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Ecobank has called for applications to the second edition of its Fintech Challenge, with the bank seeking potential startup partners, and offering cash prizes to the top three applicants.

The inaugural Ecobank Fintech Challenge was launched last year, with a view to the bank partnering with developers and innovators across Africa, to transform finance on the continent through technology and innovation.  

Startups from across Africa are asked to submit their solutions solving the continent’s most pressing banking issues.

Ten finalists will be selected to participate in an Awards and Innovation Fair at the global headquarters of Ecobank in Lomé, Togo in July 2018.

All 10 finalists will be named “Ecobank Fintech Fellows”, and will explore potential opportunities including partnering the bank on the roll out of their products to Ecobank’s 33 African markets, becoming service providers within Ecobank’s network, and on-going mentoring from the bank’s experts.

The finalists will participate in a pitching contest at the Fair in July, and a panel of judges will select the top three winners, who will receive cash prizes of US$10,000, US$7,000, and US$5,000 respectively.

“We, at Ecobank, believe that the current winds of change led by technology and innovation will redefine how banks do business, and indeed the relationships people have with their money. We want to be at the forefront of this change, in partnership with Africa’s rising startups, and that is why we created the Ecobank Fintech Challenge,” said Ade Ayeyemi, group chief executive officer (CEO) of Ecobank.

Applications are open here to African fintech innovators until May 20.

At last year’s inaugural competition, Nigeria’s IroFit was crowned winner, for its mobile Point of Sale that helps small retailers process card payments in real-time.  The accolade came hot on the heels of a previous award – with IroFit also named a winner of the Innotribe Startup Challenge.

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