Ecobank has launched the 2nd edition of the Ecobank Fintech Challenge is inviting African Fintech startups to apply in enter.
The Ecobank Fintech Challenge is an initiative which seeks to gives African start-ups the chance to promote their Fintech Solutions, and potentially to partner Ecobank 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:
- 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.
Ade Ayeyemi, Group CEO, Ecobank Transnational Incorporated, reiterated 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,” he said.
Eddy Ogbogu, Ecobank Group Executive for Operations and Technology said, “The maiden 2017 edition of the Challenge proved that Africa has an impressive army of highly capable fintech start-ups. Ecobank is looking forward to another successful competition.”
Note: Accordind to Investopedia, Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century. Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions.