Nigeria Misses Out in 2020 Ecobank Fintech Challenge 10 Finalists

August 12, 2020
Ecobank Fintech Challenge

By Modupe Gbadeyanka

No Nigerian financial technology (fintech) company could make the 10 finalists selected for the 2020 Ecobank Fintech Challenge.

Organisers of the competition recently released names of the 10 firms selected from seven different countries to participate in an online finale scheduled for August 21, 2020. The finalists were picked from a competitive pool of over 600 fintechs.

The finalists will pitch their products to a jury for the cash prizes for the top 3, worth $10,000, $7,000, and $5,000.

All the finalists will be enrolled into Ecobank’s Fintech Fellowship where they will spend the next six months exploring partnership opportunities.

Some of these include an opportunity to pursue collaboration with Ecobank and possibly launch products in Ecobank’s 33 African markets.

They will also have a chance to become a pan-African service partner to Ecobank for fintechs with the qualities to become product partners and offer joint services with Ecobank

In addition, finalists will have access to networking and mentoring opportunities within the Ecobank Group and its vast network of global and African partners and then get an opportunity to potentially integrate with Ecobank’s existing digital offerings.

According to a statement issued by the lender, the 10 firms picked are Always In-Touch Real-time from South Africa, Fluid AI from India, Franc Group from South Africa, Growth Factor from Ghana and Leaf Global Corporation from Rwanda.

Others are Moja Ride from Ivory Coast, Nokwary Technologies Limited from Ghana, Papersoft S.A from Mozambique, Ukheshe Payment Solutions from South Africa and PayChap Technologies from Tanzania.

The Group Executive in charge of Operations & Technology at Ecobank, Mr Eddy Ogbogu, congratulated the 10 fintechs, describing it as “an impressive cast of innovators and we look forward to the final event where we will honour them and potentially build productive collaborations.”

The Ecobank Fintech Challenge was designed in partnership with the advisory firm Konfidants and is supported by partners across Africa and globally.

The contest, in its third edition, aims to deepen collaboration between Ecobank and fintechs with Africa focused products.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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