This Article is written by Appsafrica. Africa is the birthplace of some of the world’s most innovative fintech solutions and we now profile the finalists from across Africa who are competing for the Fintech Award at the Innovation Awards 2016 in Cape Town on November 14th.

BitPesa – Africa
BitPesa is a venture capital-backed payments platform that uses digital currency such as Bitcoin to significantly lower the cost of remittances and SME business payments to and from sub-Saharan Africa.

BitPesa use Bitcoin/Blockchain technology as a method of settlement with a global network of broker partners. This allows them to settle cross-border payments at a fraction of the time and cost of traditional financial institutions. Most  payments settle same day (compared to 3-7 days for a bank transfer), and at an average 1.5% fee (compared to 5-10%). BitPesa also use API integrations with mobile network operators and bank networks to facilitate last-mile distribution to and first-mile collection of African currencies.

Lakt – Kenya

Lakt is smart secure mobile-first financial Services and literacy platform for the young. It offers a branch-less bank while also teaching financial discipline for the young through savings programs designed to enable users to save towards a specific target. Users can also save and spend on shared expenses such as vacation and investments with siblings and friends. Lakt also offers a safe and convenient payment channel as an alternative to using cash.

Monetbil – Cameroon

More than twelve million transactions are completed per month through Mobile Money with a value of US$ 325 million. However 70% of users abandon their online orders due to the lack of a payment method and many e- commerce platforms are not configured to accept all mobile payment solutions widely used. Online merchants therefore cannot access many potential customers who hold a mobile money account.

Monetbil overcomes this with a payment gateway which allows online merchants to accept mobile money payments in all 54 African countries. Customers buy quickly and merchants accept mobile money payments in 2  easy steps.

PiggyBankNG – Nigeria

Many African’s do not save money or set aside some funds daily, weekly or monthly to help meet challenges and unforseen events. Piggybank enables users to save little amounts daily, weekly or monthly automatically directly to a debit card until the user reaches a savings target. Saving can often be difficult however Piggybank automates the entire process and makes it easy and seamless for users to save regularly.

Standard Bank – South Africa
By developing a native application Standard Bank provide customers  with day to day banking such as Payments, Transfers and Pre-paid services available 24/7 without the need for them having to inconvenience themselves by going to a branch.

With smart phone penetration steadily increasing and through the banking app, customers who may not usually have access to a branch or point of representation are now able to manage their finances. This means Standard Bank customers have a singular view of all their accounts across multiple geographies, as well as single sign-on capability from anywhere in the world.

The Appsafrica Awards supported by Uber, Opera, The Mobi Hunter, Shule Direct , Mobile Monday South Africa (MOMO) , Mobile Ecosystem Forum (MEF) and the MMA celebrate the best in mobile and tech from across Africa, providing winners with global publicity, recognition and networking with 300+ industry peers at the Awards party in Cape Town on November 14th. If you wish to attend please contact them for availability.