Frequently Asked Questions

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.

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 our payment wallet size across our 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 our payment wallet size across our 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 our Xpress point system

Internal tools

• Digital solutions which improve sales force performance
• Agency banking solutions that broaden our scope of services

Payments

• Offline mobile to mobile payments (Dead Zones)
• Increasing our payment wallet size within the African context

Any other relevant product categories

Become a finalist, get inducted as an Ecobank Fintech Fellow and stand a chance to explore the following opportunities:

• 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..

All Fintechs with an Africa-Focused or Africa relevant product are eligible to apply to the fintech challenge

No, the competition is free to join.

To be considered for the Ecobank Fintech Challenge you must meet the eligibility criteria and submit a complete application.

25th September, 2022.

Yes, you can enter more than one fintech product in the competition. However, each product you apply with must be distinct. You should not submit two products in one application form. Each of your products must be entered as a separate application.

Yes, you can apply as an individual.

Yes. But each product must be submitted by filing a separate application form.

Yes. You will be disqualified if you do not submit a demo.

A demo should be able to demonstrate how the product works and what it looks like in action. Real time data can be mocked for demonstration purposes.