Ecobank launches fintech challenge competition for African start-ups

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Ecobank has announced that they are currently welcoming submissions from all start-ups and developers in any of Africa’s 54 countries to enter its 2018 Ecobank Fintech Challenge.

Now in its second year, the initiative gives African start-ups the chance to promote their fintech solutions, and potentially to partner Ecobank in rolling-out their solutions across Ecobank’s 33 markets.

“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.” Mr. Eddy Ogbogu, Ecobank Group Executive for Operations and Technology said.

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.

Mr. Ade Ayeyemi, Group CEO, Ecobank Transnational Incorporated, reiterated 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 Fintech Challenge was designed in partnership with the advisory firm Konfidants and is supported by several partners across Africa and globally. Applications for the competition will close on 20th May, 2018.

CIO East Africa organises Fintech Summit 2018

CIO East Africa is set to host the Fintech Summit 2018, which is purposed to heighten the momentum of Kenya and by extension the East African countries getting to the next-level of financial inclusion that will accommodate even the lowest bracket in the retail chain is purposed to heighten digital transactions that’ll impact the economy positively.

“The summit will be a big win for both delegates and sponsors considering that Kenya has become a reference of the financial services industry taking the leap in digitising processes, securing critical assets and analysing data that’s making tactical decisions to better both public and business enterprises,” said Laura Chite, CEO, CIO East Africa.

Organised by CIO East Africa in conjunction with Africa eDevelopment and the East Africa CIO Council, the summit slated on 29th – 30th May, 2018 in Nairobi brings together financial technology (Fintech) industry players, policymakers, innovators, investors and decision-makers in the Banking, Insurance and SACCOs.

To register for the Fintech Summit 2018, click here.

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