Pan-African banking group, Ecobank Group, has launched the fifth edition of the Ecobank Fintech Challenge and encourages African Fintech entrepreneurs to enter the competition.
Fintechs that are aligned with the Bank’s strategic objectives stand a chance to win an overall cash prize of US$50,000 for the top winner and the opportunity to partner and scale their solutions across Ecobank’s 33 African markets.
Fintech companies and developers originating from any of Africa’s 54 countries, as well as global Africa-centered Fintechs, are eligible to enter the Fintech Challenge by visiting: https://bit.ly/3KnrDz2. Fintech Challenge offers early stage and mature start-ups the potential to partner with Ecobank across 33 African countries. Interested Fintechs can apply by sending details of their product as well as a demo here. These products must address one or more of a specific set of pain points which can be found here.
Applications can be made until the 16 September 2022.
Benefits and Opportunities of Ecobank Fintech Challenge
Ten finalists will be inducted into the Ecobank Fintech Fellowship after the finals and awards ceremony which will take place in October 2022. In addition, all Fellows will qualify to explore the following opportunities with the Bank and its partners:
- The ultimate winner will be awarded a cash prize of $50,000.
- Multinational products roll out: an opportunity to pursue integration with Ecobank and potentially launch products in all or part of Ecobank’s pan-African 33-country ecosystem.
- Service provider partnerships: Ecobank may select some Fintechs as pan-African service partners within the Bank’s ecosystem.
- Access to Ecobank’s Pan-African Banking Sandbox: Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market.
- Access to Partner Network: Founders will be inducted as Ecobank Fintech Fellows, granting them access and relationships to a vast network of global and African Accelerators and potential Investors as well as mentors such as Ecobank’s Venture Capital partners for funding exploration.
- Integration with Exisiting Ecobank Digital Offerings: The Challenge offers opportunities for Fintechs to potentially integrate with Ecobank’s existing digital offerings. The existing digital offerings include Ecobank Omni, Ecobank electronic financial supply chain(eFSC), Ecobank Xpress, Ecobank Mobile APP or USSD, MasterPass™ QR, mVISA™ & mCash, etc. You can learn more about these platforms HERE. We’d like applicants to pitch us how their solutions can add value to these existing Ecobank digital offerings.
Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said “Ecobank believes that the only way to transform financial services in Africa is for Pan-African banks like Ecobank to continually support and collaborate with innovative Fintechs and start-ups. We invite and welcome Africa’s best Fintechs to work with us through the 2022 Challenge.”
Dr. Tomisin Fashina, Operations and Technology Executive, Ecobank Group said, “The uniqueness of the Challenge is that it welcomes both early stage and mature start-up Fintechs alike and seeks to align them with different kinds of partnership opportunities within Ecobank that match their differing levels of maturity.”
The Ecobank Fintech Challenge was designed in partnership with international advisory firm, Konfidants and is supported by partners across Africa and globally. So far 46 Fellows have been admitted into the Ecobank Fintech Fellowship programme since it was launched in 2017.
For more information about the competition, please visit here.