Ade Ayeyemi - Afrikan Heroes

Ecobank Fintech Challenge 2021 Launches For African Startups

August 11, 2021

The Ecobank group, a pan-African banking organization, is encouraging African Fintech startups to participate in the 2021 edition of the Ecobank Fintech Challenge. The Fintech Challenge aligns with the Bank’s objective to fostering digitization by providing a chance for innovative African startups to market their fintech solutions. The startups may be able to collaborate with Ecobank in order to scale their solutions throughout Ecobank’s 33 African markets as well as its international operations in France.

“The global impact of COVID-19 has accelerated the dire necessity to digitize and transform banking operations. As a banking group, we are convinced now more than ever that innovation and technology are the future of banking and therefore reaffirm our continuous commitment to identify and support Africa’s brightest developers to promote their solutions and help improve our services through the Ecobank Fintech Challenge,” Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said.

Here Is What You Need To Know

Following the Finals and Awards ceremony in November 2021, all selected Finalists will be welcomed into the Ecobank Fintech Fellowship. The top three winners will each earn a cash award of $15,000, $12,000, and $10,000.

However, all Fellows will be eligible to pursue the following options with the bank:

Multinational product roll out: an opportunity to pursue integration with Ecobank and potentially launch products in parts of Ecobank’s Pan African 33-country ecosystem.

Service provider partnerships: Ecobank may select start-ups as pan-African service partner within the bank’s ecosystem.

Access to Ecobank’s Pan-African Banking Sandbox: Fellows will be given access to Ecobank’s APIs to test and improve their products for the pan-African market.

Mentoring and networking support in the network of global and African partners of the Group.
Priority Access to Ecobank’s VC partners for funding exploration.

Ecobank successfully launched the Ecobank Investor App, which was originally built by Finance Mobile, a start-up from the 2017 Ecobank Fintech Fellows cohort. Following the successful launch of the app in nine Ecobank markets and the current expansion into other countries, Ecobank is aiming to finalize more agreements with Fellows from the 2020 Fintech Challenge.

“We are firm believers that Africa’s talent pool is enormous and requires specialized and targeted mentorships to fully crystallize and ready Fintech startups for business engagements. Through the Ecobank Fintech Fellowship, we are creating a learning experience through mentorship sessions with in-house, high-level technical teams and with our global partners to help shape and reshape the strategy and focus of African Fintechs,” Tomisin Fashina, Operations and Technology Executive, Ecobank Group said.

How To Apply

Applications have opened for entries from all startups and developers in any of Africa’s 54 countries and global Africa-centered Fintechs.

ACCION, Catalyst Fund, Nedbank VC, and Cellulant are among the partners supporting the Ecobank Fintech Challenge in Africa and around the world. Applications will be accepted until September 20, 2021.

Visit the website (https://Ecobankfintechchallenge.com) for additional information on the competition, its benefits, and how to apply.

Ecobank fintech challenge 2021 Ecobank fintech challenge 2021

Which Investors Invest In African Blockchain And Crypto Startups? Here Is A List.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Ghanaian Startup Nokwary Wins Ecobank’s 2020 Fintech Challenge

August 26, 2020

Ecobank Group has announced the winners of its 2020 Ecobank Fintech Challenge from a virtual event that was streamed live from Accra, Ghana. Prior this, Ecobank earlier this month had revealed its 10 finalists emerging from seven countries to compete for a share of USD$22,000.

“The quality of the products and pitches we saw in the final this year were amazing. Clearly it is evident that Banking in Africa is moving onto a new dimension with these Fintechs leading the way. That is why we are so proud to have had them in this year’s competition and are excited to engage further with them over the next year. It is our expectation that we will build a few lasting partnerships which will help improve the lives of Africans all over the continent,” Ade Ayeyemi, Ecobank Group CEO said, congratulating the winners for their innovation and welcomed all the 2020 fellows.

