The 2023 winner of the Ecobank Fintech Challenge will walk away with $50,000 [over Shs180m], the management has announced.
The competition’s applications have been opened for both early-stage and mature start-ups to partner with Ecobank across its 35 African markets.
The winning Fintech will take home $50,000 in prize money.
Ecobank Group, in a press statement, invited innovative and ambitious African fintech entrepreneurs from across Africa to apply to participate in the 6th edition.
“Similar to previous editions, the Fintech Challenge offers exceptional prospects for Fintechs that align with Ecobank’s strategic objectives, enabling them to partner and scale their innovative solutions across the bank’s extensive network of 35 African markets as well as its international operations in France,” reads part of the statement.
Speaking at the unveiling ceremony in Lome yesterday, Jeremy Awori, Chief Executive Officer, of Ecobank Group, reflected on the impact of the Fintech Challenge it has created to the lives of young innovators.
“Over the past six years, the Fintech Challenge has welcomed a significant number of fintech, with six participants successfully partnering with Ecobank to launch innovative products that have been rolled out across our markets. Indeed, these collaborations have played a significant role in transforming Africa’s digital landscape and driving financial inclusion,”
Tomisin Fashina, the operations and Technology Executive at Ecobank Group, said that the Ecobank Fintech Challenge has become Africa’s premier fintech competition, driving scalability for African fintech.’
He further observed ‘through this challenge, we identify talents who can support Ecobank’s mission to remain bold and innovative, driving pan-African prosperity for the continent.
The Ecobank Fintech Challenge was designed in partnership with the international advisory firm, Konfidants, and is supported by various partners.
The successful applicants reaching the grand final will also have the opportunity to join the prestigious Ecobank Fintech Fellowship program.
“The highly anticipated Grand Finale and Awards ceremony are scheduled for late September. For the second year in a row, the overall winner will be awarded a grand cash prize of US$50,000,” the statement adds.
Besides the competition, Ecobank Fintech Fellows will also benefit in different opportunities through their collaboration with Ecobank and its partners:
These will be;
Multinational product rollout: an opportunity to integrate their solutions with Ecobank, opening doors to potential product launches within Ecobank’s expansive 35-country Pan-African ecosystem
Service provider partnerships: Selected fintech may be chosen as Pan-African service partners within the bank’s ecosystem
Access to Ecobank’s Pan-African Banking Sandbox: Fellows will receive exclusive access to Ecobank’s cutting-edge APIs, enabling them to test and improve their products for the Pan-African market. And;
Priority access to Ecobank’s Venture Capital partners for funding exploration
“Applications are now officially open to fintech and developers from all African countries as well as global Africa-centered fintech. Interested parties can submit their applications through the official website: Ecobankfintechchallenge.com. Applications are open until 21st July 2023,”