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Apply Now: $37,000 for Your African Financial Technology Innovation

By Wayan Vota on August 30, 2021

fintech funding

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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Written by
Wayan Vota co-founded ICTworks and is the digital lead on the Deloitte for Development team. He also co-founded Technology Salon, MERL Tech, ICTforAg, ICT4Djobs, ICT4Drinks, JadedAid, Kurante, OLPC News and a few other things. Opinions expressed here are his own and do not reflect the position of Deloitte, any of its entities, or any ICTWorks sponsor.
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4 Comments to “Apply Now: $37,000 for Your African Financial Technology Innovation”

  1. Agu Makuachukwu Andrew says:

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  2. All Hands for the Indigents foundation says:

    I would like to know if I can apply for the upgrade of the quality of education in the rural schools. In my local community of Enugu, Nigeria, many of the secondary students don’t have library in their schools. And I wish to open eGranary library to help them connect with modern trends in their education system.

  3. HI I would Like to know how your organisation can support vocational training and management in rural areas-rethinking equity and inclusivity in ict supported education

  4. Albert Prempeh says:

    How do I receive it