Ecobank Transnational Incorporated (“Ecobank”) is hosting a contest with the aim to facilitate the development of innovative “FinTech” and banking related solutions that address one or more of the challenges as set out below. The following are the terms upon which you may participate in the Ecobank Fintech Challenge (“Challenge”) being hosted by Ecobank.
Ecobank Fintech Challenge Phases.
Ecobank Fintech Challenge consists of three main phases:
- Phase one: a pan-African competition. Open to all African tech innovators and entrepreneurs
- Phase two: an Innovation Fair and Awards Ceremony. For selected top applicants only.
- Phase three: post-competition Opportunities & Collaboration with Ecobank. For only selected top products.
Selection into each of the three phases will be at Ecobank’s discretion, subject to established terms and conditions and judging rules.
Ecobank Fintech Challenge Eligibility & Participation.
- The Challenge is open to all African fintech start-ups, and start-ups with solutions for Africa.
- Teams can submit solutions for more than one challenge but are limited to only one entry per challenge (“Entry”). A total of 10 finalists will be selected.
- The Ecobank Fintech Challenge event (“Event”) will be held at the global headquarters of Ecobank in Lomé in July, 2018.
- Ecobank will cover travel and accommodation costs for up to two participants from each team.
Ecobank Fintech Challenge Benefits.
- Competition Cash prizes: the three top winners at the Innovation Fair will be awarded $10,000, $7000, and $5000 cash prizes respectively.
- Multinational product roll out: once in a lifetime opportunity to launch products in Ecobank’s over 30 markets across Africa through strategic partnership.
- Service provider partnerships: start-ups may be selected by Ecobank as a pan-African service partner within Ecobank’s giant 36 country ecosystem.
- Mentoring and networking support: founders will be conferred as Ecobank Innovation Fellows for a period of one year, granting them access to networking and mentoring opportunities within the Ecobank Group and its vast network of global and African partners.
How to Enter Ecobank Fintech Challenge.
Teams are to submit applications addressing one or more of the following challenges
- Digital Onboarding/ Account Opening/ Know- Your-Customer Technology
- Digital Sales/Marketing
- Offline Mobile-to-Mobile Payments
- Multi-Channel Payments/Collect Ecosystems
- SME Intra-African Trade Platform
- Any other Fintech solution
A panel of experts will be responsible for judging applications. The judging panel will include engineers, developers, designers, investors and business executives. The panel will be responsible for the assessment, grading and selection of participants for the Event. Applications will be shortlisted based on the following judging rubric:
- User experience
- Implementation practicality
- Commercial Prospects
Shortlisted applicants will be contacted through the email provided in the applications to schedule for video interviews in which they will answer technical questions on their solutions.