it was designed to address the limitations of Africa’s infrastructure. The platform works in both online and offline modes, allowing merchants to continue accepting payments even without an internet connection.
The company attributed this achievement to several years of product development and the work carried out by its team in close collaboration with customers. It also thanked the AI for Good initiative, the ITU, and the United Nations for providing a platform where innovators can apply artificial intelligence to solve concrete problems.
Nearpays also expressed the hope that this victory will inspire more African entrepreneurs to develop technologies tailored to local needs, yet capable of competing in international markets.
For Nearpays, this recognition marks the culmination of one phase and the beginning of a new one, as the company moves forward with its plans to expand its digital payments infrastructure across the African continent.
Source: Tech in Africa
