Fintech
Ecobank Group launches Fintech Challenge 2024 with a prize of $50,000
Ecobank, the pan-African financial services group, officially opens the call for the seventh edition of its Fintech Challenge. This annual competition invites early-stage and mature fintech startups to partner with Ecobank, offering a grand prize of $50,000 and the chance to scale their solutions across Ecobank’s extensive network spanning 35 African countries.
Despite the explosion of fintech on the African continent, a McKinsey report [1] reveals that fintech start-ups in Africa are still facing various challenges, such as achieving scale, navigating an uncertain regulatory environment or managing funding shortages. The Ecobank Fintech Challenge offers a unique opportunity for Fintech entrepreneurs to address these challenges by not only offering financial rewards, but also by providing Ecobank’s expertise in diversified market operations and the right solutions to adapt to its pan-African footprint and international presence like France.
“Building partnerships with fintechs is a catalyst to drive financial inclusion in Africa. At Ecobank, we prioritize fintechs in our growth, transformation and returns strategy,” he said Jeremy Awori, CEO of Ecobank Group. “We have enhanced this new edition of the Ecobank Fintech Challenge to continue to provide fintech entrepreneurs with a prime platform to showcase innovative solutions, while creating unprecedented opportunities for growth and expansion across 35 African markets.”
Last year’s competition attracted 1,490 truly high-quality entries, underlining the importance of this pan-African challenge. Successful applicants who reach the final and awards ceremony in October 2024 will have the chance to participate in the coveted Ecobank Fintech Fellowship programme, with the overall winner receiving a cash prize of $50,000.
Ecobank Fintech Fellows will have access to numerous opportunities through collaboration with Ecobank and its partners, potentially including:
- Multinational Product Launches: An opportunity to integrate your solutions with Ecobank, opening the door to potential product launches within Ecobank’s extensive pan-African network spanning 35 countries.
- Partnerships with service providers: Select fintechs may become pan-African service partners within the Bank’s ecosystem.
- Access to Ecobank’s Pan-African Banking Sandbox: Participants will receive exclusive access to Ecobank’s cutting-edge APIs, allowing them to test and develop their products for the Pan-African market.
- Priority access to Ecobank Venture Capital partners to finance exploration.
Since inception, 60 fintech startups have been inducted into the Ecobank Fintech Fellowship.
The Ecobank Fintech Challenge is designed in collaboration with the international consultancy Konfidants and is supported by various partners.
Applications for the seventh edition of the Ecobank Fintech Challenge are now open to fintechs and developers from across Africa, as well as global fintechs focused on Africa. Interested parties can find out more about the competition and submit their application via the official website: EcobankFintechChallenge.com
The deadline for registrations is July 7, 2024.
Distributed by APO Group on behalf of Ecobank Transnational Incorporated.
Media contact:
Christiane Bossom
Group communications
Ecobank Transnational Incorporated
E-mail: groupcorporatecomms@ecobank.com
Tel.: +228 22 21 03 03
Spiderweb: www.Ecobank.com
About Ecobank Group (or ‘Ecobank Transnational Incorporated’ or ‘ETI’):
Ecobank Group is the leading pan-African private banking group with unrivaled African expertise. Present in 35 countries in sub-Saharan Africa, as well as France, the United Kingdom, the United Arab Emirates and China, its unique pan-African platform provides a single gateway for payments, cash management, trading and investments. The Group employs over 14,000 people and offers Consumer, Commercial, Corporate and Investment Banking products, services and solutions across multiple channels, including digital, to over 32 million customers. For more information, visit www.Ecobank.com.
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