Business

Ecobank unveils finalist in its technology start-ups challenge

Ecobank has unveiled finalists in the ‘Ecobank Fintech Challenge,’ a competition for African technology start-ups launched in January 2017.

The list, which includes 20 innovators from across the continent, will honor the start-ups on June 21, 2017, at the global headquarters of Ecobank in Lomé, Togo in an innovation fair & awards ceremony.

The award ceremony also marks the official induction of all 20 start-ups into the Ecobank Fintech fellowship. In addition to the fellowship programme, the top three innovators will win cash prizes worth Sh1.03 million, Sh723,100 and Sh516,500 respectively.

Fintech Fellows will receive start-up capital of up to Sh51.7 million (US$500,000) for products that meet Ecobank’s investment criteria, get a multinational product roll-out support for the most commercially viable start-ups to launch their products across Ecobank’s 33 markets in Africa.

Other benefits include service provider and ecosystem partner deals for start-ups with deep capabilities to become service partners within Ecobank’s ecosystem.

During the one year fellowship period, fellows will benefit from technical support from Ecobank’s global network of technology leaders, fintech experts, investors and management coaches.

Ecobank Group executive for operations and technology Eddy Ogbogu said the programme has empowered 850 start-ups and developers from all over Africa, as well as the US and Europe.

Group Chief executive, Ade Ayeyemi, said as a pan-African bank, Ecobank group wants to help grow pan-African fintech companies. The 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.

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