Selection process African FinTech Awards 2018

What does the selection process look like?

The first round. FinTech companies are nominated by experts, stakeholders, investors and themselves from all over the world. Entries are submitted by filling out a form and after approval FinTech company profiles are published on this website. The company profile will be judged based on the information on this website by both the judges and the public. The next step is the determination of the African FinTech 100 and top 3. Note that also companies from outside the continent can participate on the condition that they focus on Africa.

The African FinTech 100 and top 3 is generated by combining public voting and expert voting. The online voting will start on the 1st of May 2018 and will end 15 August 2018. After this date the judges need time to assess all the companies in their category.  

  1. Each approved African FinTech company has a company profile on this website so that everyone (e.g. friends, stakeholders, customers) can vote for their promising FinTech company. Every vote helps the FinTech company in becoming selected for the African FinTech 100 and Top 3. These public votes constitute 25% of the weight in determining the African FinTech 100 and top 3.
  2. At the same time the panel of judges also give their grades (based on the online profile) and this constitutes the other 75% of the weight in determining the African FinTech Top 100 and top 3.

Based on the votes of both the public and the judges the African FinTech 100 and the Top 3 per category will be announced 21 August 2018.

The second and final round will take place on the 3rd and 4th of October 2018 during the African FinTech Awards. These two days the Top 3 FinTech companies within each category give a pitch in front of the top-notch panel of judges. The best companies in the following categories get the opportunity to pitch:

  • Blockchain & Bitcoin
  • Most innovative incumbent bank
  • Innovative Banking
  • InvestTech
  • Lending & Financing
  • Payments & Transfers

The pitches are 7 minutes and are followed by a Q&A session of 5 minutes with the panel of judges. 3 & 4 October 2018 the winners of the African FinTech Awards will be announced at the Finance Indaba Africa. In every aforementioned category there is one winner and there is one grand, overall winner with the highest grade of all companies: The African FinTech Company of the Year 2018.

Possible questions asked by the panel of judges during the live pitches

  1. Innovation. Does the company seize a real opportunity and will it have the power to change the industry?
  2. Customer satisfaction. Does the company satisfy a real need or desire? Can the company provide evidence of the advantages its solution has over alternatives?
  3. Value. Does the company have a unique value proposition? What is the relationship between cost and benefits and the impact on the environment and society as a whole?
  4. Delivery. How are consumers engaged and how is the offering delivered and made available to the marketplace?
  5. Traction. Is the company still signing up new customers and can it retain them? 
The selection is based on the individual ideas and views of the judges using their expertise, knowledge and ideas.

Please note: The main purpose of the African FinTech Awards is to celebrate innovators that shape the future of finance and acknowledge the work these companies did to make a difference. The purpose of the FinTech awards is not to scientifically prove who are the best FinTech companies. The judging is primarily based on the judges' individual views on the nominated companies using their expertise and knowledge.

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