Pan-African banking group, Ecobank Group, has today announced the launch of the fifth edition of the Ecobank Fintech Challenge and encourages African Fintech entrepreneurs to enter the competition.
The group says that that the top fintech chosen and aligned with the bank’s strategic objectives stands a change to win an overall cash prize of $50,000 and the opportunity to partner and scale their solutions across Ecobank’s 33 African markets.
Fintech companies and developers from any of Africa’s 54 countries, as well as global Africa-centered Fintechs, are eligible to enter the Fintech Challenge. Applications can be made until 16 September 2022.
“The uniqueness of the Challenge,” says Dr Tomisin Fashina, Operations and Technology Executive, Ecobank Group, “is that it welcomes both early stage and mature start-up Fintechs alike and seeks to align them with different kinds of partnership opportunities within Ecobank that match their differing levels of maturity.”
Ten finalists will be inducted into the Ecobank Fintech Fellowship after the finals and awards ceremony which will take place in October 2022. So far 46 Fellows have been admitted into the Ecobank Fintech Fellowship programme since it was launched in 2017.
In addition, all Fellows will qualify to explore the following opportunities with the Bank and its partners:
- Multinational products roll out
An opportunity to pursue integration with Ecobank and potentially launch products in all or part of Ecobank’s pan-African 33-country ecosystem.
- Service provider partnerships
Ecobank may select some fintechs as pan-African service partners 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.
- Priority Access to Ecobank’s Venture Capital partners for funding exploration.
“Ecobank believes that the only way to transform financial services in Africa is for Pan-African banks like Ecobank to continually support and collaborate with innovative Fintechs and start-ups. We invite and welcome Africa’s best Fintechs to work with us through the 2022 Challenge,” said Ade Ayeyemi, CEO, Ecobank Group.
For more information about the competition, its benefits and how to apply, click here.