A Record 1,490 Fintechs Entered The Ecobank Fintech Challenge 2023
Overall winner of the Ecobank Fintech Challenge will receive a cash prize of US$50,000
Smart Teller Technologies Limited, a Nigerian Fintech Startup is among the eight finalists that emerged from an impressive pool of 1,490 Fintechs drawn from 64 countries in and beyond Africa in the 2023 Ecobank Fintech Challenge.
This is the sixth edition of this international competition, with the highest number of applications on record.
Ecobank Group, Africa’s leading pan-African banking group, said this year’s applications had more than doubled compared to last year’s 703 applications received from 59 countries.
In 2022 Nigeria’s fintech startup, ‘Touch and Pay’, wowed the jury with their ‘Cowry App’ to win the top prize of US$50,000.
The eight finalists who emerged from the fiercely competitive pool will compete for the coveted top prize of US$50,000 at the Grand Finale, scheduled at the Ecobank Pan African Centre in Lomé, Togo, on 6 October 2023.
Smart Teller Technologies Limited is empowering cooperative digital banking, IT services, and online bill payments for seamless services.
Ecobank Group Chief Executive Officer, Jeremy Awori, who will be hosting the Fintech Challenge final for the first time said: “We are encouraged by the very high number of applications received for the sixth edition of our Ecobank Fintech Challenge.
“The significant increase in the number of participants reflects the growing impact of our investments in the fintech space, and on our operations and fintech initiatives across Africa.
“The finalists went through a rigorous process, and we look forward to the pitches of the eight competitors vying for the top prize and ultimately partnering with the Ecobank Group.”
Dr. Tomisin Fashina, Ecobank Group Executive, Operations and Technology, congratulated the eight finalists of the 2023 Ecobank Fintech Challenge and said, “We are proud to support the development of fintech to drive digital banking transformation across Africa and beyond.
The ever-increasing level of participation – from just 412 applications in 2018 to 1,490 submissions this year – reflects the richness of the untapped innovation and talent that exists across our continent.”
As in previous editions, all the finalists in the 6th edition will be inducted into the Ecobank Fintech Fellowship Programme which offers:
Product roll-out on a pan-African scale: Providing the opportunity to explore product and business integration with Ecobank and potentially launch products or services in all or part of Ecobank’s 35-country pan-African ecosystem.
Access to Ecobank’s pan-African Banking Sandbox: Opportunity to test and develop products in the pan-African market.
Priority access to Ecobank’s venture capital partners: Opportunity for access to funding.
Digital TimesNG understands that the Ecobank Fintech Challenge recognises and promotes groundbreaking African fintech start-ups.
The initiative is consistent with Ecobank’s Fintech strategy of building partnerships with African fintechs to help transform digital finance and banking.
The 2023 edition of the Ecobank Fintech Challenge is co-sponsored by Huawei, Arise Invest, Asky Airlines and Proparco, and supported by ALX Africa, ABAN Angels, Africa Fintech Network, MEST Africa, Bluespace, Naija Startups, Jeune Afrique, TechCabal and Konfidants.