Ecobank is launching a contest for African startups!
Ecobank Group, a pan-African banking group, is looking for African Fintech companies to compete in its fourth Fintech Challenge. The Fintech Challenge, which allows innovative African entrepreneurs to market their fintech solutions, demonstrates the Bank’s commitment to supporting digitization. Ecobank may work with the startups to help them scale their solutions throughout the bank’s 33 African markets and overseas operations in France.
Following the Finals and Awards ceremony in November 2021, all selected finalists will be welcomed into the Ecobank Fintech Fellowship. The top three winners will earn cash rewards of $15,000, $12,000, and $10,000, respectively, for their efforts.
Mr. Ade Ayeyemi, Ecobank Group’s Chief Executive Officer, emphasized Ecobank’s commitment to supporting innovation across the continent stated,
“The global impact of COVID-19 has accelerated the dire necessity to digitize and transform banking operations. As a banking group, we are convinced now, more than ever, that innovation and technology are the future of banking and, therefore, reaffirm our continuous commitment to identifying and supporting Africa’s brightest developers to promote their solutions and help improve our services through the Ecobank Fintech Challenge”.
As a result of the Challenge, Ecobank successfully launched the Ecobank Investor App, Finance Mobile, a start-up from the 2017 Ecobank Fintech Fellows cohort, created the initial design. Following the successful deployment of the app in 9 Ecobank markets and its current rollout in new countries, Ecobank is finalizing other such agreements with Fellows from the 2020 Fintech Challenge.
The Fellows will have a variety of possibilities, each of which will act as a stepping stone on their path to advancement.
There will be opportunities for the following:
• Multinational product launch: a chance to work with Ecobank and maybe launch products in areas of Ecobank’s Pan African 33-country ecosystem.
• Service provider partnerships: Within Ecobank’s ecosystem, start-ups may be selected as pan-African service partners.
Fellows will have access to Ecobank’s Pan-African Banking Sandbox to test and refine their products for the pan-African market.
• Mentoring and networking assistance through the Group’s global and African partners’ network.
• Priority access to Ecobank’s venture capital partners for supporting research.
On the other hand, according to the Operations and Technology Executive, Ecobank Group, Tomisin Fashina, “We are firm believers that Africa’s talent pool is enormous and requires specialized and targeted mentorships to fully crystallize and ready fintech startups for business engagements. Through the Ecobank Fintech Fellowship, we are creating a learning experience through mentorship sessions with in-house, high-level technical teams and with our global partners to help shape and reshape the strategy and focus of African Fintechs”.