Kenyan start - up bags global award


Written By Jane Njeri Thuo

A Kenyan financial services start-up has bagged a global award for being the most innovative in business. Umati Capital, which received  $25,000 which is about Sh 2.4 million. They were among key winners in the list of top innovations announced on Thursday in the Citi Mobile Challenge across Europe, the Middle East and Africa.

The global award was launched in February this year.

Contestants were invited to develop commercially viable services that solve problems locally based on Citi’s digital platform. Participating firms presented their concepts at events in Jerusalem, London, Nairobi and Warsaw.

“Following the win, we plan to work with Citi to provide our technology-driven finance solutions to the SME suppliers of Citi’s corporate clients,” said Ivan Mbowa, one of Umati Capital co-founders.

“We believe that Citi is the perfect partner to drive adoption of our product in Kenya and all other markets in which Citi is present within sub-Saharan Africa.’’

Others are Swave from the UK and Trade It from US.

The winners beat teams from 18 countries, who presented 77 working prototypes to Citi executives and technology influencers at four demo days in April held in Jerusalem, London, Nairobi and Warsaw.

Finalists will benefit from Citi’s support in their technologies and a suite of services from Citi Mobile Challenge sponsors. The entries were evaluated on their impact, viability, user-experience and functionality.

The award-winning Umati innovation is a set of mobile and web applications, which allow companies as well as small and medium enterprise suppliers to access working capital advances against outstanding payments.

Umati currently focuses in the agri-business supply chains, retailer value chains and manufacturers of fast moving consumer goods. It uses technology to provide branchless financial services to small-scale suppliers, companies and industrial processors.

“As banks continue to redefine themselves, they must work with the broader FinTech community to discover fresh ideas that can help create the client experience of tomorrow,” said Jim Cowles, chief executive of Citi for Europe, the Middle East and Africa

“That’s why we’re here and that is what will help determine our long-term success.”

Reference : mobile.nation.co.ke


Business,Citi,Umati