Ecobank Group has announced the startups that have been selected as finalists from the 2020 Ecobank Fintech Challenge. The challenge, which is in its 3rd year, is designed to encourage collaboration between Ecobank and Fintech startups that have products focused on serving Africa.

The 2020 startups selected as finalists for the 2020 Ecobank Fintech Challenge are Always In-Touch Real-time ( South Africa), Fluid AI (India), Franc Group (South Africa), Growth Factor (Ghana), Leaf Global Corporation (Rwanda), Moja Ride (Ivory Coast), Nokwary Technologies Limited (Ghana), Papersoft S.A (Mozambique), Ukheshe Payment Solutions (South Africa), and PayChap Technologies (Tanzania).

“We congratulate the 10 Fintechs that have made it to the 2020 Finals. This is an impressive cast of innovators and we look forward to the Final event where we will honour them and potentially build productive collaborations,” said Eddy Ogbogu, Group Executive, Operations & Technology at Ecobank.

Ecobank Fintech Challenge 2020 Finals.

Fintech startups partnering with banks

As Fintech startups continued to emerge across Africa, it was initially thought they would disrupt big financial services companies like banks. What has since emerged is more startups getting acquired by banks or partnering with them.

This makes sense when considering that banks can help fintech startups scale across different markets that they already operate in. Also, they offer them a group of customers that they already have.

The 10 finalists for the Ecobank Fintech Challenge are from 7 different countries. They were selected from a pool of over 600 Fintech startups.

Opportunities for startups selected for the Ecobank Fintech Challenge

The startups that have been selected as finalists will get an opportunity to pitch their products to a jury. The top 3 startups stand a chance to win cash prizes worth $10,000, $7,000, and $5,000.

The finalists will also be enrolled into Ecobank’s Fintech Fellowship where they will spend the next 6 months exploring partnership opportunities which includes:

  • Multinational product roll out: An opportunity to pursue collaboration with Ecobank and possibly launch products in Ecobank’s 33 African markets.
  • Service provider partnerships: 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
  • Mentoring and networking support: Access to networking and mentoring opportunities within the Ecobank Group and its vast network of global and African partners
  • Integration with existing Ecobank digital offerings: An opportunity to potentially integrate with Ecobank’s existing digital offerings.

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

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