Nokwary Technologies Wins 2020 Ecobank Fintech Challenge

Image

By Dipo Olowookere

The 2020 edition of the Ecobank Fintech Challenge has been clinched by Ghanaian firm, Nokwary Technologies, after impressing the judges the most from the 10 finalists picked for the event.

With the win, the company, after being inducted into the Ecobank Fintech Fellowship programme to explore commercial partnerships with the pan-African banking giant, will get the $10,000 cash prize.

Nokwary is a fintech that uses artificial intelligence (AI) to promote financial inclusion. Its AI-Powered banking solution offers an opportunity for users to carry out transactions in a language to which they are familiar with using popular social media channels like WhatsApp.

At the event live-streamed from Ghana, Ukheshe Payment Solutions and Growth Factor Technologies were the first and second runners-up respectively and received $7,000 and $5,000 apiece for the efforts.

Ukheshe, a South African firm, provides a bridge between the card and the cash economy. It has created the world’s first card acceptance platform that allows unbanked merchants/traders to accept and make digital payments.

For Growth Factor, a company based in Ghana, it provides trade financing solutions designed for Micro-Small/Medium Entities (MSMEs) in order to encourage financial inclusion and growth. Its Nvoicia solution solves cash flow issues caused by delayed payments for SMEs, by enabling them to get paid in 24hrs when dealing with credit clients.

Commenting on the event, the Group CEO of Ecobank, Mr Ade Ayeyemi, congratulated the winners for their innovation and welcomed all the 2020 fellows.

He said, “The quality of the products and pitches we saw in the final this year was amazing. Clearly, it is evident that banking in Africa is moving onto a new dimension with these Fintechs leading the way; that is why we are so proud to have had them in this year’s competition and are excited to engage further with them over the next year.

“It is our expectation that we will build a few lasting partnerships which will help improve the lives of Africans all over the continent.”

On his part, the CEO and co-founder of Nokwary Technologies, Mr Dennis Asamoah Owusu, expressed his excitement for the victory, saying, “I was beyond excited.

“Our company is rather young and to be recognized like this on such a stage was really exciting as well as a validation for our focus on creating inclusive technology right from the start.

“It is also very encouraging to note that a major bank like Ecobank places such a premium on inclusion and is willing to back and promote innovative and cutting-edge technologies towards that purpose.

“We are looking to work together with Ecobank to bring an AI-first digital banking platform over WhatsApp, as well as other innovative solutions to Ecobank’s customers.”

This year’s finalists made it through an extremely competitive pool of over 600 applicants across Africa, Europe, North America and Asia.

All 10 finalists have officially been inducted into the Ecobank Fintech Fellowship, a one-year program which will give them the opportunity to explore opportunities for commercial partnerships with the Ecobank Group and to possibly launch and scale products across the lender’s 33-country markets in the continent.

Share
Related Stories
Image
06-October-2023

Izifin, Vzy, Nine Others for Google AI First Accelerator Program

By Aduragbemi Omiyale Three Nigerian startups are among the 11 small firms selected by Google for its Artificial Intelligence (AI) First Accelerator Program for Africa. The beneficiaries will undergo a 10-week accelerator journey and will get $350,000 as an allocation in Google Cloud Credits, and further enjoy mentorship sessions, technical guidance, and networking opportunities to enhance their reach and impact. The 11 startups were picked from a vast pool of innovative talent. At the end of the scheme, they would be required to use cutting-edge AI to address both the continent’s challenges and broader global issues. “At Google, we’ve been

Image
26-October-2023

How Businesses Can Navigate Inflation by Adopting Cloud Technology

By Kehinde Ogundare In recent years, the global economy has faced and continues to face numerous challenges, including a pandemic, war, climate change, and inflation. Businesses have had to adapt and find new ways of working to tackle these challenges. Nigeria is no exception. According to the National Bureau of Statistics of Nigeria, the annual inflation rate accelerated to 24.08% in July 2023, the highest since September 2005. This has affected everything from electricity tariffs to transportation, all crucial to the performance of Nigerian enterprises. Fortunately, by adopting the right technologies and using them the right way, enterprises can ensure that they’re

Image
10-October-2023

Koree Goes With $50000 Ecobank Fintech Challenge Prize

By Precious Olisa A Cameroon-based company, Koree, has emerged as the winner of the 2023 edition of the Ecobank Fintech Challenge, going home with a prize of $50,000. The firm was announced as the winner of the contest by the panel of judges during the competition’s grand finale at the bank’s headquarters at the Pan African Centre in Lomé, Togo. The organisations made it to the final from an initial pool of over 1,400 fintechs from 64 countries, underscoring the significant growth in popularity of the competition since its inception six years ago, as well as the wealth of innovation

