South African fintech startup Zoona has been named winner of the award for Social Entrepreneurship at the Africa Awards for Entrepreneurship (AAE) hosted by the African Leadership Network (ALN).
Zoona uses technology to provide financial services to underserved and financially excluded communities across Africa, and has over 1.5 million active users. Its system has processed over US$1 billion in mobile money transactions since its 2009 launch.
The Africa Awards for Entrepreneurship are held each year by by the African Leadership Network at its annual gathering in Mauritius, with Zoona, which raised US$15 million in funding back in August, coming out on top. Co-founders Brett and Brad Magrath accepted the award on behalf of the company.
“We are honoured to have been recognised among organisations that are such a force for positive change on the African continent. We strive to take our core purpose of helping communities thrive into more African countries, and to continue the promotion of an African culture of entrepreneurship and growth,” Brad Magrath said.
The Social Entrepreneurship award category recognizes organisations with revenues between US$150,000 and US$2.5 million that are addressing a social problem for communities in Africa.
“We have had a very exciting year and look forward to reaching more communities, entering new African markets, and empowering more entrepreneurs for many years to come. We appreciate the recognition and will continue to strive,” said Magrath.