The six finalists for the fifth edition of the Ecobank Fintech Challenge have been announced by Ecobank Group, a leading private pan-African banking group. The contestants are from the Democratic Republic of the Congo, Nigeria, Senegal, South Africa, and Togo.
The six fintech stood out among more than 700 applicants from 59 African and non-African countries. At the Grand Finale on Friday, October 28, 2022, at the Ecobank Pan African Centre in Lomé, Togo, the six finalists will compete for the top prize of $50,000.
The finalist listed alphabetically
Cauri Money, Senegal
Moni Africa, Nigeria
Paycode, South Africa
Touch and Pay, Nigeria
Arise is sponsoring the fifth Ecobank Fintech Challenge, and all finalists will be able to take advantage of Ecobank’s fintech mentoring program. During this program, Ecobank will help them look for opportunities, such as
- Rolling out their products on a pan-African scale: a chance to further integrate with Ecobank and potentially launch their products or services across all or a portion of Ecobank’s 33-country pan-African ecosystem.
- Access to the Group’s pan-African Banking Sandbox to test and develop their products for the pan-African market
- Priority access to Ecobank’s venture capital partners to investigate funding possibilities
Ecobank’s head of operations and technology, Tomisin Fashina, said, “I am impressed by the growing number of applications for the Ecobank Fintech Challenge.”In 2018, there were about 412 applications, but in 2022, there were more than 700. This shows that there has been a clear paradigm shift on the African continent, with people wanting to use technological innovation as a fundamental tool for social and economic growth.
We want to thank everyone who entered and congratulate them on their good entries. We’re looking forward to working with them to help spread financial inclusion on the continent through their innovative digital financial solutions to the unique problems of our continent. Gavin Tipper, CEO of Arise, a partner and co-sponsor of the Ecobank Fintech Challenge 2022 competition, said, “The creation of innovative digital solutions that improve customer experience, create value propositions, and cut costs is largely made possible by the work of fintech companies.
Our investments in fintech companies are based on partnerships that improve access to financial services on the continent. These partnerships also offer opportunities for synergies with our other investments, which is another reason we chose to invest in fintech.
The Ecobank Fintech Challenge aims to find innovative, ready-to-grow fintech that we can work with, mentor, and give access to Ecobank’s 33 African markets so they can reach their full potential and become pan-African success stories. This competition is in line with Ecobank’s fintech strategy: to work with African fintech to build partnerships that will help change digital finance and banking.
The Ecobank Fintech Challenge is put on with the help of partners from all over Africa and the world, such as Arise, which is the gold sponsor for the 2022 event, konfidants, Global Finder, TechCabal, Africa Fintech Network,
Visit this website to find out more about the contest.