Ecobank Supports African Start-ups


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 Ecobank’s 33 markets.

The bank announced that it is currently welcoming submissions from all start-ups and developers in any of Africa’s 54 countries to enter its 2018 competition.

Applications for the competition will close on 20th May, 2018
“Ten 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,” it stated.

Furthermore, it revealed that all 10 finalists woul also be conferred with the “Ecobank Fintech Fellows,” 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 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; and mentoring and networking support.

The Group CEO, Ecobank, Mr. Ade Ayeyemi, reiterated the bank’s dedication to support innovations in banking and finance across the continent.

“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,” he added.

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