Ecobank with banking operations in 33 African countries has opened its doors to African Fintech Entrepreneurs to apply for the 3rd Edition (2020) of the Ecobank Fintech Challenge. The challenge provides African Startups the right opportunity to promote their tech solutions and potentially partner with the bank to roll-out their solution across a huge market.
My one experience with the Fintech Challenge was when I joined Members of the Zongo Coders Program of the ZongoVation Hub to attend the 1st Ecobank Fintech Innovation Fair and Awards in Lome, Togo.
At this event where firms like Nala – Tanzania (An offline Mobile Money Payment), Lypa – Kenya (one platform and API to process and integrate mobile payments across wallets and Africa) and Virtual Identity – South Africa (digitize onboarding process of customers by financial companies).
Prior to this announcement by Ecobank Group, the firm pilot launched its Pan-African Banking Sandbox. The sandbox is to allow Partners and Fintechs to have access to Ecobank’s Application Programming Interface (API) for the development of innovative tech solutions.
Group CEO, Mr. Ade Ayeyemi emphasizes that: “The sandbox is yet another indication that Ecobank firmly believes that digital banking is the future and the future is now. Hence our commitment to lead Africa into the new age of banking.
ABOUT THE CHALLENGE
The Ecobank Fintech Challenge identifies and partners Fintechs that are ready to scale and provides them with support and access to Ecobank’s 33 African markets so they can grow to become true Pan African Fintech success stories.
The selected finalists participate in the Ecobank Fintech Innovation Fair, with the top 3 finalists winning cash prizes. All finalists are inducted into the Ecobank Fintech Fellowship, which affords them the opportunity to explore deals, integration and commercial partnership with the Ecobank Group.
PRODUCT MUST ADDRESS ONE OR MORE OF A SPECIFIC SET OF PAIN POINTS BELOW
- Customer Experience
- Credit Scoring
- Ecosystem Aggregation
- Internal Tools
- Any other solution that will revolutionize the banking sector in Africa
BENEFITS AND OPPORTUNITIES
- Multinational Product Roll Out
- Competition Cash Prize
- Service Provider Partnerships
- Access to Ecobank’s Pan-African Banking Sandbox
- Mentoring and Network Support
- Integration with Existing Ecobank Digital Offerings
- Application closes on 12th April 2020
- Shortlist Release Early May
- Access to Sandbox – May 2020
- Finalist Announcement – Early June
- Pitch at Challenge Event – Late June
- Induction into Ecobank Fintech Fellowship – Late June
- Explore Integration and Commercial Partnerships – July to December 2020
We wish all applicants of this challenge good luck in their endeavor and may the best solution win. And stay tuned here for updates as the competition unfolds.
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