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Ecobank has announced the finalists in the Ecobank Fintech Challenge, a competition for African technology startups launched in January. The list includes 20 innovators from across the continent who will join the Ecobank Fintech Fellowship programme.
An innovation fair and awards ceremony will be held on 21 June at Ecobank’s headquarters in Lomé, Togo to honour the 20 startups selected.
The 20 will also get the chance to exhibit and pitch their products to a jury which will select the top innovator and two runners-up.
In addition to joining Ecobank’s fellowship programme, the top three innovators will win cash prizes worth $10,000, $7,000, and $5,000 respectively.
Each of the 20 startups will also get support which includes:
- Major startup funding: worth up to $500,000 for products that meet Ecobank’s investment criteria.
- Multinational product rollout support: for the most commercially viable startups to launch their products across Ecobank’s 33 markets in Africa.
- Service provider and ecosystem partner deals: for start-ups with deep capabilities to become service partners within Ecobank’s ecosystem.
- Technical and mentoring support: during the one-year fellowship period, fellows will benefit from technical support from Ecobank’s global network of technology leaders, fintech experts, investors and management coaches.
Eddy Ogbogu, Ecobank group executive for operations and technology, said over 850 startups and developers from across Africa, as well as the US and Europe entered the challenge.
“The sheer breath of innovative products and ideas we’ve seen shows that African fintech has a bright future,” he added.
Group CEO Ade Ayeyemi said the bank wants to help grow pan-African fintech companies.
“The Ecobank Group and its partners are looking forward to working with the 20 start-ups to help them mature into major African and global commercial success stories,” said Ayeyemi.
The 20 start-ups selected are: Piggybank.ng, PurseNG, KUDI, IroFit, Wayagear Innovations Lagos, Electronic Settlement Limited, Social Lender, Paylater OneFi (all from Nigeria), Digi Teller, Invest Mobile, Inclusive Financial Technologies (all from Ghana), Circle Group Savings and Investment, Greenshoe, MobiTill, TEAM SAFEPAY, Shield Finance (all from Kenya), Wallettec (South Africa), PAYVITE (Algeria), General Marchant (US) and Mi Nafa (Burkina Faso).