The Ecobank Group has invited African fintech entrepreneurs to enter for its Ecobank Fintech Challenge.
Now in its second year, a statement on Monday explained that the initiative gives African start-ups the chance to promote their fintech solutions, and potentially to partner the pan-African bank in rolling-out their solutions across Ecobankâ€™s 33 markets.
The bank announced that it is currently welcoming submissions from all start-ups and developers in any of Africaâ€™s 54 countries to enter its 2018 competition.
Applications for the competition will close on 20th May, 2018
â€œTen finalists will be selected to participate in an Awards and Innovation Fair at the global headquarters of Ecobank in LomÃ©, 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,â€ it stated.
Furthermore, it revealed that all 10 finalists woul also be conferred with the â€œEcobank Fintech Fellows,â€ and would among others, 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 Ecobankâ€™s 33 markets across Africa; service provider partner deals- start-ups with deep capabilities to become pan-African service partners within Ecobankâ€™s ecosystem; and mentoring and networking support.
The Group CEO, Ecobank, Mr. Ade Ayeyemi, reiterated the bankâ€™s dedication to support innovations in banking and finance across the continent.
â€œWe, 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.
â€œWe want to be at the forefront of this change, in partnership with Africaâ€™s rising start-ups, and that is why we created the Ecobank Fintech Challenge,â€ he added.
Also, the Ecobank Group Executive for Operations and Technology, Mr. Eddy Ogbogu said â€œthe 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.â€