African banking group Ecobank Group has announced the six finalists for the fifth edition of the Ecobank Fintech Challenge, chosen from a pool of 700 applicants in 59 countries.
Finalists will undergo a mentoring programme to explore funding opportunities and rolling out products in other countries, and access Ecobank’s sandbox to test and develop products for a larger market.
This year’s edition of the Ecobank Fintech Challenge is sponsored by investment firm Arise, and organised in collaboration with Global Finder, TechCabal, Africa Fintech Network and Konfidants.
The six finalists will compete for the top prize of US$50,000 at the grand finale to be held at the Ecobank Pan African Centre in Lomé city on 28 October 2022.
“Applications have grown from about 412 applications in 2018 to over 700 in 2022. This demonstrates a definite paradigm shift within the African continent, with Africans’ desire to transform technological innovation into a real lever for socio-economic development,”
said Tomisin Fashina, Ecobank Group Executive, Operations and Technology.
“Fintechs play a central role in creating innovative digital solutions that improve customer experience, deliver value propositions and reduce costs.
Our investments in fintechs are based on collaborative partnerships that advance financial inclusion on the continent and offer opportunities for mutual synergies with our balanced investment portfolio,”
said Gavin Tipper, CEO of Arise.
Finalists at the Ecobank Fintech Challenge 2022
Cauri Money (Senegal)
Cauri Money provides digital banking services for African diasporas. Its services include savings accounts, prepaid cards for online or offline purchases, bill payments, and cross-border money transfers.
DizzitUp (Togo)
DizzitUp is a marketplace for basic necessities in the areas of food, education, health, renewable energy, and technology. The platform has its own cryptocurrency and also accepts Bitcoin as payment.
MaishaPay (Congo)
MaishaPay is a financial services company providing payment and e-commerce solutions, prepaid Visa cards, as well as its own food delivery, agricultural wholesaling, and bus ticketing platforms.
Moni Africa (Nigeria)
Moni finances small businesses in groups across Africa. The collective responsibility of the group serves as a collateral on the loan while the social pressure from the members ensures on-time repayment.
Paycode (South Africa)
Paycode is a B2B biometric identity, digital bank account, and payments service provider. Its flagship solution allows users to use their fingerprint to register for and access financial services.
Touch and Pay (Nigeria)
Touch and Pay digitises and processes microtransactions with a focus on the transportation sector. The company’s flagship product is a contactless card for paying bus fares which has over 1.5 million users.
