Ecobank, the pan-African banking group, has announced the finalists in the ‘Ecobank Fintech Challenge,’ a competition for African technology start-ups launched in January 2017.
The list includes 20 innovators from across the continent, among them five Kenyan startups. The Kenyan companies that have been shortlisted are MobiTill, TEAM SAFEPAY, Greenshoe, Shield Finance and Circle Group Savings and Investment.
An Innovation Fair & Awards ceremony will honour the start-ups on June 21st, 2017 at the global headquarters of Ecobank in Lomé, Togo.
The awards ceremony also marks the official induction of all 20 start-ups into the Ecobank Fintech Fellowship. At the ceremony, the start-ups will exhibit and pitch their products to a jury for the ‘Ecobank Africa Fintech Prize’, which will be awarded the top innovator and two runners-up.
In addition to fellowship programme, the top three innovators will win cash prizes worth $10,000, $7,000, and $5,000 respectively. The 20 Ecobank Fintech Fellows will benefit from an opportunity to partner with the Ecobank Group.
The partnership includes start-up funding worth up to $500,000 for products that meet Ecobank’s investment criteria, multinational product roll-out support for the most commercially viable start-ups to launch their products across Ecobank’s 33 markets in Africa as well as service provider & ecosystem partner deals for start-ups with deep capabilities to become service partners within Ecobank’s ecosystem.
They will also receive technical & mentoring support during the one year fellowship period from Ecobank’s global network of technology leaders, Fintech experts, investors and management coaches.
“The Ecobank Fintech Challenge has been a huge success,” said Mr Eddy Ogbogu, Ecobank Group Executive for Operations and Technology, “Over 850 start-ups and developers submitted products from all over Africa, as well as the US and Europe. The sheer breadth of innovative products and ideas we’ve seen shows that African fintech has a bright future.”
Group CEO Ade Ayeyemi said as a pan-African bank, Ecobank is seeking to help grow pan-African fintech companies. “The Ecobank Group and its partners are looking forward to working with the 20 start-ups to help them mature into major African and global commercial success stories,” he said.
The 20 start-ups are:
- Piggybank.ng (Nigeria)
- Digi Teller (Ghana)
- MobiTill (Kenya)
- TEAM SAFEPAY (Kenya)
- Wallettec (South Africa)
- Greenshoe (Kenya)
- Invest Mobile (Ghana)
- Wayagear Innovations Lagos (Nigeria)
- PaylaterOneFi (Nigeria)
- PAYVITE (Algeria)
- PurseNG (Nigeria)
- Shield Finance (Kenya)
- Circle Group Savings and Investment (Kenya)
- Inclusive Financial Technologies (Ghana)
- Electronic Settlement Limited(Nigeria)
- Social Lender(Nigeria)
- General Marchant (United States)
- Mi Nafa (Burkina Faso)
More information can be found on the Program’s website at ecobankfintech.com