Ecobank Fintech Fellows will benefit from an opportunity to further explore partnerships with the Ecobank Group. Photo: Supplied

LOMÉ, Togo – Ecobank, the leading independent pan-African banking group, has announced the finalists for the second edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups. 

The list includes 11 fintech start-ups from across the continent and beyond.

An Innovation Fair and Awards ceremony will honour the start-ups on August 30 at the global headquarters of Ecobank in Lomé, Togo.

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. The top three innovators will win cash prizes worth $10 000 (R134 540), $7 000, and $5 000 respectively.

After the Awards ceremony, Ecobank will enroll all 11 finalists into the Ecobank Fintech Fellowship. The Fellowship will run for a period of six months during which Ecobank Fintech Fellows will benefit from an opportunity to further explore partnerships with the Ecobank Group. 

The eleven start-ups are:

Lypa (Kenya), Wallet.ng (Nigeria)(https://Wallet.ng/), Nala (Tanzania), Litee (Benin), SESO Global (South Africa), InvestED (Sierra Leone), Eversend (France), Secapay (Nigeria), Virtual Identity (South Africa), MojiPay (Togo), Awamo (Germany)

Group chief executive of Ecobank, Ade Ayeyemi, said: “At Ecobank our digital strategy is spectacularly successful and has changed the landscape of African banking, so it goes without saying that we see fintech as a vital component for the economic transformation of the continent and the prosperity of its citizens. 

“We want to do all we can to encourage the next generations of fintech entrepreneurs as they will be a driving force in propelling Africa into a globally competitive power in commercial services, enjoying significantly increased market share.”

Eddy Ogbogu, Ecobank Group Executive for Operations and Technology commented: “Africa has a proud history of innovation, and today’s fintech start-ups are the potential giants of tomorrow. We’re delighted by the quality of our Fintech Challenge finalists and have high hopes that they will capitalise on the mentoring and support opportunities of the Ecobank competition on their journeys to future success.

- BUSINESS REPORT ONLINE