Pan-African bank Ecobank Group has launched its Fintech Challenge, offering early-stage and mature startups the opportunity to partner with Ecobank and potentially launch products across 33 African countries.
The challenge is open to fintech companies and developers originating from any of Africa’s 54 countries, as well as global Africa-centred fintechs.
The fifth edition of the Fintech Challenge is offering a US$50,000 cash prize to the overall winner, as well as the opportunity to partner and scale their solutions across Ecobank’s 33 African markets.
Ade Ayeyemi, CEO of Ecobank Group, said: “Ecobank believes that the only way to transform financial services in Africa is for pan-African banks, like Ecobank, to continually support and collaborate with innovative fintechs and start-ups.
“We invite and welcome Africa’s best fintechs to work with us through the 2022 Challenge.”
The 10 finalists will be inducted into the Ecobank Fintech Fellowship after the finals and awards ceremony, which will take place in October 2022.
Since its launch in 2017, 46 fellows have been admitted into the Ecobank Fintech Fellowship programme.
All fellows qualify for a number of potential opportunities with the banking group and its partners, including access to Ecobank’s pan-African banking sandbox, allowing them to test and improve their products before going to market.
Ecobank may also choose some fintechs as pan-African service partners within the bank’s ecosystem, while fellows are also given priority access to Ecobank’s venture capital partners for funding exploration.
Dr Tomisin Fashina, operations and technology executive at Ecobank Group, added: “The uniqueness of the Challenge is that it welcomes both early stage and mature start-up fintechs alike and seeks to align them with different kinds of partnership opportunities within Ecobank that match their differing levels of maturity.”
Applications are open until 16 September 2022, and fintechs can find out more about how to apply here.