The pan-African Ecobank Group has opened applications for the 7th edition of its Fintech Challenge offering a prize of $50,000.

The Ecobank Fintech Challenge is open to all startups with innovative solutions addressing the needs of the African population and its diaspora. It has been created with two objectives in mind:

  • Identify and support fintechs that are ready to scale up with resources, funding, partnerships, etc. in Ecobank’s 33 African markets

  • Leverage these pan-African fintech success stories and the solutions they offer to improve Africa’s financial integration and economic development

Ecobank, a leading independent pan-African banking group, serves over 32 million customers in the consumer, commercial, and corporate banking sectors across 35 African countries.

Now in its 5th year, the annual Fintech Challenge provides early-stage and mature startups with the opportunity to partner with Ecobank across 33 countries. Fintech startups that align with the bank’s strategic goals can win a grand prize of $50,000 and the chance to collaborate and scale their solutions with Ecobank.

Fintech companies and developers from any of Africa’s 54 countries, as well as global Africa-centered fintechs, are eligible to enter the Fintech Challenge until July 7.

After the finals and awards ceremony in October 2024, 10 finalists will be inducted into the Ecobank Fintech Fellowship.

As reported by BitKE, the Cameroonian app, Koree, emerged as the winner of the 6th edition of the 2023 Ecobank Fintech Challenge.

 

LIST | Koree Wins Ecobank Fintech Challenge – A First for Francophone Africa and Cameroon

The Cameroonian app, Koree, emerged as the winner of the 6th edition of the 2023 Ecobank Fintech Challenge. Koree managed to distinguish itself in a field of over 1,490 fintech… pic.twitter.com/2yoqpHZ0Ui

— BitKE (@BitcoinKE) October 17, 2023

Koree is an innovative card wallet application specifically designed to tackle the scarcity of spare change in sub-Saharan Francophone Africa. This application achieves this by digitalizing cash payments made to merchants. Moreover, it empowers numerous African consumers through an incentivized reward system.

Koree managed to distinguish itself in a field of over 1,490 fintech participants in the competition.

 

“It’s an amazing thing to be the winner of the Ecobank Fintech Challenge. $50,000 USD means expansion for Koree. It means new markets. It means new hires. It means runway… The prize that Ecobank is giving us, will enable us to actually put things into place and realise big things,” said Magalie Gauze-Sanga, founder of Koree.

 

Koree had emerged victorious from a field of 8 of the best fintech startups drawn from across the continent by the competition.

Interested parties can apply here.

 

 

 

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