The Fintech Challenge is in line with the bank’s commitment to championing digitization by giving innovative African start-ups the opportunity to promote their fintech solutions. The start-ups can potentially partner with Ecobank to scale their solutions across Ecobank’s 33 African markets as well as its international operations in France.
Applications have opened for entries from all start-ups and developers in any of Africa’s 54 countries and global Africa-centered Fintechs. (https://ecobankfintechchallenge.com/)
All selected Finalists will be inducted into the Ecobank Fintech Fellowship following the Finals and Awards ceremony slated for November 2021. The selected top three winners will receive cash prizes worth US$15,000, US$12,000 and US$10,000 respectively.
All Fellows will however qualify to explore the following opportunities with the bank:
•Multinational product roll out: an opportunity to pursue integration with Ecobank and potentially launch products in parts of Ecobank’s Pan African 33-country ecosystem.
•Service provider partnerships: Ecobank may select start-ups as pan-African service partner 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.
•Mentoring and networking support in the network of global and African partners of the Group.
•Priority Access to Ecobank’s VC partners for funding exploration.
Commenting on the development; Ade Ayeyemi, the Chief Executive Officer of Ecobank Group has reiterated the bank’s dedication to support innovation across the continent.
“The global impact of COVID-19 has accelerated the dire necessity to digitize and transform banking operations. As a banking group, we are convinced now more than ever that innovation and technology are the future of banking and therefore reaffirm our continuous commitment to identify and support Africa’s brightest developers to promote their solutions and help improve our services through the Ecobank Fintech Challenge,” he said.
The Challenge resulted in Ecobank successfully launching the Ecobank Investor App, originally developed by Finance Mobile, a start-up from the 2017 Ecobank Fintech Fellows cohort. Following the successful rollout of the app in 9 Ecobank markets and currently launching in additional countries, Ecobank is working on finalizing other similar partnerships with Fellows from the 2020 Fintech Challenge.
“We are firm believers that Africa’s talent pool is enormous and requires specialized and targeted mentorships to fully crystallize and ready Fintech startups for business engagements. Through the Ecobank Fintech Fellowship, we are creating a learning experience through mentorship sessions with in-house, high-level technical teams and with our global partners to help shape and reshape the strategy and focus of African Fintechs,” said Dr. Tomisin Fashina, Operations and Technology Executive at Ecobank Group.
The Ecobank Fintech Challenge was designed in partnership with the advisory firm Konfidants and is supported by several partners across Africa and globally including ACCION, Catalyst Fund, Nedbank VC and Cellulant. Applications will close on 20 September 2021.
About Ecobank Transnational Incorporated (‘ETI’ or ‘The Group’)
Ecobank Transnational Incorporated (‘ETI’) is the parent company of the Ecobank Group, the leading independent pan-African banking group. The Ecobank Group employs over 14,000 people and serves about 29 million customers in the consumer, commercial and corporate banking sectors across 33 African countries.
The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates.
The Group offers a full suite of banking products, services and solutions including bank and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management. ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan. For further information please visit www.ecobank.com