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Entries are now open for the 2020 edition of the Ecobank Fintech Challenge. Startups working in financial technology from across Africa are invited to pitch their ideas to Ecobank, in order to win the funding and support they require to scale.

Participating fintechs are expected to present solutions in key areas of concern listed by the bank. If they scale through the preliminary selection process, they will pitch their solution at the Ecobank Fintech Innovation Fair.

The top team will win a cash prize of $10,000; the second and third-placed startups will take home $7,000 and $5,000 respectively. They also get the chance to leverage Ecobank’s extensive networks spread over 33 countries, and rapidly expand their operations on the African continent.

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All finalists at the fintech innovation fair will be inducted into the Ecobank Fintech Fellowship. This gives them access to deals and partnerships with the bank.

Focus Areas for Fintechs Entering this Competition

1. Digital customer onboarding, online and branch experience, and digitized customer journey.

2. Credit scoring and digital lending for SMEs.

3. Access to banking for non smartphone users.

4. Onboarding SMEs on payments integration.

5. Digital agency banking solutions that allow banking agents to offer more services.

6. Offline mobile-to-mobile payments.

7. Other solutions that could transform banking in Africa.   

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Steps to Winning the Prize

This is a run through the steps to the final, from entry to winning the prize.

1. Apply: Visit the Ecobank Fintech Challenge website to apply for the competition. You are expected to submit details of your product as well as a demo.  The deadline for applications is April 15, 2020. If you are adjudged to have scaled through, you will be shortlisted by May.

2. Access Ecobank’s Banking Sandbox: Explore and utilize Ecobank’s Application Programming Interface (APIs) to develop relevant solutions.

3. Become a Finalist: Startups that qualify for the grand finale will be contacted early in June.

4. Pitch at the Challenge Event: The finalists will pitch their product at the innovation fair in June. The top three teams will win cash prizes. All finalists will be inducted into the Ecobank Fintech Fellowship.

Applications into the Ecobank Fintech Challenge 2020 will close on April 15, 2020.

If you would like to enter this competition, click here.

Featured image source: Opportunity Desk

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This article was first published on 5th March 2020

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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