Ecobank Fintech Challenge is a pan-African innovation competition and business partnership offering by Ecobank. It is designed to inspire, support and partner African Fintechs, with an aim to expand the reach of innovative Fintech and banking related products.
The Ecobank Fintech Challenge identifies and partners Fintechs that are ready to scale and provides them with support and access to opportunities in Ecobank’s 33 African markets. The goal? To contribute to their growth as potential Pan African Fintech success stories.
The Challenge offers opportunities for Fintechs to potentially integrate with Ecobank’s existing digital offerings. The existing digital offerings include Ecobank Omni, Ecobank electronic financial supply chain(eFSC), Ecobank Xpress, Ecobank Mobile APP or USSD, MasterPass™ QR, mVISA™ & mCash, etc. You can learn more about these platforms HERE. They’d like applicants to pitch them how your solutions can add value to these existing Ecobank digital offerings.
The Ecobank’d be happy to learn how you can help them solve problems around:
Offline mobile to mobile payments (Dead Zones)
Increasing the payment wallet size within the African context.
What kind of Solutions they are looking for?
Teams are to submit applications addressing one or more of the following challenges
Customer experience
Improvement of customer experience both online and at the branch
Digital solutions using analytics/customer insights and AI to offer tailored adverts
Acceleration of resolution process
Digitization of customer journey
Credit Scoring
Digital customer onboarding (Consumers, SME/Merchant, Investment Banking
Increasing the payment wallet size across their network
Ecosystem aggregation
SME/Merchants onboarding on payment integration
Niche merchant aggregation
Provide easy access to non-smart phone users
Financial Inclusion
Digital customer onboarding (Consumers, SME/Merchant, Investment Banking)
Increasing the payment wallet size across their network Ecosystem Aggregation
Ecosystem Aggregation
SME/Merchants onboarding and payment integration
Niche merchant aggregation through tailored solutions per sector
Seamless access to Ecobank services for non-smart phone users
Facilitate mobile collections with merchants that enable synchronization and consolidation with their Xpress point system
Internal tools
Digital solutions which improve sales force performance
Agency banking solutions that broaden their scope of services
Payments
Offline mobile to mobile payments (Dead Zones)
Increasing the payment wallet size within the African context
or Any other relevant product categories.
Benefits
Multinational product roll out:
Once in a lifetime opportunity to pursue integration with Ecobank and potentially launch products in Ecobank’s over 30 markets across Africa.
Competition Cash prizes:
The ultimate winner will be awarded a cash prize of $50,000.
Service provider partnerships:
Start-ups may be selected by Ecobank as local country-level partner in any of Ecobank’s 33 country ecosystem.
Access to Ecobank’s Pan-African Banking Sandbox:
Fellows will be given access to a dedicated team to support on the Ecobank’s APIs test to enable them improve their products for the pan-African market.
Mentoring and networking support:
Founders will be inducted as Ecobank Fintech Fellows, granting them access and relationships to a vast network of global and African Accelerators and potential Investors, referrals to Ecobank non-bank client ecosystem for potential partnerships, as well as mentors.
Integration With Existing Ecobank Digital Offerings:
The Challenge offers opportunities for Fintechs to potentially integrate with Ecobank’s existing digital offerings.
Eligibility Criteria
All Fintechs with an Africa-Focused or Africa relevant product are eligible to apply to the fintech challenge.