Here Is What You Need To Know

Nokwary Technologies, edged out the rest of the finalists to emerge winner of the competition winning a cash prize of USD$10,000. The first and second runner up spots were taken by Ukheshe Payment and Solutions Growth Factor Technologies respectively each receiving a cash prizes worth of USD$7,000 and USD$5,000 respectively.
Nokwary, from Ghana, is a fintech that uses AI to promote financial inclusion. Its AI Powered banking solution offers an opportunity for users to carry out transactions in a language to which they are familiar to using popular social media channels like Whatsapp.

South Africa’s Ukheshe, is bridging the gap between the card and the cash economy creating the world’s first card acceptance platform that allows unbanked merchants/traders to accept and make digital payments.
Finally, Growth Factor is a fintech company that provides trade financing solutions designed for Micro-Small/Medium Entities (MSMEs) in order to encourage financial inclusion and growth. Its Nvoicia solution solves cash flow issues caused by delayed payments for SMEs, by enabling them to get paid in 24hrs when dealing with credit clients.
In the meantime, all the ten finalists have officially been inducted into the Ecobank Fintech Fellowship, a one-year program which will give them the opportunity to explore opportunities for commercial partnerships with the Ecobank Group, and to possibly launch and scale products across Ecobank’s 33 country markets in the continent.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

African Countries Should Not Demand for Debt Cancellation—-Ecobank CEO

June 24, 2020

The Chief Executive Officer of Ecobank Transnational International (ETI) has warned that calls for debt cancelation by some African countries in the wake of the covid-19 spread across the continent may come to haunt the continent if acceded to by the creditors. Adding that the idea of African countries seeking debt cancellation from multilateral institutions, bilateral lenders, and international financial organizations will backfire.

Ade Ayeyemi speaking recently said that canceling the debt of heavily indebted African countries would only come back to haunt them. “Forgiveness is not helpful because your debt is somebody else’s savings. When you go to the market to borrow money, the market is looking at your current and past behavior.”This view was also corroborated by the Chief Executive Officer of Kenya’s largest bank, Equity Group Holdings, James Mwangi, who said that forgiveness was a form of default, which distorted markets. He pointed out that the call for debt forgiveness was one area where the continent should be conscious of the unintended consequences.

It can be recalled that in April, African Finance ministers asked for debt relief from multilateral Institutions like the International Monetary Fund, World Bank and the European Union amid the coronavirus crisis. The African countries who asked for immediate relief from debt service obligations from these multilateral institutions including the G20, canvassed for a portion of their debt to be forgiven or converted into long term, low interest loans. This is to help free up funds for the more than 50 poor African countries to deal with the coronavirus pandemic.

It could be recalled that China, to exempt some African countries from repaying their interest-free loans that are due at the end of 2020. It also expressed its willingness to provide further support, including loan maturing extensions, to free up funds needed to deal with the pandemic.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

The 100MEs by 2021” Programme for Africa’s MSME’s Launched

June 14, 2020

Efforts to pool African resources, capabilities, financing, market access and technology, to help achieve a continental response to MSMEs has been launched with the collaboration of AUDA-NEPAD (the African Union Development Agency) and Ecobank Group as both agreed to commit resources to Africa’s Micro Small and Medium Enterprises (MSMEs). The second virtual workshop facilitated by McKinsey over the weekend provided an opportunity to reaffirm the importance of sustaining market access and strengthening capabilities for MSMEs. During the session, high level representatives from the African Union Commission, regional development banks, development financial institutions, international organisations and commercial banks from the continent, agreed to put in place the AUDA-NEPAD “100,000 MSMEs by 2021” programme.

AUDA-NEPAD Chief Executive Officer Dr Ibrahim Assane Mayaki

Because MSMEs require collective resources to secure and create new jobs on the African continent, the need for collaboration becomes necessary, and as such, the AUDA-NEPAD MSME programme will have five pillars mainly, AUDA MSME Academy, MSME Financing Support Programme, MSME Marketplace, MSME Micro-health insurance Scheme and MSME digital platform.