Image
01-October-2023

Boosting Website Performance: Tips for Speed and Efficiency

By Rahul Baitha In today’s digital age, where instant gratification is the norm, website performance plays a critical role in delivering a positive user experience. Visitors expect websites to load quickly and respond seamlessly to their interactions. If your website lags or stumbles, you risk losing valuable traffic and potential customers. As a web designer or business owner, optimizing your website’s performance should be a top priority. In this comprehensive guide, we’ll explore essential tips and techniques to boost your website’s speed and efficiency. Understanding Website Performance Before diving into optimization strategies, it’s essential to grasp the fundamentals of website

More Stories
Image
04-February-2022

Investors Give Moove $10m Debt Finance for Expansion

By Adedapo Adesanya Nigerian mobility fintech startup, Moove, has secured $10 million in debt financing to enable it to expand across key markets in West Africa. The money was got from NBK Capital Partners’ Mezzanine Fund II. Moove is the first investment in Africa by NBK Capital Partners funds, underscoring the opportunity for a platform like Moove to address the continent’s vehicle financing gap. Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, which allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans. Its model is to provide loans to its customers by

Image
04-July-2021

FG Returns Impounded MT San Padre Pio to Switzerland

By Adedapo Adesanya The Nigerian authorities have returned a Swiss vessel, MT San Padre Pio, which was impounded within the nation’s waterways in 2018 to the Government of Switzerland. This was disclosed on Saturday during the handing over of the vessel to the Swiss government. The transfer was done by Commander of the Nigerian Navy Ship, NNS Pathfinder, Commodore Abdullahi Ahmed, a representative of the Ministry of Foreign Affairs, Mr Samuel Ojo, and the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami. Mr Malami, represented the Deputy Director of International and Comparative Law, Federal Ministry of

Image
08-February-2017

AfDB Shares Insights to Better Bargaining

By Modupe Gbadeyanka At the ongoing Indaba: Investing in African Mining conference in Cape Town, South Africa, the African Development Bank (AfDB) held its maiden session as a presentation on its knowledge tool on support to negotiations followed by a panel discussion with experts and political leaders, on February 6 at the Cape Town International Convention Centre. In addition to the Bank representatives, the two-hour session attracted private sector and government representatives, including Jean-Claude Brou, Minister of Mines and Industry for Côte d’Ivoire; Addi Azza, an Adviser to the Minister of Mines, Water and Environment, Kingdom of Morocco; Torge Hamkens

Image
18-February-2021

Nigeria’s GDP Rises 0.11% in Q4’20, Slips 1.92% in FY 2020

By Dipo Olowookere The journey of Nigeria’s exit from recession seems to have started following the marginal rise in the country’s Gross Domestic Product (GDP) in the fourth quarter of 2020. In the second quarter of the year, Nigeria, which prides itself as the largest economy in Africa, suffered a 6.10 per cent slip in GDP and this was mainly caused by the lockdown in the period. The federal government, as part of efforts to curb the spread of COVID-19, imposed lockdown in Lagos, Ogun and Abuja, the key economic hubs of the nation, on March 30. This was eased

Image
03-August-2020

Fourth Industrial Revolution: NITDA Working to Ensure Job Security—DG

By Adedapo Adesanya The National Information Technology Development Agency (NITDA) has said that it was working hard to ensure Nigerians are not left without jobs as the country works towards digital automation in the country. This disclosure was made by the agency’s Director-General, Mr Kashifu Inuwa Abdullahi, at an international conference on Information Technology in Education and Development (ITED 2020) organised by Academia in Information Technology Profession, Ahmadu Bello University Zaria. He said it was necessary to look into the concerns and advantages of Fourth Industrial Revolution (FIR) particularly as it relates to the fear of people losing their jobs

Image
17-February-2017

G20 Partners Oyo on Job Creation

By Dipo Olowookere A multinational youth entrepreneurship group called the G20 Youths Entrepreneur Alliance (YEA) has promised to work with the Oyo State Government to create employment opportunities for the teeming youths in the State. The Director General, Citizens Enterprises, Mr Jean-Louis Gregoire, who led the Youths Entrepreneur Alliance members on a courtesy visit to the state Governor, Mr Abiola Ajimobi said the group was in the state to foster sustainable ways that would help to set up youths empowerment schemes to reduce poverty among the young ones. According to Mr Gregoire, “Our objective is to look into how to

Image
13-April-2019

Golden Guinea Breweries Resumes Production After N3.6bn Lifeline

By Dipo Olowookere Abia State-based beer maker, Golden Guinea Breweries Plc, has resumed operations, Business Post has learned. The reopening of the company is coming one year after it received a grant of N3.6 billion from federal government through the Nigerian Export Import Bank (NEXIM) with support from the Bank of Industry (BoI). Golden Guinea Breweries used to be the pride of the eastern region of the country, but a fire incident in 2003 affected the brewery firm as a result of the destruction of its production equipment during the inferno. Before it went moribund, Golden Guinea Breweries had franchise

