The 2024 Ecobank Fintech Challenge has reached its final stage, with twelve innovative fintech startups from Africa selected to compete for the top prize. The challenge, now in its seventh year, aims to support startups that create solutions for Africans both at home and abroad.
The twelve finalists were chosen from a pool of over 1,550 applicants from 70 countries. They will compete for a grand prize of $50,000 and a spot in the prestigious Ecobank Fintech Fellowship program. The finalists come from various countries, including Kenya, Togo, South Africa, Cameroon, Nigeria, Rwanda, Côte d’Ivoire, Senegal, Guinea, Democratic Republic of the Congo, and Sierra Leone.
The startups offer a range of innovative solutions, from digitizing inter-city transport to providing virtual and physical Visa cards, and from low-cost investment platforms to neo-microfinance banks. The finalists will present their solutions at the grand finale of the Ecobank Innovation Fair on September 27, 2024, in Lomé, Togo.
The Ecobank Fintech Challenge is an annual initiative designed to identify promising fintech companies and provide them with essential resources, partnerships, funding, and market access. The challenge is conducted in partnership with the international advisory firm Konfidant and supported by various partners, including Huawei, Proparco, TechCabal, and more.
The winner of the challenge will join the Ecobank Fintech Fellowship, which provides access to Ecobank’s APIs and the opportunity to integrate their solutions into the bank’s extensive Pan-African network. This initiative continues to foster innovation and support the growth of fintech in Africa.
The twelve finalists are:
1. Buupass (Kenya): A platform that digitizes inter-city transport, allowing users to compare, book, and pay for bus, train, and flight tickets.
2. MiaPay (Togo): A mobile app that enables African merchants to collect digital payments, including mobile money and Visa cards.
3. EasyEquities (South Africa): A low-cost investment platform that allows users to buy and sell local or international shares through an app.
4. PaySika (Cameroon): A neo-microfinance bank that provides users with virtual and physical Visa cards, enabling them to load funds via mobile money or bank accounts.
5. Sawport Video Banking (Nigeria): A platform that transforms physical bank branches into virtual branches, enhancing the banking experience for customers.
6. Exuus (Rwanda): A platform that helps unbanked Africans manage micro-savings and access micro-loans within informal social savings groups.
7. Daba Finance (Côte d’Ivoire): A multi-asset investment platform that allows investments in stocks, bonds, and more.
8. Proboutik (Senegal): A platform that digitizes transactions and cash management for informal businesses.
9. Melanin Kapital Neobank (Kenya): A neobank that focuses on providing financial access for small businesses through climate action and carbon credits.
10. YMO Africa (Guinea): A platform that promotes financial inclusion with a multi-service wallet and instant payment system.
11. VaultPay (Democratic Republic of the Congo): A platform that offers a visa-powered digital wallet, transforming finance in the DRC.
12. Sproutly (Nigeria): A financial management tool for schools, offering invoice creation, payment tracking, and loan access.
The Ecobank Fintech Challenge has been a catalyst for innovation and growth in the fintech sector in Africa, and this year’s finalists are no exception. Their solutions have the potential to transform the lives of millions of Africans, and Ecobank is proud to support them on their journey.
