The Pan African Bank, Ecobank has asked African fintech entrepreneurs to participate in its second year Fintech Challenge.
This was contained in a communique released on Monday stating that, the program gives African start-ups the opportunity to promote their fintech solutions and possibility to partner the bank in rolling-out their solutions across Ecobank’s 33 markets.
The Group CEO, Ecobank Transnational Incorporated, Ade Ayeyemi restated Ecobank’s dedication to support innovations in banking and finance across the continent, stating, “We, at Ecobank, believe that the current winds of change led by technology and innovation will redefine how banks do business, and indeed the relationships people have with their money. We want to be at the forefront of this change, in partnership with Africa’s rising start-ups, and that is why we created the Ecobank Fintech Challenge”.
Ecobank is currently accepting submissions from all start-ups and developers in any of Africa’s 54 countries to enter its 2018 Ecobank Fintech Challenge which will close on 20th May, 2018.
10 Finalists will be selected to participate in an Awards and Innovation Fair at the global headquarters of Ecobank in Lomé, Togo in July 2018. Following a series of pitches from the finalists, a panel of judges will select the top three winners, who will receive cash prizes worth $10,000, $7,000, and $5,000 respectively.
All 10 finalists will also be conferred Ecobank Fintech Fellows and will qualify to explore opportunities to partner with Ecobank including, Multi-national product roll-out: the most commercially viable start-ups can launch their products in Ecobank’s 33 markets across Africa
Service provider partner deals: start-ups with deep capabilities to become pan-African service partners within Ecobank’s ecosystem
Mentoring and networking support: founders will be conferred as Ecobank Innovation Fellows for a year, which grants them access to networking and mentoring from Ecobank’s vast global network of technology leaders, fintech experts, investors and management coaches.
While commenting on the same competition, Ecobank Group Executive for Operations and Technology, Eddy Ogbogu said, “The maiden 2017 edition of the Challenge proved that Africa has an impressive army of highly capable fintech start-ups. Ecobank is looking forward to another successful competition.”