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. 

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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.

Read also:Ecobank Group Named 2021 African SME Bank of the Year

“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.

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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