The Ecobank Group has launched the fourth edition of its Fintech Challenge targeting financial technology developers in the region with about a $37,000 start-up package.
The challenge seeks to provide a platform for entrepreneurs to hatch ideas that could improve banking or financial services in Africa through technology.
Three winners will walk away with $15,000, $12,000 and $10,000, respectively, curtsey of the pan-African bank.
Meanwhile, Ecobank Malawi Managing Director Raymond Fordwuo has called on local start-ups to make the most of the initiative.
“We are firm believers that Malawi’s and Africa’s talent pool is enormous and requires specialised and targeted mentorships to fully crystallise and ready Fintech startups for business engagements.
“Through the Ecobank Fintech Fellowship, we are creating a learning experience through mentorship sessions with inhouse, high-level technical teams and with our global partners to help shape and reshape the strategy and focus of Malawian and African Fintechs,” Fordwuo says in a statement.
Ecobank Group Chief Executive Officer Ade Ayeyemi said the bank seeks to support innovation across the continent.
“We are convinced now more than ever that innovation and technology are the future of banking and, therefore, reaffirm our continuous commitment to identify and support Africa’s brightest developers to promote their solutions and help improve our services through the Ecobank Fintech Challenge,” he said.
Ecobank operates in 33 countries on the continent. The competition is open to financial technology entrepreneurs in all countries on the continent.