A privacy-preserving data cooperation Omnisient, has received the globally recognized Finovate 2024 Excellence in Financial Inclusion Award.
Omnisient was the only African fintech recognized as a leader in its field.
The US-based award recognizes established institutions and rising stars who have made great gains in providing innovative and impactful products and services to the financial services sector. The winners were chosen from a pool of finalists who have significantly contributed to society and created innovative solutions that have changed the fintech environment. The Excellence in Financial Inclusion award recognizes institutions that are making substantial progress in providing financial access to underbanked and unbanked populations worldwide.
Omnisient won an award for its use of privacy-enhancing technologies and AI in financial services. The company used retail shopping data to create AI models that predict loan repayment for people without a credit history. This has helped South African banks qualify 3.2 million people for affordable loans.
“To be the only African company recognized by Finovate this year speaks volumes about the world-class solutions we’re delivering, particularly in unlocking financial services for the millions of underserved people in Africa,” said Jon Jacobson, CEO and co-founder of Omnisient. “This award is validation of the work we’re doing to build a more inclusive financial system, and it’s especially meaningful to be recognized alongside some of the biggest names in global fintech.”
Omnisient has already received international acclaim for its technology’s contribution to increasing financial inclusion. In 2023, the company was named a Technology Pioneer by the World Economic Forum, received Fast Company’s “Next Big Things in Tech” award, and was one of only two African early-stage start-ups invited to TechCrunch’s Battlefield 200 competition in San Francisco.
Omniscient has reached a number of key milestones, culminating with this honor. The startup received $7.5 million in Series A funding from Arise, which aims to increase financial inclusion in Africa
