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.
The Fintech Challenge offers early stage and mature start-ups the potential to partner with Ecobank across 33 African countries.
Meanwhile, 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.
According to the Group, 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. Applications can be made until the 16th September, 2022.
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.
Ecobank Group disclosed that multinational products will be rolled out and 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 Partnership
The bank will also offer service provider partnerships where Ecobank may select some Fintechs as pan-African service partners within the Bank’s ecosystem.
Another interesting offer is the access to Ecobank’s Pan-African Banking Sandbox, where fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market. In addition, they will be given priority Access to Ecobank’s Venture Capital partners for funding exploration.
Ade Ayeyemi, Chief Executive Officer, Ecobank Group, expressed his appreciation to the various entrepreneurs who took up the challenge over the years while noting that Ecobank is ever ready to work with the finest of Fintechs in Africa.
“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.”Ade Ayeyemi
Dr. Tomisin Fashina, Operations and Technology Executive, Ecobank Group also lauded the challenge noting that it’s an exclusive challenge.
“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.”Dr. Tomisin Fashina
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.