Ecobank Fintech Challenge is aimed at championing digitization by giving innovative African startups the opportunity to promote their fintech solutions.
The selected top three winners will receive cash prizes worth $15,000, $12,000 and $10,000 respectively.
Ecobank Group Chief Executive Officer, Ade Ayeyemi said in a statement that the bank is committed to supporting innovation across the continent, stating that 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 identify and support Africa’s brightest developers to promote their solutions and help improve our services through the Ecobank Fintech Challenge," said Ayeyemi.
Ecobank Malawi Managing Director Raymond Fordwuo called upon all Malawian Fintechs developers to register for this exciting challenge as one way of putting Malawi on the Global map.
“We are firm believers that Malawi’s and 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 inhouse, high-level technical teams and with our global partners to help shape and reshape the strategy and focus of Malawian and African Fintechs," said Fordwuo.
Following the successful rollout of the app in 9 Ecobank markets and currently launching in additional countries, Ecobank is working on finalizing other such partnerships with Fellows from the 2020 Fintech Challenge.
Applications have opened for entries from all start-ups and developers in Malawi and any of Africa’s 54 countries and global Africa-centered Fintechs. (https://ecobankfintechchallenge.com/)
All selected Finalists will be inducted into the Ecobank Fintech Fellowship following the Finals and Awards ceremony slated for November 2021. The selected top three winners will receive cash prizes worth $15,000, $12,000 and $10,000 respectively.
All Fellows will however qualify to explore the following opportunities with the bank:
• Multinational product roll out: an opportunity to pursue integration with Ecobank and potentially launch products in parts of Ecobank’s Pan African 33-country ecosystem.
• Service provider partnerships: Ecobank may select start-ups as 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.
• Priority Access to Ecobank’s VC partners for funding exploration.
The Ecobank Fintech Challenge was designed in partnership with the advisory firm Konfidants and is supported by several partners across Africa and globally including ACCION, Catalyst Fund, Nedbank VC and Cellulant.