Ecobank Group on Thursday announced two Fintechs in Nigeria and three others as the five finalists of the 2021 Fintech Challenge.
The Challenge is designed to help Fintechs with Africa-focused products join forces with the leading pan-African Group to provide Africans with groundbreaking financial services.
Mr Tomisin Fashina, Group Executive, Operations & Technology, Ecobank Group, at the virtual unveiling of the top five finalists, said they were selected from various African countries.
Fashina said the finalists, who emerged from a competitive pool of nearly 900 Fintechs that entered the Challenge, would participate in a virtual finale in December.
He listed the five top finalists as Anadata Ltd from Nigeria; Motito from Ghana; Oko Fice from Mali; Fourthlinr Ltd from Kenya and Trove Fice from Nigeria.
Fashina said the finalists would pitch their products to a jury that would select the top three most promising products.
According to him, the top three finalists will receive cash prizes of 15,000 dollars, 12,000 dollars and 10,000 dollars, respectively.
He said that all the finalists would be enrolled into Ecobank’s Fintech Fellowship where they would spend six months exploring partnership opportunities.
“The five finalists in this year’s edition have shown impressive products from a competitive group of nearly 900 applicants.
“I would like to personally congratulate them and express my excitement at the opportunity to work with them to bring their innovative ideas to fruition,” he said.
Fashina said that finalists to compete for the top prize could be inducted into the coveted Ecobank Fintech Fellowship to pursue commercial partnerships with the Ecobank Group, with access to 33 presence markets across Africa.
He also said that they would have an opportunity to pursue integration with Ecobank and potentially launch products with the Group, and priority access to the bank’s venture capital partners for funding opportunities.
The Ecobank Fintech Challenge is designed in partnership with an advisory firm, Konfidants, and is supported the globe.