Ecobank, one of the continent's largest banks, has announced 11 startups that will take part in the 2nd edition of the annual Ecobank FinTech Challenge. Initially, the bank had announced that the Ecobank Fintech Challenge 2018 is open to any Afrikan FinTech startup in any of the 54 countries, however, it has since said it was open to Afrika-focused technology startups from the continent and beyond.

An Innovation Fair & awards ceremony will be held to honour the FinTech startups on 30 August 2018 at the global headquarters of Ecobank in LomΓ©, Togo.

β€œAt 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,” said Ade Ayeyemi, Group CEO at Ecobank.

Afrika-focused FinTech startups

The Ecobank Fintech Challenge 2018 is designed in partnership with the advisory firm Konfidants and is supported by partners across Africa and the world.

The 11 Afrika focussed startups that have been selected as finalists are:

  • Lypa (Kenya)
  • (Nigeria)
  • Nala (Tanzania)
  • Litee (Benin)
  • SESO Global (South Africa)
  • InvestED (Sierra Leone)
  • Eversend (France)
  • Secapay (Nigeria)
  • Virtual Identity (South Africa)
  • MojiPay (Togo)
  • Awamo (Germany)

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.

β€œAfrika 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 capitalize on the mentoring and support opportunities of the Ecobank competition on their journeys to future success," said Eddy Ogbogu, Group Executive for Operations and Technology at Ecobank.

Cover image credit: Ecobank

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