Ecobank Launches US$500,000 Fintech Challenge for African Start-ups and Innovators

Ecobank is challenging Africa's new generation of entrepreneurs to find lasting solutions to the continent's most pressing banking issues.
Ecobank is challenging Africa’s new generation of entrepreneurs to find lasting solutions to the continent’s most pressing banking issues. Submit entries in one or more of our key areas of interest for your Chance to win up to $500,000 funding.

Ecobank, the leading independent pan-African banking group, has launched Ecobank Fintech Challenge, a competition for African technology start-ups to build and deploy innovative fintech and banking solutions across the continent.  Applications are now opened for start-ups and developers in all 54 African countries to apply.

Twenty finalists of the Fintech Challenge will be invited to an award ceremony and an innovation fair at the global headquarters of Ecobank in Lome, Togo. The top three start-ups at the fair will win cash prizes worth US$10,000, US$7,000, and US$5,000 respectively. The finalists will also be conferred Ecobank Innovation Fellows and will qualify to explore a once-in-a-lifetime partnership opportunity with Ecobank Group that includes:

  • Major start-up funding: worth up to US$500,000
  • Multinational product roll-out: for the most commercially viable start-ups to launch their products in Ecobank’s 33 markets across Africa
  • Service provider partner deals: for start-ups with deep capabilities to become a pan-African service partner within Ecobank’s country ecosystem
  • Mentoring and networking support: founders will be conferred as Ecobank Innovation Fellows for a period of one year, granting them access to networking and mentoring from Ecobank’s vast global network of technology leaders, fintech experts, investors and management coaches

The Ecobank Challenge Application Process Simplified Below:

Teams are to submit applications addressing one or more of the following challenges:

  1. Predictive analysis using big data
  2. Agency banking
  3. Secured client authentication
  4. Apps to work without internet connectivity
  5. Know Your Customer (KYC) technology
  6. Customer analytics
  7. Credit scoring
  8. Micro Loan System
  9. User experience optimizing solutions using machine learning and AI
  10. Block-chain technology/solutions within Banking

This is one of the biggest support packages put together by any bank or investor to support Africa’s technology start-ups. Fintech is the future of banking; that is why we are opening our doors and vast market infrastructure to support Africa’s brightest innovators.” Ade Ayeyemi, Ecobank Group CEO.

Eddy Ogbogu, Ecobank Group Executive for Operations and Technology said, “At the core of Ecobank Fintech Challenge is a mission to drive Africa’s fintech revolution. Ecobank is committing resources to this initiative to support the most serious product innovators and fintech companies to grow.

Deadline for application is on April 14, 2017. Hurry and apply before it’s too late. More details here: Ecobank Fintech Challenge.

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Mac-Jordan Degadjor

Award winning Ghanaian Technology and Startup Enthusiast. Passionate about the inter-correlation of technology, entrepreneurship and innovation within the African tech ecosystem. Tweet: @MacJordan Got news, products or services to promote on the blog, reach out via hello[at]macjordangh[dot]com or (+233) 544335582