Pan-African banking group Ecobank launches fintech challenge

Pan-African banking group Ecobank has launched the Ecobank Fintech Challenge, giving successful applicants the opportunity to partner and scale their solutions across Ecobank’s 33 African markets.

The challenge is open to early-stage and mature fintech start-ups

The challenge, now in its fifth year, has a top cash prize worth $50,000 and is open to early- and late-stage fintech start-ups.

Ten ‘fellows’ will be inducted into the Ecobank Fintech Fellowship after the awards ceremony, which will take place in October 2022.

Headquartered in the West African nation of Togo, Ecobank Group says it is seeking fintechs “that are aligned with the bank’s strategic objectives”.

Ecobank Group CEO Ade Ayeyemi says that to “transform” financial services in Africa, pan-African banks such as Ecobank must “support and collaborate with innovative fintechs and start-ups”.

The Fintech Challenge seeks to align fintechs with different kinds of partnership opportunities within Ecobank that match their differing levels of maturity.

Fintech fellows will have the opportunity to work with Ecobank as pan-African service partners within its ecosystem, while others will have access to Ecobank’s APIs to test and refine their products for the pan-African market.

There are also opportunities to pursue integration with Ecobank and potentially launch products in all or part of Ecobank’s pan-African 33-country ecosystem as well as priority access to venture capital funding.

Fintechs from any of Africa’s 54 countries, as well as global firms with an African focus, are eligible to enter. The deadline for applications is 16 September.