Selection process African FinTech Awards 2017

What does the selection process look like?

The first round. FinTech companies are nominated by experts, stakeholders and investors 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 provided by the company by both the judges and the public. The next step is the determination of the African FinTech 100, consisting of the best 100 African FinTech companies. Note that also companies from outside the continent can participate on the condition that they focus on Africa.

The African FinTech 100 is generated by combining public voting and expert voting. The online voting started 19 June 2017 and ends 11 September 2017.  

  1. Each approved African FinTech company has a company profile on this website so that everyone (e.g. friends, stakeholders, customers) can vote for your promising FinTech company. Every vote helps the FinTech company in becoming selected in the African FinTech100. These public votes constitute 25% of the weight in determining the African FinTech 100.
  2. At the same time the panel of judges also votes (based on your online profile) and this constitutes the other 75% of the weight in determining the African FinTech Top 100.

Based on the votes of both the public and the judges the African FinTech 100 and the Top 3 per category will be announced 19 September 2017.

Note: the online voting competition continued for the Public Awards. The Public Awards competition will run until 11 October 2017 23:59. The FinTech companies with the highest amount of online votes per category wins the Public Award for their category. The FinTech companies that win a Public Award will be announced online.

The second and final round will take place on the 12th & 13th October 2017 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:

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

The pitches are 7 minutes and are followed by a Q&A session of 5 minutes with the panel of judges. 12 & 13 October 2017 the winners of the African FinTech Awards will be announced at the Finance Indaba. In every aforementioned category there is one winner and there is one grand, overall winner: The African FinTech Company of the Year 2016 determined by both the top-notch jury and the public votes.

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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