Ecobank has launched the second African Fintech Challenge showing their commitments towards African innovation. The initiative gives African startups the chance to promote their Fintech solutions, and partner with Ecobank in rolling out their solutions across Ecobank’s 33 markets.
We see this an opportunity that startups can leverage to expand their position in the market. Ecobank is now accepting submissions from all startups and developers based in Africa’s 54 countries. At the end of the challenge, 10 Finalists will be selected to participate in an Awards and Innovation Fair at the global headquarters of Ecobank in Lomé, Togo in July 2018.
The Finalists will not only get the chance to pitch their businesses over the period of the challenge. 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:
- Multi-national product roll-out: the most commercially viable start-ups can launch their products in Ecobank’s 33 markets across Africa
- Service provider partner deals: start-ups with deep capabilities to become pan-African service partners within Ecobank’s ecosystem
- Mentoring and networking support: founders will be conferred as Ecobank Innovation Fellows for a year, which grants them access to networking and mentoring from Ecobank’s vast global network of technology leaders, fintech experts, investors and management coaches
Mr. Ade Ayeyemi, Group CEO, Ecobank Transnational Incorporated, states that Ecobank’s dedication to support innovations in banking and finance across the continent, stating, “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”.
Applications for the competition will close on 23rd May, 2018 and you can apply here.