The 2024 Ecobank Fintech Challenge has opened applications for early-stage and mature startups to partner with Ecobank across its 35 African markets. This marks the 7th edition of the Fintech Challenge.
Ecobank Invites Fintech Startups for the 7th Edition of Its Challenge
Ecobank, the pan-African financial services group, has officially opened the call for applications to the 7th edition of its Fintech Challenge. This annual competition invites early-stage and mature fintech startups to partner with Ecobank, offering a grand prize of $50,000 and a chance to scale their solutions across Ecobank’s extensive network spanning 35 African countries.
Addressing Challenges in African Fintech
Despite the fintech boom in Africa, a McKinsey report reveals that startups in the sector still face significant challenges such as scaling, navigating uncertain regulatory environments, and managing scarce funding. The Ecobank Fintech Challenge provides a unique opportunity for fintech entrepreneurs to address these challenges by offering not only financial rewards but also Ecobank’s expertise in diversified market operations and solutions to scale across its pan-African footprint and international presence, including in France.
Last Year’s Success and Opportunities for Participants
Last year’s competition attracted 1,490 high-quality entries, underscoring the significance of this pan-African challenge. Successful applicants reaching the Grand Finale and Awards Ceremony in October 2024 will have the chance to join the highly coveted Ecobank Fintech Fellowship programme, with the overall winner receiving a cash prize of $50,000.
Benefits of Participation
Participants have the opportunity to integrate their solutions with Ecobank, potentially leading to product launches within Ecobank’s expansive 35-country Pan-African network.
Service Provider Partnerships
Selected fintechs may become Pan-African service partners within the Bank’s ecosystem.
Access to Ecobank’s Pan-African Banking Sandbox
Fellows will receive exclusive access to Ecobank’s cutting-edge APIs, enabling them to test and develop their products for the Pan-African market.
Priority Access to Venture Capital Partners
Participants will have priority access to Ecobank’s venture capital partners for funding exploration.
Since its inception, 60 fintech startups have been inducted into the Ecobank Fintech Fellowship.
How to Apply
Applications for the 7th Ecobank Fintech Challenge are now open to fintechs and developers from across Africa, and global Africa-centered fintechs. Interested parties can learn more about the competition and submit their applications through the official website.
The deadline for entries is Sunday, July 7, 2024.