Application for the EcoBank Fintech Challenge 2022 is ongoing!
EcoBank Fintech is calling on developers and innovators with bright ideas for financial technology to share their vision of creating Africa’s next big fintech solution with them. Up to $500,000 will be won by technopreneurs who successfully pitch the most interesting and viable solutions.
To apply successfully, kindly read through this piece to learn the full details about this award- the eligibility criteria, requirements, application deadline, and more. The table below will give you an overview of what you should expect.
About the EcoBank Fintech Challenge
The Ecobank Fintech Challenge identifies and partners Fintechs that are ready to scale and provides them with support and access to opportunities in Ecobank’s 33 African markets. The goal? To contribute to their growth as potential Pan African Fintech success stories.
The Challenge is open to all Fintechs on the African continent. Interested Fintechs can apply by sending details of their product as well as a demo here. These products must address one or more of a specific set of pain points which can be found here.
The selected finalists participate in the Ecobank Fintech Innovation Fair, with the top 3 finalists winning cash prizes. All finalists are inducted into the Ecobank Fintech Fellowship, which affords them the opportunity to explore deals, integration, and commercial partnership with the Ecobank Group.
EcoBank Fintech Challenge- Eligibility
- All African startups and technology innovators are eligible to apply for the EcoBank Fintech Challenge. They are to choose from different areas of interest as listed on the website and build a demo to serve as prototype — applicants without demo would be disqualified.
- The Challenge is open to both teams and individuals.
- Teams can submit solutions for more than one challenge but are limited to only one entry per challenge (“Entry”).
- Individuals are not allowed to participate in multiple teams. Switching teams after applying is not allowed. Ecobank will cover travel and accommodation costs for up to two participants from each team.
Eligible Countries:
- African countries
Type
- Contest
Eligible Fields
Teams are to submit applications addressing one or more of the following challenges
- Customer Experience
- Credit Scoring
- Ecosystem Aggregation
- Internal Tools
- Payments
- Any Other Relevant Product Categories
To be taken at (country)
Top teams will be selected to pitch at the bank’s Innovation Fair, which will be held at the global headquarters of Ecobank in Lomé.
Value of Contest
Become a finalist; get inducted as an Ecobank Fintech Fellow and stand a chance to explore the following opportunities:
- Multinational Product Roll Out: Once in a lifetime opportunity to pursue integration with Ecobank and potentially launch products in Ecobank’s over 30 markets across Africa.
- Competition Cash Prizes: The top three winners at the Challenge will be awarded $15,000, $12,000 and $10,000 cash prizes respectively.
- Service Provider Partnerships: Start-ups may be selected by Ecobank as local country-level partner in any of Ecobank’s 33 country ecosystem.
- Access To Ecobank’s Pan-African Banking Sandbox: Fellows will be given access to a dedicated team to support on the Ecobank’s APIs test to enable them improve their products for the pan-African market.
- Access To Partner Network: Founders will be inducted as Ecobank Fintech Fellows, granting them access and relationships to a vast network of global and African Accelerators and potential Investors as well as mentors.
- Integration With Existing Ecobank Digital Offerings: The EcoBank Fintech Challenge offers opportunities for Fintechs to potentially integrate with Ecobank’s existing digital offerings. The existing digital offerings include Ecobank Omni, Ecobank electronic financial supply chain(eFSC), Ecobank Xpress, Ecobank Mobile APP or USSD, MasterPass™ QR, mVISA™ & mCash, etc. You can learn more about these platforms HERE. We’d like applicants to pitch us how their solutions can add value to these existing Ecobank digital offerings.
How to Apply for the EcoBank Fintech Challenge
You can apply for it the challenge online. Click on the button below to begin your registration immediately.
Visit EcoBank Fintech Challenge Webpage for details
Read also: The Nestlé Internship Development Program (NIDP) 2022 South Africa
EcoBank Fintech Challenge- Application Deadline
The closing date for this award application entry is 20th September 2022
Conclusion
Africa is developing rapidly as a result of the numerous innovations which tech start-ups are introducing. But there are still lots of challenges ahead.
The Ecobank Group through its program (the Ecobank Fintech Challenge), has come to bring tech start-ups to the limelight of business. Finalists of the challenge will have the opportunity to explore deals, integration, and commercial partnership with the Ecobank Group.
Frequently Asked Questions
The aim of the Ecobank Fintech Challenge is to identify and partner Fintechs that are willing to scale, support, and give them access to Ecobank’s 33 African markets so that they can grow to become true Pan African Fintech success stories.
The top three winners at the Ecobank Fintech Challenge will get $10,000, $7000, and $5000 cash prizes respectively.
The Ecobank Group is looking for fintech that will provide solutions in areas like:
1. Customer Experience
2. Credit Scoring
3. Payments
4. Internal Tools
5. Ecosystem Aggregation
The application deadline for the Ecobank Fintech Challenge is on the 12th of April, 2022.
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