2018 Ecobank Fintech Challenge for Startups: All you need to know
Is your fintech startup ready to work with one of Africa’s biggest banks, one with operations across 36 countries on the continent? Then you have until 23 May to apply for the 2018 Ecobank Fintech Challenge. The challenge is open to any African startup.
Through the challenge, Ecobank aims to showcase, collaborate with and support Africa’s most promising fintech startups.
The 2018 Ecobank Fintech Challenge will see selected startups receive mentoring from leading experts as well as access to Ecobank’s banking ecosystem.
The challenge winners will also be provided with the opportunity to showcase their solutions at Ecobank’s Innovation Fair — in front of Ecobank decision makers and industry insiders.
The bank will also enter into commercial partnerships with selected startups. These partnerships are designed to grow and scale the selected companies.
In addition, the selected startups also stand a chance to partner with the bank in rolling out their solutions to 33 countries.
The inaugural challenge was held last year and saw 20 winners invited to an innovation fair and awards ceremony held in June 2017 at Ecobank’s headquarters in Lomé, Togo.
Six challenge areas
Interested fintech innovators have a choice of six challenge areas to apply to. These are:
Digital on-boarding, account opening and Know Your Customer (KYC)
Solutions that address remote or digital verification of customer data to enable real-time account openings, such as GPS address verification services, identification document, verification and matching with photographs.
Solutions that increase inflow to Africa from other parts of the world, or delivery of instant transfers at secure, cheaper rates within Africa or across borders.
These include areas such as international inward remittance to Africa, cross-border transfers within Africa as well as cross-border payments.
Digital sales and marketing
Solutions to drive sales or marketing campaigns of Ecobank products and services, such as the Ecobank Mobile App, Chatbot, internet banking and, USSD.
The solutions must drive usage and adoption of Ecobank QR Push Payment at stores and locations, Xpress Cash Token on ATM or agent points, and Xpress Agency Banking.
Offline mobile to mobile payments (dead zones)
Solutions that enable customers to carry out mobile transaction services without internet, SMS or 2G connectivity. These types of solutions will typically use offline wallet systems.
Multi-channel corporate payments and collections ecosystems
Solutions that offer a multi-channel experience solution providing single user security and functionality for payments, collections, liquidity management, supply chain finance and trade finance, with multiple redemption points, mobile banking, wallet, bank account and ATM.
SME Intra-Africa trade platform
Solutions that improve international trade and e-commerce processes by facilitating KYC and anti-money laundering requirements.