Ecobank, the Pan African bank has invited financial technologies (Fintech) start-ups to its Fintech challenge. In a statement released in Monday 23rd April, the bank disclosed this through the challenge website.
The Fintech Challenge is an an annual enterprise development program by Ecobank, which seek to showcase and collaborate with the most promising fintech start-ups from across the Africa continent and support them through commercial partnerships to grow and scale them into successful pan-African and global businesses.
The Challenge is opened to all start-ups in Africa and it awards the top three winners with $10,000, $7000, and $5000 cash prizes respectively.
“Ecobank is very focused on one main goal; leveraging the bank’s vast pan-African infrastructure as a growth enabler for selected start-ups to scale commercially and grow beyond local borders.”
Eddy Ogbogu – Group Executive, Operations and Technology
Here’s all you need to know about the Fintech Challenge:
The Challenge Process
The Fintech challenge process involves 4 stages
The Fintech Challenge is divided into six categories, from which participants can choose from.
Teams are to submit applications addressing one or more of the following challenges;
- Digital Onboarding/ Account Opening/ Know- Your-Customer Technology
- Digital Sales/Marketing
- Offline Mobile-to-Mobile Payments
- Multi-Channel Payments/Collect Ecosystems
- SME Intra-African Trade Platform
- Any other Fintech solution
Participants are at liberty to enter more than one fintech solution in the competition. However each product or solution you apply with must be distinct. You should not submit two solutions in one application form. Each of your solutions/products must be entered as a separate application.
The Benefits of Ecobank Fintech Challenge
The challenge will afford winners a five-fold benefits as follows:
- A Fellow
Here, beneficiaries can leverage Ecobank’s network of partners to support their business growth. This will include mentorship from leading experts in the industry.
Ecobank Fintech Fellows will benefit from targeted assistance that directly supports their business needs and objectives.
- Become Ecobank Service Partner
Another benefit is that start-ups will get to gain access to one of Africa’s biggest banking ecosystem. This will enable them to scale their businesses, explore new markets and grow beyond local borders with Ecobank.
- Maximize Reach
Give your start-up full pan-African visibility. Benefit from Ecobank’s wide banking network, boost your business profile, and gain full pan-African visibility. Partner Ecobank and Join the Movement.
- Go Multi-national
Participants also stand a chance to give their business a full pan-African reach, which could make such start-up solution to a continent-wide problem.
- Showcase Idea
It will equally afford participants opportunity to showcase their solution with a team of Ecobank decision makers and industry insiders at the annual Ecobank Fintech Innovation Fair.
How to register
Visit the Fintech Challenge registration portal here .
Ecobank Fintech Challenge is a pan-African innovation competition and start-up partnership offering by Ecobank. It is designed to inspire, support and partner African start-ups and developers, with an aim to facilitate the development of innovative “FinTech” and banking related solutions. The three top winners at the Innovation Fair will be awarded $10,000, $7000, and $5000 cash prizes respectively.
Due to a lack of strategic fit with Ecobank’s current strategy, none of the 2017 Fintechs met the requirements for the equity investment opportunity.
Ecobank Transnational Inc. (ETI), parent company of the Ecobank Group, is a pan-African banking conglomerate established in 1985 and with banking operations in 36 African countries. Ecobank is a leading independent regional banking group in West and Central Africa, serving wholesale and retail customers.
The bank has more than 19,568 employees and its stocks is traded on three African stock exchanges. It’s headquarters is at Boulevard du Mono, Lome, Togo