Ecobank launches 2024 Fintech Challenge with US$50,000 Prize: APPLY NOW

The 2024 Ecobank Fintech Challenge is now accepting applications for both early-stage and established startups to collaborate with Ecobank in its 35 African markets. This year marks the 7th edition of the Fintech Challenge.

Despite the growing presence of fintech in Africa, a McKinsey report highlights the challenges faced by fintech startups in the region, including scaling, regulatory hurdles, and funding constraints. The Ecobank Fintech Challenge aims to address these challenges by offering a grand prize of US$50,000 and the opportunity to expand solutions across Ecobank’s vast network.

“Partnering with fintechs is crucial for promoting financial inclusion in Africa. At Ecobank, we are committed to supporting fintechs through our Growth, Transformation, and Returns strategy,” said Jeremy Awori, CEO of Ecobank Group. “This latest edition of the Ecobank Fintech Challenge is designed to provide fintech entrepreneurs with a platform to showcase innovative solutions and access unparalleled opportunities for growth in Africa.”

The previous year’s contest saw 1,490 high-quality entries, highlighting the importance of this continent-wide competition. Those who make it to the Grand Finale and Awards Ceremony in October 2024 will have the opportunity to participate in the prestigious Ecobank Fintech Fellowship program, with the ultimate winner receiving a $50,000 cash prize.

Goals and Objectives of the Ecobank Fintech Challenge

The Ecobank Fintech Challenge welcomes startups from all backgrounds that have groundbreaking solutions to meet the demands of the African population and its diaspora. This initiative has been established with two primary goals in mind:

1. To identify and provide assistance to Fintech companies that are prepared to expand their operations with the help of resources, funding, partnerships, and more across Ecobank’s 33 African markets.
2. To utilize the success stories of these pan-African Fintech ventures and the solutions they offer to enhance Africa’s financial integration and promote economic development.

Eligibility: Ecobank Fintech Challenge

• All Fintechs with relevant financial products for Africa are eligible to apply to the Ecobank Fintech Challenge.

BENEFITS: Ecobank Fintech Challenge

• • Ecobank Fintech Fellows will have access to a range of opportunities through collaboration with Ecobank and its partners, such as:
  • Competition cash prizes$50,000 no-strings attached cash prize support to the winning company along with more cash prizes to the top three winners

• • – Multinational product launches: the chance to integrate their solutions with Ecobank, potentially leading to product launches across Ecobank’s extensive 35-country Pan-African network.

• • – Service provider partnerships: chosen fintechs may become Pan-African service partners within the Bank’s ecosystem.
  • Integration with our existing digital offeringsLaunchpad to leverage our existing products such as Omni, Electronic Financial Supply Chain (eFSC), Xpress, Mobile App, MasterPass™ QR, mVISA™ & mCash, etc.

• • – Access to Ecobank’s Pan-African Banking Sandbox: Fellows will have exclusive access to Ecobank’s state-of-the-art APIs, allowing them to test and develop their products for the Pan-African market.

• • – Priority access to Ecobank’s Venture Capital partners for potential funding opportunities.
    Since its inception, 60 fintech startups have been welcomed into the Ecobank Fintech Fellowship.

• The Ecobank Fintech Challenge is a collaboration with the international advisory firm Konfidants and is backed by various partners.

APPLICATION: Ecobank Fintech Challenge

• Applications for the 7th Ecobank Fintech Challenge are now being accepted from fintechs and developers across Africa, as well as global fintechs focused on Africa.
• Those interested can learn more about the competition and submit their applications on the official website: EcobankFintechChallenge.com
• The deadline for submissions is July 7, 2024.