These five pillars are designed to ensure that MSMEs across the continent are supported to become more resilient, improve their market access and take advantage of technology to tap into the African market of 1.3 billion consumers and leverage the Africa Continental Free Trade Agreement.

AUDA-NEPAD Chief Executive Officer Dr Ibrahim Assane Mayaki commended the contribution of all the Financial Institutions, Development Partners and other Stakeholders who participated in designing the “100,000 MSMEs by 2021” programme. He emphasized the need for all actors to work together and support the private sector in Africa, in order to protect employment and to create the 440 million jobs the continent will need by 2030.

Ade Ayeyemi, Ecobank Group CEO reiterated Ecobank’s commitment to the initiative and specifically confirmed its support in building the digital platform, developing content for the MSME Academy and participating in lending to African MSMEs.Governments have committed to support MSMEs at the national level. The AUDA-NEPAD programme will pool African resources, capabilities, financing, market access and technology, to help achieve a continental response to MSME’s.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Ecobank Wins Most Innovative Bank in Africa

May 27, 2020

WGlobal Finance has named Ecobank as the most innovative bank in Africa. The announcement was made Tuesday at the eighth Global Finance annual awards, the Innovators 2020, honoring entities that regularly identify new paths and design new tools in finance. Categories in the award include Top Innovations in Corporate Finance, Payments, Trade Finance, Cash Management, Islamic Finance, with Winners selected from different regions of the world. The classes of award comprised Most Innovative Banks in Africa, Asia-Pacific, Central & Eastern Europe, Latin America, Middle East, North America and Western Europe; The Most Innovative Fintech Companies in Asia-Pacific, Central & Eastern Europe, North America and Western Europe; and The Best Financial Innovation Labs.

At the virtual awards announcement, Anita Hawser, European Editor at Global Finance and Lead, Global Finance Awards evaluation team, noted that companies recognized at the Innovators 2020 significantly stood apart. She said the review panel looked at innovation in the context of product or process innovation, as they were ultimately more concerned with the impact of innovation in terms of creating value for customers or addressing a specific need, like speeding up lending or credit review process for small businesses; enabling companies to deposit cheques remotely and not having to visit the branches. According to her, these are innovations that significantly reduce the time or cost of companies to perform financial tasks and really transform customers’ business lives helping them operate more effectively in a significantly challenging business and economic environment.

In his remark, Ade Ayeyemi, Ecobank Group CEO said: “We are pleased to be recognised as the “Most Innovative Bank in Africa” by Global Finance. This attests to the strength of our brand in multiple countries across Africa, our unique pan-African platform, and our innovative banking products and solutions made possible by the success of our digital transformation journey.

With a larger African footprint than any other bank operating in West, Central, East and Southern Africa, Ecobank is the only bank that has banking operations that spans 33 African countries, operating a truly integrated African network. That is One unified integrated Ecobank Mobile Banking App, that works seamlessly across all 33 operating countries in Africa; One Ecobank Omni and Omni Lite serving Multinationals and SMEs in Africa; One Rapidtransfer app that breaks down country borders and allows the diaspora community send money directly to their loved ones, instantly and affordably across Africa; One Ecobank Online Banking platform that can be easily accessed across 33 African countries.

The Ecobank Group’s unique and largest pan-African platform is designed to help unlock the opportunities of the continent, for the benefit of the continent, through standardization, thereby enabling regional integration, and trade and investment across borders. With the Group’s sterling performance, it has been severally recognized as ‘Best Retail Bank in Africa 2019’ at African Banker Awards; Most Admired Financial Services Brand in Africa 2019 by Brand Africa 100; Best Digital Bank in Africa – 2017 by Euromoney Awards; Best Retail Bank and Innovation in Banking both in 2018 by the African Banker Awards amongst others.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry