12 leading tech startups from Kenya, Nigeria, South Africa, Uganda and Zambia have been shortlisted as finalists for Sh5 million ($50,000) funding from fintech firm Visa.

The twelve chosen were Nigerian startups VoguePay, CredPal, Loystar and Growsel as well as Kenyan startups M-Changa, Mookh, WayaWaya and LipaPlus.

Howler and FinChatBot were shortlisted from South Africa whereas Uganda and Zambia will be represented by Swipe2Pay and Brig Africa respectively.

The initiativetasks start-ups to solve commerce challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners.

“We are delighted with the response to our Visa’s Everywhere Initiative and the quality of submissions we received is an indication of the region’s rich talent pool and innovative spirit," said Geraldine Mitchley, senior Visa director for Digital Solutions for Sub-Sahara Africa in a statement.

Strides

The finalists were selected from 238 entries from the dynamic Sub-Saharan African (SSA) technology startup community.

One winner per challenge will be selected, with each receiving Sh2.5 million ($25,000). The overall winner will receive an additional Sh2.5 million.

Fintechs in Africa are making huge strides with the aim being expanding the ways in which people transact beyond traditional banking.

The SSA edition of the Visa’s Everywhere Initiative will wrap up on July 24 in Johannesburg, with each finalist having an opportunity to pitch their ideas to a panel of expert judges from Visa and the payments industry.