10th August 2018

Ecobank announces finalists of the Ecobank Fintech Challenge 2018

Ecobank has announced the finalists for the 2nd edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups. An Innovation Fair & Awards ceremony will honour the start-ups on 30 August, 2018 at the global headquarters of Ecobank in Lomé, Togo.

At the ceremony, the start-ups will exhibit and pitch their products to a jury for the Ecobank Africa Fintech Prize, which will be awarded the top innovator and two runners-up. The top three innovators will win cash prizes worth US$10,000, US$7,000, and US$5,000 respectively.

After the Awards ceremony, Ecobank will enrol all eleven finalists into the Ecobank Fintech Fellowship. The Fellowship will run for a period of six months during which, Ecobank Fintech Fellows will benefit from an opportunity to further explore partnerships with the Ecobank Group that includes:
• Multinational product roll-out support: for the start-ups deemed commercially viable to grow their businesses across any of Ecobank’s 33 markets in Africa;
• Service provider & ecosystem partner deals: for start-ups with deep capabilities to become product partners within Ecobank’s ecosystem;
• Technical and mentoring support: during the six months fellowship period, fellows will benefit from technical support from Ecobank’s global network of technology leaders, fintech experts, investors and management coaches

The eleven start-ups are: Lypa (Kenya), Wallet.ng (Nigeria) (Wallet.ng), Nala (Tanzania), Litee (Benin), SESO Global (South Africa), InvestED (Sierra Leone), Eversend (France), Secapay (Nigeria), Virtual Identity (South Africa), MojiPay (Togo), Awamo (Germany)

Group CEO of Ecobank, Ade Ayeyemi, said: “At Ecobank our digital strategy is spectacularly successful and has changed the landscape of African banking, so it goes without saying that we see Fintech as a vital component for the economic transformation of the continent and the prosperity of its citizens. We want to do all we can to encourage the next generations of Fintech entrepreneurs as they will be a driving force in propelling Africa into a globally competitive power in commercial services, enjoying significantly increased market share.”