AZA, Africa’s biggest non-bank currency broker, has been named in Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2021.
The list honors the businesses that have not only found a way to be resilient in the past year, but also turned those challenges into impact-making processes. These companies did more than survive, they thrived — making an impact on their industries and culture as a whole, says Fast Company.
“We are pleased to have this recognition of AZA’s work in disrupting the restrictive currency markets across Africa for over eight years,” said Elizabeth Rossiello, CEO and Founder of AZA.
“We believe frontier markets should use their own currencies and settle digitally, leapfrogging antiquated systems and leading the world for growth by capitalising on the enormous potential of intra-African trade and South-South business particularly between Asia and Africa. To that end, since 2013, AZA has been the first Fintech in Africa to offer global payments and FX settlement without using the US dollar as a middle currency.”
AZA has disrupted the expensive and timely process of transactions in developing countries going via the US dollar by creating a direct market for currency pairs across Africa and beyond, using its innovative BFX and TransferZero platforms. The company has increased its transaction volumes exponentially to above $1 billion annually and has tripled its staff in the past year to 200 across six regional offices, including expansion in the francophone Africa region. Business Insider listed AZA among the top global fintech providers last year.
The crisis created by Covid-19 has forced individuals to look for alternatives to cash and driven businesses to seek ways of transacting more efficiently. AZA has been a focused and reliable provider of liquidity throughout this period. The company’s commitment to diversity and equity is reflected in an eight-strong leadership team comprising four women and including four Africans, and commitment to training and capacity building to promote from the inside up.
Fast Company’s editors and writers sought out the most groundbreaking businesses across the globe and industries. They also judged nominations received through their application process.
The World’s Most Innovative Companies is Fast Company’s signature franchise and one of its most highly anticipated editorial efforts of the year. It provides both a snapshot and a road map for the future of innovation across the most dynamic sectors of the economy.
“In a year of unprecedented challenges, the companies on this list exhibit fearlessness, ingenuity, and creativity in the face of crisis,” said Fast Company Deputy Editor David Lidsky, who oversaw the issue with Senior Editor Amy Farley.
