Ecobank Group announces 2020 Edition of Fintech Challenge

Pan African banking group Ecobank has invited African fintech entrepreneurs to enter the 3rd edition of the Ecobank Fintech Challenge.

The Fintech Challenge gives African start-ups the opportunity to promote their fintech solutions, and potentially partner with Ecobank to roll-out their solutions across Ecobank’s 33 markets in Africa as well as France.

Nigerian startup IroFit was the inaugural winner of the challenge in 2017, beating off competition from 19 other finalists to win the $10,000 top prize.

A total of 20 finalists from the competition are inducted into Ecobank Innovation Fellowship programme with access to start-up funding worth up to $500,000.In 2018, Tanzanian payments startup Nala emerged the winner e, walking away with $10,000 in prize money.It helps mobile money users evolve from a text-based USSD interface to a simplified Venmo-like app.

The Nigerian Wallet.ng came in second, winning $7,000, while South Africa’s Virtual Identity was third, securing U$5,000.Other startups that pitched were Lypa (Kenya), Litee (Benin), SESO Global (South Africa), InvestED (Sierra Leone), Eversend (France), Secapay (Nigeria), MojiPay (Togo) and awamo (Uganda).Ecobank Senior Fintech Advisor, Djiba Diallo said the challenge and fellowship have been improved upon to create even additional value for Ecobank and the Fintechs.

''We took feedback from the past editions and one of the major innovation this year is the opportunity for shortlisted Fintech’s to access our APIs through our Pan African Sandbox,'' Diallo said.

''As a banking group we continue to be amazed at the many ways in which fintechs are transforming banking across Africa. We look forward to the new innovations and partnership opportunities that will come with the 2020 edition,'' said the bank's technology and operations executive Eddy OgboguEcobank 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 April 20.

Ecobank welcomes  submissions from all start-ups and developers in any of Africa’s 54 countries to enter its 2020 Ecobank Fintech Challenge at https://www.Ecobank.com/Fintechchallenge

All Finalists will be inducted as Ecobank Fintech Fellows, participate in a business boot camp followed by an Awards and Innovation Fair at the headquarters of the Ecobank Goup in Lomé, Togo in June 2020.

More information on the competition, benefits, and how to apply can be found on the competition’s website at https://www.Ecobank.com/Fintechchallenge

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