12 top finalists eye $50,000 prize in Ecobank fintech challenge

Ecobank has unveiled the top 12 finalists in its Fintech Challenge semi-final event held in Lagos on Wednesday. The selected 12 will compete in the grand finale for a $50,000 prize and a spot in the Ecobank Fintech Fellowship programme, which would provide a major boost for their innovations.

Ecobank Fintech fellows have access to numerous opportunities through collaborations with the bank and its partners, including an opportunity to integrate their solutions with the bank, opening doors to potential product launches in its expansive 35-country Pan-African network.

These selected fintechs may become pan-African service partners within the bank’s ecosystem. Fellows receive exclusive access to Ecobank’s cutting-edge APIs, enabling them to test and develop their products for the African market.

Speaking at the event, the Group Head, Payment Services and Cash Management and Client Access, Ecobank Group, Isaac Kamuta, said fintech industry has played a crucial role in enhancing traditional financial services, noting that building strategic partnership with fintechs offer banks great value, especially in the areas of deepening financial inclusion.

According to him, the bank recognises several challenges faced by fintechs in the continent such as reaching scale, navigating an uncertain regulatory environment or managing scarcity of funding.

He pointed out that the challenge provides a unique opportunity for fintech entrepreneurs to address the challenges by not only offering financial rewards but by also providing Ecobank’s expertise in diversified markets operations and the right solutions to scale across its pan-African footprint and international presence.

Managing Director/Regional Executive of Ecobank Nigeria, Bolaji Lawal, said he was glad that the Nigerian affiliate hosted the semi-finals.”Hosting this year’s Fintech Challenge semifinal is a great honour for us. We are thrilled to welcome prominent fintech players from across the continent and are particularly proud of the strong participation from Nigerian fintechs.

“Their efforts contribute to Africa’s financial integration and economic growth. We invite Nigerian fintechs to take advantage of the panel discussions, while also using the opportunity to network and explore partnership opportunities that will support their growth,” he said.