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HomeBusinessEight finalists emerge for Ecobank Fintech Challenge 2023 out of 1,490 participants 

Eight finalists emerge for Ecobank Fintech Challenge 2023 out of 1,490 participants 

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A historic count of 1,490 fintech companies has thrown their hats into the ring for the Ecobank Fintech Challenge 2023, with an elite eight emerging as finalists in the rigorous competition.

From a remarkable assemblage of 1,490 fintech contenders spanning 64 countries worldwide, including those beyond the African continent, eight noteworthy finalists have clinched their positions.

The ultimate showdown is slated for October 6, hosted at the Ecobank Group Pan African Centre in Lomé, Togo. All finalists will be inducted into the esteemed Ecobank Fintech Fellowship Programme, and the champion of the Ecobank Fintech Challenge will not only secure a cash award of $50,000 but also gain coveted entry into the Fellowship Programme.

Over 1,400 fintech startups hailing from 64 countries across Africa and beyond have eagerly engaged in the 2023 Ecobank Fintech Challenge, with a select eight now poised to engage in the ultimate competition for the coveted prize.

This marks the sixth rendition of this global contest, with the most extensive number of applications ever witnessed.

The eminent Ecobank Group, the continent’s premier pan-African banking conglomerate, expressed that this year’s entrants exhibited a doubling in participation as compared to the previous year, surging from 703 submissions representing 59 countries.

In the year 2022, Nigeria’s fintech standout, ‘Touch and Pay,’ left an indelible mark on the jury with their groundbreaking ‘Cowry App,’ securing the $50,000 top prize.

The eight finalists who have emerged from the fiercely competitive preliminary rounds will converge in the climactic grand finale.

READ ALSO: Nigeria ranks 11th in global internet penetration and 7th in mobile phone usage ~NCC

The zenith of this contest is scheduled to unfold at the renowned Ecobank Pan African Centre in Lomé, Togo, on October 6, 2023.

Presenting the distinguished cohort of the 2023 Ecobank Fintech Challenge finalists, listed in alphabetical order:

  • Flexpay Technologies (Kenya): Pioneering a novel merchant-embedded savings-based purchasing experience dubbed “Save Now, Buy Later.”
  • IPOXCap AI (South Africa): Unveiling FinanceGPT, an advanced financial analysis platform tailored for emerging markets Leveraging sophisticated algorithms, it processes structured and unstructured financial data to generate actionable insights for financial forecasting, health monitoring, and valuation.
  • Kastelo (South Africa): Offering a democratized solution through an array of products, focusing on transactions, savings, and forex services aimed at extending banking services to the underbanked in burgeoning markets via client-centric solutions
  • Koree (Cameroon): Introducing Koree, a card wallet application aimed at tackling the scarcity of small change in Sub-Saharan Francophone Africa by digitizing cash merchant payments and empowering consumers with an incentivized reward system.
  • Kori Tech (Senegal): Introducing Koripass, an e-wallet intricately linked to physical payment accessories such as bracelets, stickers, and keychains. It facilitates swift and effortless merchant payments through NFC and QR Code technology, without the need for an internet connection or smartphone.
  • Smart Teller Technologies Limited (Nigeria): Enabling seamless cooperative digital banking, IT services, and online bill payments to streamline services
  • Rubyx (Belgium and Senegal): spearheading digital lending solutions for service providers in emerging markets, bridging the financing gap that often hampers informal entrepreneurs and small businesses in their activities.
  • Wolf Technologies (Democratic Republic of the Congo): Introducing Makuta, a cutting-edge application designed to offer a simple, secure, and convenient electronic money transfer and payment experience.

The Chief Executive Officer of Ecobank Group, Jeremy Awori who will preside over the Fintech Challenge final for the first time, commented, “The overwhelming number of applications received for the sixth edition of our Ecobank Fintech Challenge is a heartening development.

“The substantial surge in participation underscores the growing impact of our investments in the fintech landscape and our initiatives across Africa. The finalists have triumphed through a rigorous process, and we eagerly anticipate the presentations from these eight contenders as they vie for the top honor and the prospect of a partnership with Ecobank Group.”

Also, Ecobank Group Executive for Operations and Technology, Tomisin Fashina congratulated the distinguished finalists of the 2023 Ecobank Fintech Challenge.

He stated, “We take pride in fostering the growth of fintechs, which serve as drivers for digital banking transformation across Africa and beyond. The consistent escalation in participation—from a mere 412 applications in 2018 to an impressive 1,490 submissions this year—exemplifies the vast reservoir of untapped innovation and talent residing within our continent.”

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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