Ecobank Group has announced the finalists for the 2nd edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups.
The Ecobank Fintech Challenge is designed in partnership with the advisory firm Konfidants and is supported by partners across Africa and the world.
The list of the finalists includes eleven (11) fintech start-ups from across the continent and beyond including Wallet.ng (Nigeria), Secapay (Nigeria), Lypa (Kenya), Nala (Tanzania), Litee (Benin), SESO Global (South Africa), InvestED (Sierra Leone), Eversend (France), Virtual Identity (South Africa), MojiPay (Togo), and Awamo (Germany).
The start-ups would be honoured at an innovation fair & awards ceremony on August 30, 2018 at the global headquarters of Ecobank in Lomé, Togo.
At the ceremony, the start-ups will exhibit and pitch their products to a jury for the Ecobank Africa Fintech Prize, which will be awarded the top innovator and two runners-up. The top three innovators will win cash prizes worth US$10,000, US$7,000, and US$5,000 respectively.
After the Awards ceremony, Ecobank will enroll all eleven finalists into the Ecobank Fintech Fellowship. The fellowship would run for a period of six months and the fellows have the opportunity to further explore partnerships with the Ecobank Group including multinational product roll-out support (for the start-ups deemed commercially viable to grow their businesses across any of Ecobank’s 33 markets in Africa); Service provider & ecosystem partner deals (for start-ups with deep capabilities to become product partners within Ecobank’s ecosystem); and Technical & mentoring support during the six months fellowship period from Ecobank’s global network of technology leaders, fintech experts, investors and management coaches.
Ade Ayeyemi, group CEO of Ecobank, said: “At Ecobank our digital strategy is spectacularly successful and has changed the landscape of African banking, so it goes without saying that we see fintech as a vital component for the economic transformation of the continent and the prosperity of its citizens.
“We want to do all we can to encourage the next generations of fintech entrepreneurs as they will be a driving force in propelling Africa into a globally competitive power in commercial services, enjoying significantly increased market share.”
Eddy Ogbogu, Ecobank group executive for operations and technology commented: “Africa has a proud history of innovation, and today’s fintech start-ups are the potential giants of tomorrow. We’re delighted by the quality of our Fintech Challenge finalists and have high hopes that they will capitalise on the mentoring and support opportunities of the Ecobank competition on their journeys to future success.”
