Company: AZA Finance, London, UK
Company Description: AZA Finance is the largest nonbank broker for foreign exchange and treasury solutions across the continent of Africa. We work with businesses both across the continent and across the globe looking to do business in Africa. We provide back-end services for businesses as part of its mission to make doing business in Africa easier for domestic and international parties.
Nomination Category: Individual Awards Categories
Nomination Sub Category: Most Innovative Woman of the Year - Accounting & Finance
 Nomination Title: Elizabeth Rossiello
- Which will you submit for your nomination in this category, a video of up to five (5) minutes, explaining the achievements since July 1, 2020 of the nominated woman, OR written answers to the questions? (Choose one):
Written answers to the questions
- Briefly describe the nominated individual: history and past performance (up to 200 words):
Total 182 words used.
Before founding AZA Finance in 2013, Elizabeth Rossiello worked with small and mid-sized financial institutions in Africa as a ratings analyst for the financial sector. In 2009, she moved to Nairobi, Kenya, and witnessed how African businesses and currencies were consistently undervalued and underserved by the “developed world.” Coming from a European investment banking background, Elizabeth noticed that there was little support available for newly built companies or smaller companies that were starting to scale. As many banks do not work with cross-African pairs, Elizabeth saw providing exchange support as a promising opportunity for AZA Finance.
Elizabeth saw that millions of people travelled across Africa for work but could not top-up or send payments to their home networks. Incorporating currency, treasury, and liquidity services, AZA Finance began its growth as a market maker in the B2B sector. Elizabeth connected its exchange to all systems around Africa, including mobile money, banks, cash networks, cryptocurrencies, and more. AZA Finance can receive money, convert currencies, manage float balances and oversee the supporting technology. Elizabeth ensures that transactions are successful through diverse and fragmented systems.
- Outline the nominee's achievements since July 1 2020 that you wish to bring to the judges' attention (up to 250 words):
Total 236 words used.
Under Elizabeth’s leadership, AZA Finance has grown into a fintech that not only connects mobile money and Bitcoin but also has become a major FX platform that trades over $275 million a month in 300+ global currency pairs. To date, AZA Finance has managed more than $2 billion in global transactions for SMEs, global organisations, and companies from more than 115 countries. Fast Company recognized its incredible growth and mission in 2021 as a Global Top 10 Most Innovative Company. [REDACTED FOR PUBLICATION] In April of 2021, Elizabeth led AZA Finance to acquire Exchange4Free and further its expansion across South Africa.
Elizabeth champions financial inclusion for all. In late 2021, she announced AZA Finance’s partnership with Naaw by Beautiful Soul to launch a new African Women’s Leadership Program that will help more African women succeed in fintech and lead successful careers in the industry. She is committed to expanding access to financial technologies and was named to the Standout 45 of the Women in Fintech 2021 Powerlist 2021 and is a proud Bloomberg New Economy Catalyst.
- Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 246 words used.
Elizabeth recognizes Africa’s potential as a hub of innovation for financial and technological development. She has built AZA Finance to make it easier for organizations to expand their businesses in Africa using fintech-based services while also avoiding traditionally limiting financial challenges like slow settlement times and predatory exchange rates. This has helped to remove barriers and bring a new inflow of jobs, investment, and development to several sectors. In a panel discussion at IPR, Elizabeth discussed the new barriers fintech would break with superapps that consolidate financial services and other services onto one mobile application. Tapping into this will further accelerate Africa’s growth.
As a fintech startup, AZA Finance has disrupted traditional institutions like banks, creditors, lenders, etc. Blockchain technology plays a significant part in this disruption and opens a wide range of opportunities, especially for underserved and untapped populations and markets. Elizabeth highlights in her Forbes article, “Redefining Success In The “New Economy,” that legacy institutions are falling behind on this progress as many do not see blockchain's potential to revolutionize the financial sector. Elizabeth believes that the combination of both digital currencies and African currencies will elevate the financial growth of both African businesses and the African continent. As Elizabeth mentions in her Forbes article, “Volatility Is An Opportunity: Digital Assets And African Markets,” similar to crypto, African currencies have a volatility risk but also have the “potential to build new and better infrastructure, grow economies and contribute to better lives.”
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video. If you are submitting written answers to the questions for this category, provide them in the spaces below:
- Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the nominee's past performance (up to 250 words):
Total 237 words used.
Unlike other financial services and payments organizations that shy away from the sometimes “volatile” African market, Elizabeth started AZA Finance with a mission to bridge the financial services gap between G20 and African countries and unlock Africa’s growth through new jobs, partnerships and investment. She created a payments company that not only incorporated the innovation of mobile money but also built on this technology to make all payments easier across Africa. AZA Finance became the first company in the world to connect digital currencies to mobile money. Using AZA Finance’s innovative BFX and TransferZero platforms, Elizabeth has disrupted the expensive and timely transactions process in developing countries by creating a direct market for currency pairs across Africa and beyond. This is a significant step forward that will boost growth and development in the region.
As a payments industry leader, Elizabeth also believes digital currencies to be an integral part of the future of digital finance. This is why AZA Finance works with digital currencies and stablecoins to support its payment and FX offerings.
AZA Finance has grown and produced fintech that not only connects mobile money and Bitcoin but also has become a major FX platform that trades over $275 million a month in 300+ global currency pairs. Elizabeth built AZA Finance as an innovative and flexible business that could fit existing products to the market while expanding to meet customer needs and incorporate new technological advancements.
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