Image
29-April-2019

Universities Deserve Special Funds for Research—Dangote

By Modupe Gbadeyanka Federal government has been urged to consider allocating special funds to universities in the country to assist them with research and infrastructural upgrade. This appeal was made by Africa’s foremost businessman and Chairman of Aliko Dangote Foundation, Mr Aliko Dangote, during the 41st convocation of the Ahmadu Bello University, Zaria at the weekend. At the convocation, Mr Dangote made yet another critical intervention in the educational sector by donating a fully equipped 2,160 bed space hostel complex to the institution. The students’ halls of residence comprising of 10 blocks of 360 rooms built at the sum of

Ad
Ad
Recent Stories
Image
29-November-2023

FrieslandCampina, Others Shrink NASD OTC Securities Exchange by 1.14%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange fell into the danger zone on Tuesday, November 28, as it recorded a 1.14 per cent loss after the price of three securities on the platform closed lower. This chopped off N13.33 billion from the NASD OTC securities exchange at the close of transactions, going down to N1.158 trillion from the N1.171 trillion it ended in the previous session. Business Post reports that the effort of a price gainer yesterday could not save the NASD Unlisted Security Index (NSI) from declining by 9.84 points to 854.67 points from the 864.51 points

Image
29-November-2023

Naira Plunges 8.3% Amid Rush for Dollar at Official Market

By Adedapo Adesanya The Nigerian Naira weakened further by 8.3 per cent or N67.28 on the American Dollar at the Nigeria Autonomous Foreign Exchange Market (NAFEM) on Tuesday, as investors intensified their demand for the greenback ahead of the festive season rush. Amid a squeeze in the supply of the foreign currency to the market, the value of the local currency closed at N881.88/$1 yesterday compared with the preceding session’s N814.60/$1. Though the supply of FX into the official market improved by 17.9 per cent or $18.00 million to $118.06 million from $100.06 million quoted on Monday, it was not

Image
29-November-2023

Brent, WTI Jump 2% on OPEC+ Cuts Anticipation, Kazakh Oil Disruption

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

Image
29-November-2023

Profit-taking in Bellwether Stocks Pulls Down NGX by 0.44%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

Image
29-November-2023

GE Vernova Reinforces Ethical Business Practices Across Sub-Saharan Africa

By Adedapo Adesanya Global energy company, GE Vernova, has used a series of events during Compliance Week to emphasise the critical role of ethics and compliance in business growth and success. The week-long initiative, held across Nigeria with more than 100 attendees, involved employees, suppliers, legal experts, and customers, highlighting GE Vernova’s unwavering commitment to fostering a culture of integrity and transparency. Speaking on this, Mrs Ozim Ifeoma Ibeziako, Executive General Counsel for GE Vernova’s Gas Power business in Africa, said, “At GE Vernova, we believe that integrity is the cornerstone of any successful business. “Our Compliance Week is an

Image
28-November-2023

Cytek Advocates Cybersecurity Resilience in Nigeria’s Financial Services Sector

By Adedapo Adesanya Leading global provider of technological solutions YNV Group, through its cybersecurity brand, Cytek, has advocated that stakeholders in the financial services sector prioritise cybersecurity and highlighted key strategies for resilience at a recently hosted webinar for the industry. The session which was held on November 22, was themed Ensuring Cybersecurity Resilience in Financial Services Companies in Nigeria, and served as a pivotal platform for fostering collaboration and knowledge exchange in the sector. Led by cybersecurity experts in the industry, the webinar analysed some of the pressing challenges and emerging threats faced by financial services companies in Nigeria while

Image
28-November-2023

BetWGB Empowers Youths With Omo Adugbo Initiative

By Aduragbemi Omiyale An innovative initiative called Omo Adugbo, designed to tackle the high rate of unemployment among youths across Nigeria, has been introduced by a foremost bookmaker, BetWGB. This schemed, which is part of the company to bridge the youth unemployment gap in the country, involves the provision of an outlet in each local government across the country to serve as the organisation’s contact office within the local area. By establishing these outlets across the country, BetWGB Nigeria aims to impact positively on the local economy and bridge the unemployment gap that has affected many young Nigerians. With a

Image
28-November-2023

Zenith Bank Seeks Operating Licence for Subsidiary in France

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

Image
28-November-2023

Stanbic IBTC Capital Shines at AIHN Awards

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

Image
28-November-2023

Slave Wages for Contract Private Security Guards in Nigeria

By Emmanuel Udom Today, most contract security guards are earning slave wages, putting their lives in danger while ensuring the safety of other people, corporate bodies, government agencies, etc, 24/7. It is noted that all over the world, security business is deadly, risky, slippery, dangerous and sophisticated. Like in other business concerns, owners of registered and yet-to-be-registered private security companies are in for raw deals. They are driven by profits, the laws of supply and demand and the desperate hustle for big, juicy contracts, our investigations have shown. Private contract security companies hire all sorts of people, give them one