As a boost to African startups, Ecobank Group on Thursday launched the 2020 edition of the Ecobank Fintech Challenge, which is open to all startups and developers in any of Africa’s 54 countries.
The 2020 Ecobank Fintech Challenge focuses on financial technology solutions in Africa. Winners of the competition will get the opportunity to promote their fintech solutions, and potentially partner with Ecobank to launch their products across Ecobank’s 33 markets in Africa as well as France.
Ecobank Group Executive, Operations & Technology, Eddy Ogbogu noted:
“As a banking group we continue to be amazed at the many ways in which fintechs are transforming banking across Africa. We look forward to the new innovations and partnership opportunities that will come with the 2020 edition.”
Finalists will also be inducted as Ecobank Fintech Fellows. They will participate in a business boot camp followed by an Awards and Innovation Fair at the Ecobank Group headquarters in Lomé, Togo in June 2020.
These fellows will then qualify to explore a number of opportunities including:
- Multinational product roll out: an opportunity to pursue integration with Ecobank and potentially launch products in Ecobank’s Pan African footprint
- Service provider partnerships. Ecobank may select startups as a pan-African service partner within the bank’s ecosystem.
- Access to Ecobank’s Pan-African Banking Sandbox: Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market.
- Mentoring and networking support in the network of global and African partners of the Group.
The Ecobank Fintech Challenge, which was launched in 2017, is an initiative of Ecobank Group and Konfidants, an advisory firm based out in Ghana.
“The Ecobank Fintech challenge and fellowship have been improved upon to create even additional value for Ecobank and the Fintechs. We took feedback from the past editions and one of the major innovation this year is the opportunity for shortlisted Fintech’s to access our APIs through our Pan African Sandbox,” Ecobank Senior Fintech Advisor, Djiba Diallo said.
Startups can submit applications until 12 April while shortlisted finalists will be announced in June.