Nigerian fintech startup Nearpays has made history by becoming the first African company to win the grand finale of the AI for Good Innovation Factory, a global competition held as part of the United Nations’ AI for Good Global Summit.
The competition attracted more than 500 startups from around the world, each presenting artificial intelligence solutions designed to address pressing social and economic challenges. Organised by the United Nations through the International Telecommunication Union (ITU), alongside several UN agencies, the summit brings together governments, researchers, startups, and technology companies to explore how AI can drive sustainable development.
Nearpays’ journey to the global title began in Johannesburg, South Africa, where the company emerged as the winner of the African regional competition. It then advanced to the global finals in Geneva, Switzerland, progressing through the semi-finals before securing the grand prize marking a historic first for Africa.
The company described the achievement as more than a corporate success, calling it a significant milestone for African innovation and a demonstration that technologies developed to solve local challenges can successfully compete on the global stage.
Founded to address one of Africa’s persistent financial inclusion challenges, Nearpays focuses on enabling small and medium-sized businesses that lack access to traditional point-of-sale (POS) terminals. High costs, limited availability, and deployment challenges have prevented many merchants, especially those in rural and underserved communities, from fully participating in the digital economy.
To solve this problem, the company developed SoftPOS, an AI-powered platform that transforms compatible Android smartphones into payment acceptance devices. The solution enables merchants to receive contactless card payments directly through their phones, eliminating the need for dedicated hardware. Artificial intelligence is integrated throughout the platform, supporting payment processing, regulatory compliance, fraud detection, and operational efficiency.
Importantly, the platform was designed with Africa’s unique infrastructure realities in mind. It functions both online and offline, ensuring that merchants can continue accepting payments even in areas with limited or unreliable internet connectivity.
Nearpays credited its success to years of product development, customer engagement, and the dedication of its team. The company also expressed appreciation to the United Nations, the ITU, and the AI for Good initiative for creating a platform that enables innovators to apply AI to real-world challenges.
Looking ahead, Nearpays said it hopes its victory will inspire more African entrepreneurs to develop technologies that address local problems while competing successfully on the international stage. For the company, the historic win represents not an end point, but the beginning of a new chapter as it continues expanding digital financial infrastructure across Africa.
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