Ecobank, a leading independent pan-African banking group, has announced the finalists for the 2nd edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups, a release has said.
The list, according to the Bank’s release, includes eleven fintech (financial technology) start-ups from across the continent and beyond.
“An Innovation Fair and Awards ceremony will honor the start-ups on August 30, 2018, at the global headquarters of Ecobank in Lomé, Togo,” the release said.
At the ceremony, the start-ups will exhibit and pitch their products to a jury for the Ecobank Africa Fintech Prize, which will be awarded the top innovator and two runners-up. The top three innovators will win cash prizes worth US$10,000, US$7,000, and US$5,000 respectively.
After the Awards ceremony, Ecobank will enroll all eleven finalists into the Ecobank Fintech Fellowship that will run for a period of six months during which Ecobank Fintech Fellows will benefit from an opportunity to further explore partnerships with the Ecobank Group that includes multinational product roll-out support: for start-ups deemed commercially viable to grow their businesses across any of Ecobank’s 33 markets in Africa; Service provider and ecosystem partner deals: for start-ups with deep capabilities to become product partners within Ecobank’s ecosystem; Technical and mentoring support: during the six months fellowship period, fellows will benefit from technical support from Ecobank’s global network of technology leaders, fintech experts, investors and management coaches.
“The Fellowship will run for a period of six months during which Ecobank Fintech Fellows will benefit from an opportunity to further explore partnerships with the Ecobank Group.”
The eleven start-ups are: Lypa (Kenya), Wallet.ng (Nigeria) (https://Wallet.ng/), Nala (Tanzania), Litee (Benin), SESO Global (South Africa), InvestED (Sierra Leone), Eversend (France), Secapay (Nigeria), Virtual Identity (South Africa), MojiPay (Togo), Awamo (Germany).
Group CEO of Ecobank, Ade Ayeyemi, said: “At Ecobank our digital strategy is spectacularly successful and has changed the landscape of African banking, so it goes without saying that we see fintech as a vital component for the economic transformation of the continent and the prosperity of its citizens. We want to do all we can to encourage the next generation of fintech entrepreneurs as they will be a driving force in propelling Africa into a globally competitive power in commercial services, enjoying significantly increased market share.” Eddy Ogbogu, Ecobank Group Executive for Operations and Technology said.
According to Ogbogu, “Africa has a proud history of innovation, and today’s fintech start-ups are the potential giants of tomorrow. We’re delighted by the quality of our Fintech Challenge finalists and have high hopes that they will capitalize on the mentoring and support opportunities of the Ecobank competition on their journeys to future success.”
The Ecobank Fintech Challenge is designed in partnership with the advisory firm Konfidants and is supported by partners across Africa and the world.
Incorporated in Lomé, Togo, in 1988, Ecobank Transnational Incorporated (‘ETI’), the parent company of Ecobank, is the leading independent pan-African banking group.
It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group employs over 17,500 people in 36 different countries in over 1,200 branches and offices.