Background

Frequently Asked Questions

The Ecobank Fintech Challenge is a Pan-African innovation competition powered by Ecobank Transnational Incorporated. It is designed to identify, support and partner impressive African Fintechs to grow and scale their Fintech innovations across the African continent and globally. The fundamental value offerings of the challenge are market access, visibility and cash prizes.
Solutions submitted to the Challenge must address at least one of the following pain points:

Customer experience
  • Improvement of customer experience both online and at physical branches
  • Digital solutions using analytics/customer insights and AI to offer tailored adverts
  • Acceleration of resolution process
  • Digitization of customer journey
Credit Scoring
  • Provision of credit
  • KYC
  • Digitization of credit history evaluation
  • Credit utilization ratio evaluation
Ecosystem aggregation
  • SME/Merchants onboarding and payment integration
  • Niche merchant aggregation through tailored solutions per sector
  • Facilitate mobile collections for merchants that enable synchronization and consolidation with our Xpress point system
Financial Inclusion
  • Digital customer onboarding (Consumers, SME/Merchant, Investment Banking)
  • Seamless access to Ecobank services for non-smart phone users
  • Affordability of financial services to the unbanked and underbanked
Ecosystem Aggregation
  • SME/Merchants onboarding and payment integration
  • Niche merchant aggregation through tailored solutions per sector
  • Facilitate mobile collections for merchants that enable synchronization and consolidation with our Xpress point system
Internal tools
  • Digital solutions which improve sales force performance
  • Digital solutions which improve sales performance
  • Agency banking solutions that broaden our scope of services
  • Risk management, cheque fraud prevention and cybersecurity strategies
Payments
  • Offline mobile to mobile payments (Dead Zones)
  • Increasing our payment wallet size within the African context
  • Automate nearly every payables process
Any other relevant product categories
What benefits and opportunities do Ecobank Fintech Finalists stand to gain?
Applicants become finalists, get inducted as Ecobank Fintech Fellows and stand a chance to explore the following opportunities:

  • Multinational product roll out:
    • Opportunity to pursue integration with Ecobank and potentially launch your product in Ecobank’s 33 markets across Africa.

  • Competition Cash prizes:
    • The ultimate winner will be awarded a cash prize of $50,000, while the 1st and 2nd runners up will win xxxxx and xxxxx respectively.

  • Service provider partnerships:
    • Finalists with impressive products may be selected as country-level partners to local Ecobank affiliates within Ecobank’s 33 country footprint.

  • Access to Ecobank’s Pan-African Banking Sandbox
    • Fellows will be given access to a dedicated team to support on Ecobank’s API tests to enable them to improve their products for the pan-African market and globally.

  • Mentoring and networking support
    • All Finalists will be inducted as Ecobank Fintech Fellows, granting them access and relationships to a vast network of global and African accelerators, potential Investors, mentors, and the Ecobank non-bank clients ecosystem for potential partnerships.
  • Integration With Existing Ecobank Digital Offerings
    • The Challenge offers opportunities for Fintechs to potentially integrate with Ecobank’s existing digital offerings.
All Fintechs with relevant financial products for Africa are eligible to apply to the Ecobank 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 completed application.
Applications are closed.
No, you can complete your application in multiple sessions. Just save your application and continue later.
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, applications can be submitted in either English or French.
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 your product works and what it looks like in action.