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Ecobank launch US$500,000 Fintech Challenge for African start-ups

An Ecobank branch in Detruit, Mali. (Image source: VOA/Commons)

The leading pan-African banking group, Ecobank, has launched the Ecobank Fintech Challenge, where African technology start-ups can compete for major start-up funding

Ecobank has launched Ecobank Fintech Challenge, a competition for African technology start-ups to build and deploy innovative Fintech and banking solutions across the continent.

Ecobank is accepting applications at http://ecobankfintech.com/ from start-ups and developers in all 54 African countries.

Twenty finalists of the Fintech Challenge will be invited to an award ceremony and an innovation fair at the global headquarters of Ecobank in Lomé, Togo. The top three startups at the fair will win cash prizes worth US$10,000, US$7,000, and US$5,000 respectively.

The finalists will also be conferred Ecobank Innovation Fellows and will qualify to explore a once-in-a-lifetime partnership opportunity with Ecobank Group that include:

• Major start-up funding: worth up to US$500,000
• Multinational product roll-out: for the most commercially viable start-ups to launch their products in Ecobank’s 33 markets across Africa
• Service provider partner deals: for start-ups with deep capabilities to become panAfrican service partner within Ecobank’s country ecosystem
• Mentoring and networking support: founders will be conferred as Ecobank

Innovation Fellows for a period of one year, granting them access to networking and mentoring from Ecobank’s vast global network of technology leaders, Fintech experts, investors and management coaches.

Ade Ayeyemi, Ecobank Group CEO said, “This is one of the biggest support packages put together by any bank or investor to support Africa’s technology start-ups. Fintech is the future of banking; that is why we are opening our doors and vast market infrastructure to support Africa’s brightest innovators.”

Eddy Ogbogu, Ecobank Group Executive for Operations and Technology said, “At the core of Ecobank Fintech Challenge is a mission to drive Africa’s Fintech revolution.Ecobank is committing resources to this initiative to support the most serious product innovators and Fintech companies to grow.”

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