Applications are now open for the 2024 EcoBank Fintech Challenge. This competition aims to award $50,000 to Africans who can provide innovative solutions addressing the needs of the African population.
This article covers the details of the EcoBank Fintech Challenge, including eligibility criteria, benefits, and the application process.
EcoBank Fintech Challenge Summary
- Host: EcoBank
- Category: Competitions
- Eligible Countries: African Countries
- Reward: $50,000, Networking, Mentorship
- No IELTS Required
- Deadline: July 7, 2024
EcoBank Fintech Challenge Details
The EcoBank Fintech Challenge is open to all startups with innovative solutions addressing the needs of the African population and its diaspora. It has two main objectives:
- Identify and support Fintechs ready to scale up with resources, funding, partnerships, etc., in EcoBank’s 33 African markets.
- Leverage these pan-African Fintech success stories to improve Africa’s financial integration and economic development.
The Challenge identifies and partners with Fintechs that are ready to scale, providing them support and access to opportunities across EcoBank’s 35 African markets. The goal is to contribute to their growth as potential Pan-African Fintech success stories.
Eligibility Requirements for 2024 EcoBank Fintech Challenge
To be considered for the 2024 EcoBank Fintech Challenge, you must meet the following criteria:
Topics to Consider for Participation:
Participants are encouraged to address the following pain points with their innovations:
Customer Experience:
- Improved customer experience both online and at the branch.
- Digital customized solutions using analytics and AI.
- Efficient customer support, complaint resolution, and personalized self-service.
- Defined reporting outcomes to measure value.
Financial Inclusion:
- Digital customer onboarding (Consumers, SME/Merchant, Investment Banking).
- Increasing payment wallet size across the network.
Credit Scoring:
- 360° view on customers’ and prospects’ financial activities with other FIs.
- Digitization of the lending journey for SMEs.
Ecosystem Aggregation:
- SME/Merchants onboarding and payment integration.
- Niche merchant aggregation through tailored solutions per sector.
- Mobile collections that synchronize with the Xpress point system.
Internal Tools:
- Digital solutions that improve sales force performance.
Payments:
- Offline mobile-to-mobile payments (Dead Zones).
- Increasing payment wallet size within the African context.
Benefits of EcoBank Fintech Challenge 2024
The Challenge is an ideal launchpad for African Fintech innovators and startups to scale up with full support from EcoBank. It brings together a diverse pool of Africa-focused innovations to solve Africa’s financial inclusion pain points. The benefits include:
- Multinational Product Rollout: Commercial partnership and integration opportunities to launch products across EcoBank’s 33 African markets.
- Service Provider Partnerships: Business acceleration, capacity building support, and the chance to become a country-level partner in EcoBank’s ecosystem.
- Access to Pan-African Banking Sandbox: Support from a dedicated team to conduct API tests and facilitate better integration of Fintech products in the pan-African market.
- Well-Established Partner Network: Easy access to global and African accelerators, potential investors, and mentors through the EcoBank Fintech Fellowship.
- Competition Cash Prizes: A $50,000 no-strings-attached cash prize for the winning company, along with additional cash prizes for the top three winners.
- Integration with Existing Digital Offerings: The opportunity to leverage EcoBank’s existing products such as Omni, Electronic Financial Supply Chain (eFSC), Xpress, Mobile App, MasterPass™ QR, mVISA™ & mCash, etc.
The Fintech Fellowship offers a wide range of benefits, partnerships, and support for every finalist of the Challenge.
How to Apply for EcoBank Fintech Challenge (Step by Step)
To apply for the 2024 EcoBank Fintech Challenge, follow these steps:
- Click here to visit the EcoBank Fintech Challenge website.
- Click on the “Register for Challenge” button.
- Submit your application and await EcoBank’s deadline.
Deadline: July 7, 2024
