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 is open to all Fintechs on the African continent. Interested Fintechs can apply by sending details of their product as well as a demo here. These products must address one or more of a specific set of pain points outlined below.
The selected finalists will participate in the Ecobank Fintech Challenge Grand Finale. The ultimate winner for 2022 will be awarded a cash prize of $50,000. All finalists are inducted into the Ecobank Fintech Fellowship, which affords them the opportunity to explore deals, integration, and commercial partnership with the Ecobank Group.
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Ecobank Fintech Challenge Eligibility
The Challenge is open to all Fintechs on the African continent.
Focal Pain-points to be Addressed
Customer Experience
- Improvement of customer experience both online and at the branch
- Management of complaints on the Digital channels.
- Digital solutions using analytics/customer insights and AI to offer tailored adverts
- Acceleration of resolution process
- Digitization of customer journey
- Proactive support to customer
- Personalised Customer Interaction (Self-service)
- Defined reporting outcomes to measure value
Financial Inclusion
- Digital customer on boarding (Consumers, SME/Merchant, Investment Banking)
- Increasing our payment wallet size across our network
Credit Scoring
Ecobank welcomes cutting-edge solutions capable of improving the lending process to SMEs:
- 360° view on customers and prospects’ financial activities with other financial institutions.
- Digitization of the lending journey for SMEs
Ecosystem Aggregation
- SME/Merchants on-boarding and payment integration
- Niche merchant aggregation through tailored solutions per sector
- Facilitate mobile collections with merchants that enable synchronization and consolidation with our Xpress point system
Internal Tools
- Digital solutions which improve sales force performance
Payments
- Offline mobile to mobile payments (Dead Zones)
- Increasing our payment wallet size within the African context
Any other Relevant Product Categories
- Any other solution that will revolutionize banking and payments in Africa.
Benefits and 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.
- Access to Partner Network: 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 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. 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. Ecobank would like applicants to pitch to them how their solutions can add value to these existing Ecobank digital offerings.
Application deadline is 16 September 2022. Hurry up and register here or visit the official website of the programme for more details.
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