Ecobank has announced the winners of its 2020 Ecobank Fintech Challenge. The winners were announced after an exciting virtual event streamed live from Accra Ghana.
Ghana’s Nokwary Technologies, edged out the rest of the finalists to emerge winner of the competition. The first and second runner up spots were taken by South Africa’s Ukheshe Payment and Solutions Growth Factor Technologies from Ghana respectively.
Nokwary is a fintech that uses AI to promote financial inclusion. Its AI Powered banking solution offers an opportunity for users to carry out transactions in a language to which they are familiar to using popular social media channels like Whatsapp. Ukheshe, on the other hand, provides a bridge between the card and the cash economy. It has created the world’s first card acceptance platform that allows unbanked merchants/traders to accept and make digital payments.
Growth Factor which came third is a fintech company that provides trade financing solutions designed for Micro-Small/Medium Entities (MSMEs) in order to encourage financial inclusion and growth. Its Nvoicia solution solves cash flow issues caused by delayed payments for SMEs, by enabling them to get paid in 24hrs when dealing with credit clients.
The 1st to 3rd place winners will receive cash prizes worth US$10,0000, $7,000 and US$5,000 respectively.
All ten finalists have also been officially been inducted into the Ecobank Fintech Fellowship. The one-year program will give them the opportunity to explore opportunities for commercial partnerships with the Ecobank Group, and to possibly launch and scale products across Ecobank’s 33 country markets in the continent.