FUNDING | 8 African Startups to Vie for $50,000 Ecobank Fintech Challenge in Togo

The Ecobank Fintech Challenge for 2023 garnered applications from more than 1,400 fintech startups originating from 64 countries, both within Africa and internationally. Out of these applicants, eight have been selected as finalists who will compete for the ultimate prize in the competition.

The eight finalists who have emerged from the highly competitive selection process will vie for the highly sought-after top prize of $50,000 at the grand finale event. This event is set to occur at the Ecobank Pan African Centre in Lomé, Togo, on October 6, 2023.

The 2023 Ecobank Fintech Challenge finalists in alphabetical order are:

• Flexpay (Kenya) **–**FlexPay offers customers a merchant-embedded saving-based purchase experience called Save Now, Buy Later.
• IPOXCap AI (South Africa) – FinanceGPT serves as a financial analysis platform tailored for frontier markets. This platform is designed to process both structured and unstructured financial data in order to produce actionable insights. It leverages advanced algorithms for tasks such as financial forecasting, health assessment, and valuation within the financial domain.
• Kastelo (South Africa) – Provides a democratized solution through diversified products, focusing on transaction, savings, and forex offerings, aimed at banking the underbanked in emerging markets through client-centric solutions.
• Koree (Cameroon) – Koree is an innovative card wallet application specifically designed to tackle the scarcity of spare change in sub-Saharan Francophone Africa. This application achieves this by digitalizing cash payments made to merchants. Moreover, it empowers numerous African consumers through an incentivized reward system.
• Kori Tech (Senegal) – Koripass is an E-wallet solution that is linked to tangible payment accessories like bracelets, stickers, and keychains. This platform facilitates seamless merchant payments through the utilization of NFC and QR Code technology. Importantly, it functions without the necessity of an internet connection or a smartphone.
• Smart Teller (Nigeria) – Empowering cooperative digital banking, IT services, and online bill payments for seamless services.
• Rubyx (Belgium and Senegal) – Rubyx is a platform that facilitates digital lending solutions, specifically targeting service providers in emerging markets. Its primary objective is to address the funding gap encountered by informal entrepreneurs and small businesses. This platform offers a means for them to secure the necessary financing to support their operations.
• Makuta (Democratic Republic of Congo) – Makuta is a state-of-the-art application that provides a simple, convenient, and secure electronic money transfer and payment experience.

Ecobank Group, the prominent pan-African banking conglomerate, reported a significant increase in the number of applications for the 2023 competition. The number of applications has more than doubled compared to 2022, with a total of 703 applications received from 59 countries.

In the 2022 edition of the competition, a Nigerian fintech startup named ‘Touch and Pay’ impressed the jury with their ‘Cowry App’ and emerged as the winner of the top prize of $50,000.

“We are encouraged by the very high number of applications received for the sixth edition of our Ecobank Fintech Challenge. The significant increase in the number of participants reflects the growing impact of our investments in the fintech space, and on our operations and fintech initiatives across Africa.

The finalists went through a rigorous process, and we look forward to the pitches of the eight competitors vying for the top prize and ultimately partnering with the Ecobank Group.”

– Ecobank Group Chief Executive Officer, Jeremy Awori

The Ecobank Fintech ‘Fellows’ will also benefit from the following opportunities through their collaboration with Ecobank and its partners:

• Multinational product rollout: An opportunity to integrate their solutions with Ecobank, opening doors to potential product launches within Ecobank’s expansive 35-country Pan-African ecosystem
• Service provider partnerships: Selected fintechs may be chosen as Pan-African service partners within the bank’s ecosystem
• Access to Ecobank’s Pan-African Banking Sandbox: Fellows will receive exclusive access to Ecobank’s cutting-edge APIs, enabling them to test and improve their products for the Pan-African market
• Priority access to Ecobank’s Venture Capital partners for funding exploration

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