Nigerian fintech company Nearpays has become the first African startup to win the United Nations' AI for Good Innovation Factory award, securing the accolade at a ceremony in Geneva, Switzerland, on July −16, 2026. The company was selected from a global field for its suite of artificial intelligence-driven tools designed to promote financial inclusion and improve access to digital payments across Africa.
The AI for Good Innovation Factory is a UN initiative that identifies and supports startups using artificial intelligence to address the world's most pressing challenges, aligning with the Sustainable Development Goals. Nearpays' victory places it among a select group of global innovators recognized by the international body for leveraging technology for social impact. The company's submission focused on its AI-powered platform that simplifies digital transactions and enhances financial services accessibility for underserved populations.
Founded in Nigeria, Nearpays operates in a market where fintech adoption has accelerated rapidly, driven by a large unbanked population and widespread mobile phone usage. The country's fintech sector has seen significant growth, with companies developing solutions for payments, savings, and lending. Nearpays' recognition by the UN highlights a growing trend of African tech ventures gaining international acknowledgment for their work in solving local and global problems.
The company's tools are designed to address specific barriers to financial inclusion on the continent, such as limited internet connectivity, low smartphone penetration in some regions, and a lack of formal identification. By utilizing AI, Nearpays aims to create more intuitive and accessible interfaces for digital financial services, potentially reaching users who have previously been excluded from the formal economy.
This award comes at a time when the application of artificial intelligence in financial services is under increased scrutiny globally, with debates focusing on ethics, data privacy, and potential biases. Proponents argue that when deployed responsibly, AI can significantly lower the cost of delivering financial services and improve risk assessment, making credit and other products available to a broader segment of the population.
Nigeria's Central Bank has been actively shaping the regulatory environment for fintech and digital finance, introducing frameworks for open banking and exploring a digital currency. The success of homegrown companies like Nearpays on an international stage may influence further policy development aimed at fostering innovation while ensuring consumer protection and systemic stability.
The broader African fintech landscape continues to evolve, with players across the continent tackling issues from cross-border payments to merchant acquisition. Nearpays' UN award underscores that innovation originating in Africa is increasingly relevant to global discussions on technology and development, moving beyond local solutions to contribute to international discourse on how technology can be harnessed for good.