Ecobank Fintech Challenge shortlists Paycode among six digital payment startups

by James · October 21, 2022

The fifth annual Ecobank Fintech Challenge has selected six digital payments startups from across Africa, including Paycode, the South African startup offering biometric ID verification for financial services.

The six startups are now eligible to compete for the final round of the competition which will see the winner see a cash prize of US$50,000, with a chance to be admitted into the Ecobank Fintech Challenge scholarship programme, according to an Ecobank release.

Paycode is part of a joint venture with Mastercard’s Community Pass to enable financial inclusion for 30 million people in Africa with biometric smart cards.

The other startups on the Ecobank shortlist are Cauri Money from Senegal, DizzitUp from Togo, DR Congo and China-based MaishaPay, as well as Moni Africa and Touch and Pay (TAP) both from Nigeria.

The winner will be announced at an event in Togolese capital Lomé on 28 October, where the event organisers, Ecobank (Ecobank Transnational Incorporated), are headquartered.

The last six were selected from an initial number of 700 entries from 59 countries.

“I am impressed by the growing number of applications for the Ecobank Fintech Challenge. Applications have grown from approximately 412 applications in 2018 to over 700 in 2022, comments Tomisin Fashina, Ecobank Group Head of Operations and Technology.

“This demonstrates a clear paradigm shift within the African continent, with Africans’ desire to transform technological innovation into a real lever for socio-economic development.”

Gavin Tipper, CEO of Arise, partner and co-sponsor of the 2022 Ecobank Fintech Challenge, said: “Fintechs play a central role in creating innovative digital solutions that improve customer experience, deliver value propositions and reduce costs. Our investments in fintech are based on collaborative partnerships that promotes financial inclusion on the continent and provides opportunities for mutual synergies with our balanced investment portfolio.”

Ecobank, a pan-African commercial banking institution, says the annual Fintech Challenge is an activity designed to identify innovative fintechs that are ready to grow and are willing to establish partnerships with the bank’s 33 African markets and share the goal of transforming the digital banking and financial inclusion space in Africa.

Paycode was also selected as one of six finalists to pitch at the Mondato Summit Africa in Mozambique in May.