Ecobank has launched its 2018 Ecobank Fintech Challenge for African startups. Now in its second year, the initiative gives African startups the chance to promote their fintech solutions, and potentially partner with Ecobank in rolling out their solutions across the bank’s 33 markets.
Submissions are open to all startups and developers from any of the 54 African countries. 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. 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 that will see the most commercially viable startups launch their products in Ecobank’s 33 markets across Africa. Other opportunities will include service provider partner deals for startups with deep capabilities to become pan-African service partners within Ecobank’s ecosystem.
The startups will also be given mentoring and networking support and the 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.
“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”. Mr. Ade Ayeyemi, Group CEO, Ecobank Transnational Incorporated, 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.”
Ecobank Fintech Challenge was designed in partnership with the advisory firm Konfidants and is supported by several partners across Africa and globally. Applications for the competition will close on 20th May, 2018.
Register for the Finnovation Africa Summit here: Happening at the Radisson Blu in Nairobi, Kenya on the 31st of May 2018