Tuesday 24, April 2018 by Jessica Combes

Fintech challenge competition for African start-ups launched

 

Leading pan-African banking group, Ecobank, is inviting African fintech entrepreneurs to enter its Fintech Challenge.

Now in its second year, the initiative gives African start-ups the chance to promote their fintech solutions, and potentially to partner in rolling-out their solutions across Ecobank’s 33 markets. Ecobank is currently welcoming submissions from all start-ups and developers in any of Africa’s 54 countries to enter its 2018 Ecobank Fintech Challenge.

Ten finalists will be selected to participate in an Awards and Innovation Fair at the global headquarters of Ecobank in Lomé, Togo in July 2018. Following a series of pitches from the finalists, a panel of judges will select the top three winners, who will receive cash prizes worth $10,000, $7,000, and $5,000 respectively.

All 10 finalists will also be conferred Ecobank Fintech Fellows and will qualify to explore opportunities to partner with Ecobank including: the opportunity for the most commercially viable start-ups can launch their products in Ecobank’s 33 markets across Africa; service provider partner deals allowing start-ups with deep capabilities to become pan-African service partners within Ecobank’s ecosystem; mentoring and networking support for a year, which grants them access to Ecobank’s vast global network of technology leaders, fintech experts, investors and management coaches.

“We, at Ecobank, believe that the current winds of change led by technology and innovation will redefine how banks do business, and indeed the relationships people have with their money. We want to be at the forefront of this change, in partnership with Africa’s rising start-ups, and that is why we created the Ecobank Fintech Challenge,” said Ade Ayeyemi, Group CEO, Ecobank Transnational Incorporated.

Ecobank Fintech Challenge was designed in partnership with the advisory firm Konfidants and is supported by several partners across Africa and globally. Applications for the competition will close on 20 May, 2018.

  

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