Tech

Ecobank Group launches $50,000 Fintech Challenge

Published

2 weeks ago

June 11, 2024

Pan-African financial services company, Ecobank Group, has opened applications for its 2024 Fintech Challenge with a whopping $50,000 prize money up for grabs.

The annual competition which is in its 7th edition, invites early-stage and mature fintech startups to partner with Ecobank, with the winner taking home the princely sum and a chance of scaling their solutions across Ecobank’s extensive network spanning 35 African countries.

Jeremy Awori, Chief Executive Officer of Ecobank Group who made the announcement in a statement on Tuesday, said the Ecobank Fintech Challenge provides a unique opportunity for Fintech entrepreneurs to address their challenges by not only offering financial rewards but by also providing Ecobank’s expertise in diversified markets operations and the right solutions to scale across its pan-African footprint and international presence such as France.

“Building partnerships with fintechs is a catalyst for driving financial inclusion in Africa. At Ecobank, we prioritize fintechs in our Growth, Transformation, and Returns strategy “, said Awori.

“We have enhanced this new edition of the Ecobank Fintech Challenge to continue to provide fintech entrepreneurs with a premier platform to showcase groundbreaking solutions, while creating unparalleled opportunities for growth and expansion across 35 markets in Africa,” he added.

The Ecobank Group CEO noted that despite the fintech eruption in the African continent, a McKinsey report reveals that fintech start-ups in Africa are still facing several challenges such as reaching scale, navigating an uncertain regulatory environment, or managing scarcity of funding.

“Last year’s competition attracted 1,490 entries of real quality, which underscores the significance of this pan-African challenge.

“Successful applicants reaching the Grand Finale and Awards Ceremony in October 2024 will have the chance to join the highly coveted Ecobank Fintech Fellowship programme, with the overall winner receiving a cash prize of US$50,000.

“Ecobank Fintech Fellows will gain access to numerous opportunities through collaboration with Ecobank and its partners, potentially including:

“Other multinational product rollout include an opportunity to integrate their solutions with Ecobank, opening doors to potential product launches within Ecobank’s expansive 35-country Pan-Africannetwork.

“Selected fintechs may become Pan-African service partners within the Bank’s ecosystem while Fellows will receive exclusive access to Ecobank’s cutting-edge APIs, enabling them to test and develop their products for the Pan-African market.”

The Ecobank Fintech Challenge is designed in partnership with international advisory firm, Konfidants, and is supported by various partners.

Applications for the 7th Ecobank Fintech Challenge are now open to fintechs and developers from across Africa, as well as global Africa-centered fintechs.

Interested parties can find out more about the competition and submit their applications through the official website: EcobankFintechChallenge.com.

Related Topics:Ecobank Group Entrepreneurship Featured Fintech Challenge

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Tech

AfriLabs enters into strategic partnership with Korea-Africa Foundation to boost African innovation

Published

2 days ago

June 22, 2024

Isaac Dachen

AfriLabs, a network organisation that drives innovation and entrepreneurship in Africa by bringing together technology hubs, startups, investors, and other key stakeholders in the ecosystem, has signed a memorandum of understanding (MOU) with the Korea-Africa Foundation
for a strategic partnership that will drive innovation and economic growth across the continent.

Anna Ekeledo, an Executive Director of AfriLabs who made the announcement, said the strategic partnership with the Korea-Africa Foundation, aims to serve as a platform for collaboration between the private and public sectors, and to strengthen exchange and cooperation with African countries.

“The collaboration between the two aims to bridge the gap between Korean and African startups by leveraging each other’s expertise and resources,”Ekeledo said.

“This will be achieved through the exchange of insights on youth development, the launch of joint research initiatives, and the fostering of a dynamic ecosystem that cultivates talent and entrepreneurial spirit in both regions.

“At AfriLabs, we are dedicated to unlocking Africa’s full potential and generating wealth through strategic alliances.

“This partnership with the Korea-Africa Foundation unlocks a treasure trove of opportunities for startups, granting them access to a global network, invaluable resources, and unparalleled industry knowledge.

“Together, we will empower the next generation of African innovators and entrepreneurs, paving the way for sustainable development and a thriving economy,” she added.

Tech

Paris-based venture capital firm Breega sets up $75m Africa-focused fund

Published

3 days ago

June 21, 2024

Isaac Dachen

Paris, a France-based Venture Capital firm, Breega, has announced setting up its first African-focused fund, “Breega Africa Seed I”, with a $75 million seed which aims to become the leading early-stage investor in African startups.

Breega, which is one of the fastest-growing early stage funds in Europe, also announced opening two new offices in Lagos, Nigeria, and Cape Town, South Africa, to manage the new pan-African fund.

A statement from the firm on Friday said since closing its first fund in 2015, the company which also has offices in London and Barcelona, has reached $700 million in assets under management, while invested in over 100 startups across 15 countries.

Melvyn Lubega, co-founder of digital education unicorn Go1 who will lead Breega’s activities in Eastern and Southern Africa from the Cape Town office, said the firm, endowed with the $75 million fund, will invest in ventures in Nigeria, Egypt, South Africa and Kenya, as well as several French-speaking African countries, such as Morocco, Senegal, Ivory Coast, Cameroon and the Democratic Republic of Congo (DRC).

“With this fund, Breega plans on investing checks ranging from $100,000 to $2 million, entering as the initial investor,” said Lubega.

“It will focus on high-impact and sustainable innovations that meet the Sustainable Development Goals (SDGs) as defined by the United Nations, by investing in pivotal sectors such as agri-tech, ed-tech, e-health, fintech, insurtech, prop-tech and logistics.

“Today, Africa receives one per cent of global funding for a region which is home to 18 per cent of the population of the planet.

“This is a large funding gap to close across a continent at the dawn of its technological potential. Breega, an international fund for founders built by founders, has a unique role to play in bridging this gap,” Lubega stated.

Nigerian born Tosin Faniro-Dada, former CEO of Endeavor in Nigeria, will be the partner in charge of West and North Africa, and is expected to contribute her experience, notably as a board member of African fintech unicorn Flutterwave.

“Africa is experiencing a boom in entrepreneurship, reflecting a surge of innovation and ambition across the continent,” Faniro-Dada said.

“Our entrepreneurs are driven by the ambition to find solutions to the continent’s challenges. It is truly inspiring and I’m thrilled to be able to support them thanks to the unique model we’ve developed at Breega,” she said.