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Ecobank Group launches $50,000 Fintech Challenge

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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.

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Starlink launches high-speed Internet services in Burundi

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Elon Musk’s Starlink has announced launching its high-speed internet services in Burundi after the president granted the company an official licence to operate within the country.

The licence was awarded to the satellite-based internet provider under the oversight of the Telecommunications Regulation and Control Agency (ARCT) of Burundi, with its Director-General responsible for implementing the decree.

A statement by the ARCT said the development marked a significant step toward improving internet connectivity, following the issuance of an operating licence in May 2024, granted through a presidential decree.

“This development marks a significant step forward in improving internet access for the people of Burundi,” the ARCT said.

Burundi, one of the world’s poorest countries, currently has one of the lowest rates of internet usage globally, largely due to high costs and limited infrastructure.

With the launch of the high-speed internet services, Burundi becomes the latest of 14 African nations to adopt Starlink’s Low Earth Orbit (LEO) satellite constellation, aiming to enhance satellite internet services across the country. The company is set to expand its operations to several additional countries by the end of 2024.

Starlink is now available in 15 African nations, following its recent launch in Zimbabwe. Other African countries that have gained access to Starlink include Kenya, Nigeria, South Sudan, Rwanda, and Zambia.

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Africa-centric startup M-KOPA celebrates surpassing 5 million customers

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Africa-centric asset financing platform, M-KOPA, has announced surpassing five million customers across Kenya, Uganda, Nigeria, Ghana and South Africa with two million of these customers coming on board in the past 15 months.

M-KOPA co-founder and CEO, Jesse Moore, who made the announcement, said the platform’s model has made affordable smartphones embedded with financial services available to ‘Every Day Earners’, the wide majority of African adults who earn their income daily but struggle to afford smartphones and typically fail to qualify for conventional financial services.

“We are thrilled to welcome our 5 millionth customer to M-KOPA this month. The scale of our operations and our positive impact on customers is what keeps us working hard to go even further. We’re just getting started; the opportunity for much larger impact and scale is right in front of us,” Moore said.

“To date, M-KOPA has supported its customer base with more than US $1.5 billion in financing. Starting with smartphone access, customers gain entry to the digital economy with an affordable daily repayment model, which fits their daily income and cash flow and makes it easier to manage.

“By leveraging rich payments data and proprietary AI-driven analytics, M-KOPA builds a credit record for each customer which forms the foundation for a long-term financial relationship for lower cost digital loans, affordable data subscriptions and medical insurance.”

Also speaking on the milestone,
M-KOPA’s Chief Product Officer Nena Sanderson, said:

“Our product and services build pathways to prosperity for our customers and agents, enabling them to overcome financial setbacks, generate income and progress towards the futures they aspire to.

“Our impact extends beyond our customers, reaching their families and communities, and contributing to building a more sustainable world.”

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