Applications are now open for the fifth edition of Ecobank’s Fintech Challenge

Ecobank Group has opened applications for the 2022 edition of its fintech challenge; offers early and established startups the potential to develop new partnerships.

Since 2017, the challenge has sought to generate innovation within Africa’s financial services delivery by encouraging both collaboration and the formation of new strategic fintech partnerships.

“Ecobank believes that the only way to transform financial services in Africa is for pan-African banks like Ecobank to continuously support and collaborate with innovative fintechs and start-ups,” comments the bank’s CEO. Ade Ayeyemi.

“We invite and welcome Africa’s best Fintechs to work with us through the 2022 Challenge.”

With a $50,000 prize fund up for grabs, fintechs and developers hailing from any of Africa’s 54 countries, as well as global Africa-centric fintechs, are encouraged to join the challenge.

In addition to the cash prize for the top winner, the challenge gives participants the opportunity to collaborate and scale their solutions across the 33 African markets in which Ecobank is engaged.

Ten finalists will be inducted into the Ecobank Fintech Fellowship after firates and prices the ceremony taking place in October 2022.

Fellows will qualify to explore:

• Multinational product rollout: an opportunity to pursue integration with Ecobank and potentially launch products in all or part of Ecobank’s pan-African 33-country ecosystem.
• Service provider partnerships: Ecobank may select some fintechs as pan-African service partners within the bank’s ecosystem.
• Access to Ecobank’s Pan-African Banking Sandbox: Fellows will gain access to Ecobank’s APIs to test and improve their products for the pan-African market.
• Priority access to Ecobank’s Venture Capital partners for exploration funding.

Describe the uniqueness of the challenge, Dr. Tomisin Fashinathe bank’s head of operations and technology, comments that “it welcomes both early stage and mature startup fintechs and seeks to align them with different types of partnership opportunities within Ecobank that match their different levels of maturity.”

The Ecobank Fintech Challenge was developed in collaboration with the international consulting firm, Confidants and is supported by partners across Africa and globally.

So far, 46 fellows have been accepted into the Ecobank Fintech Fellowship program since the challenge was launched.

Applications are open until 16 September.