Ecobank Transnational Incorporated (ETI) has invited fintech entrepreneurs across Africa to enter the 2018 Ecobank Fintech Challenge, an initiative that gives African start-ups the chance to promote their fintech solutions, and potentially to partner Ecobank in rolling-out their solutions across 33 countries where the bank operates.
Speaking on the initiative, Mr. Ade Ayeyemi, Group CEO, ETI, stated: “We 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.”
Under the initiative, which is in its second year, 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 the 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 where the most commercially viable start-ups can launch their products in Ecobank’s 33 markets across Africa; Service provider partner deals where start-ups with deep capabilities to become pan-African service partners within Ecobank’s ecosystem and; Mentoring and networking support where founders will be conferred as Ecobank Innovation Fellows for a year, which grants them access to networking and mentoring from Ecobank’s global network of technology leaders, fintech experts, investors and management coaches.
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.