Ecobank launches fintech contest, woos fintechpreneurs

Ecobank launches fintech contest, woos fintechpreneurs

Ecobank launches fintech contest, woos fintechpreneurs

Pan-African banking group, Ecobank Group, has launched the fifth edition of the Ecobank Fintech Challenge with a call on African Fintech entrepreneurs to enter the competition.

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.

 A press release issued by the bank said fintech companies and developers originating from any of Africa’s 54 countries, as well as global Africa-centered Fintechs, were eligible to enter the Fintech Challenge. It said applications for entry will be received till September 16, 2022.

The release disclosed that 10 finalists will be inducted into the Ecobank Fintech Fellowship after the finals and awards ceremony set for October 2022. In addition, all Fellows will qualify to explore numerous  opportunities with the Bank and its partners.

Multinational products roll out

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 partnerships

Ecobank may select some Fintechs as pan-African service partners within the Bank’s ecosystem.

Access to Ecobank’s Pan-African Banking Sandbox

Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market.

There will also be priority access to Ecobank’s Venture Capital partners for funding exploration.

Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said “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.”

Dr. Tomisin Fashina, Operations and Technology Executive, Ecobank Group said, “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.”

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.