Digital financial services are contributing to financial inclusion for Africans – almost 40% of the world’s population. The rapid spread of mobile money systems have helped reduce transaction costs and facilitate personal transactions, while contributing to the surge of financial intermediation services.
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In 2020, African fintech start-ups accounted for nine-tenths of the $1.12 billion in mergers and acquisitions across the continent. Africa currently hosts around 500 fintech firms, most of them in South Africa, Nigeria, and Kenya. The opportunities for them are vast as around two-thirds of Africans are still unbanked, despite 60% of the world’s mobile money passing through Africa.
$37,000 for African FinTech Innovation Fund
The Ecobank Fintech Challenge identifies and partners Fintechs that are ready to scale and provides them with support and access to opportunities in Ecobank’s 33 African markets. These products must address one or more of a specific set of pain points, including:
- Customer Experience
- Financial Inclusion
- Credit Scoring
- Ecosystem Aggregation
- Internal tools
- Payments
The selected finalists participate in the Ecobank Fintech Innovation Fair, with the top 3 finalists winning cash prizes of $15,000, $12,000 and $10,000.
All finalists are inducted into the Ecobank Fintech Fellowship, which affords them the opportunity to explore deals, integration and commercial partnership with the Ecobank Group, and Ecobank’s existing digital offerings like Ecobank Omni, Ecobank Xpress, Ecobank Mobile APP or USSD, MasterPass QR, mVISA & mCash, etc.
Apply Now! Deadline is September 20, 2021
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