Cameroonian Fintech Emerges as Winner of 2023 Ecobank Challenge

Koree from Cameroon is the Ecobank Fintech Challenge competition’s first ever female-led fintech winner having beaten eight other finalists to claim the top prize of US$50,000; Wolf Technology from Democratic Republic of Congo came in second, winning US$10,000, while Kenya’s Flexpay Technologies were the second runner-up, taking home US$5,000; the 2023 edition drew participation from over 1,400 fintechs spanning 64 countries.

Ecobank declared Koree, a fintech company based in Cameroon, the overall winner of the 2023 Ecobank Fintech Challenge.

Victorious After Facing Fierce Competition

The announcement was made by a distinguished panel of judges during the competition’s Grand Finale at the bank’s headquarters at the Pan African Centre in Lomé, Togo. Koree emerged winner after facing fierce competition from seven other fintechs, all of whom pitched their innovative fintech solutions to an independent panel of five judges.

These eight finalists were carefully selected from an initial pool of over 1,400 fintechs from 64 countries, underscoring the significant growth in popularity of the competition since its inception six years ago, as well as the wealth of innovation and ingenuity on the African continent.

No-Strings Attached Fintech Cash Prizes

The Ecobank Fintech Challenge cash prize is one of the most substantial no-strings-attached fintech cash prizes available in Sub-Saharan Africa, specifically aimed at encouraging innovation within the fintech sector.

The eight finalists are Flexpay Technologies (Kenya), IPOXcap AI (South Africa), Kastelo (South Africa), Koree (Cameroon), Kori Tech (Senegal), Smart Teller Technologies (Nigeria), Rubyx (Belgium) and Wolf Technologies (DRC).

Opportunity to Explore Commercial Partnerships with Ecobank

The winner, along with the other seven finalists, were inducted into the prestigious Ecobank Fintech Fellowship. This unique programme offers fintech companies the opportunity to explore potential commercial partnerships with Ecobank, including the possibility of seamless integration with the bank’s platforms and the potential for scaling up their fintech ventures across Ecobank’s 35 African markets.

Jeremy Awori, Chief Executive Officer, Ecobank Group, said: “This year’s eight finalists have demonstrated exceptional innovation and promise. We look forward to collaborating with them to develop groundbreaking products, services and solutions that will ultimately benefit our valued customers and contribute to the advancement of our continent. We are convinced that forging sustainable partnerships with fintechs and the overall tech ecosystem remains a viable strategy in our pursuit of delivering convenient, affordable services to our customers.”

Acknowledging the winner, Jeremy Awori added, “We extend our warmest congratulations to Koree, the first ever female-led fintech winner of our challenge, for their outstanding victory and innovative contributions to the fintech landscape. We look forward to a greater collaboration.”