Ecobank Fintech Challenge: Cameroonian financial technology startup, PaySika, amongst top finalists.

The Cameroonian Fintech was announced as one of the finalists during the inaugural 2024 Ecobank Fintech Challenge Hybrid Semi-Final event held at the Ecobank Pan-African Centre in Lagos, Nigeria. 

The event was viewed online by the bank’s affiliate in Cameroon and other countries across the globe. The finalists were selected from a cohort of 40 highly competitive Fintechs that made it to the semi-final stage of the competition.

It should be noted that this year's challenge attracted over 1,550 applications from 70 countries in Africa and other regions. 

However, only 12 will represent their countries to pitch their innovations at the grand finale scheduled for September 27, 2024, at the Ecobank Pan African Centre in Lomé, Togo. 

Finalists such as l BuuPass from Kenya; Daba Finance, Ivory Coast; EasyEquities, South Africa; Exuus, Rwanda; Melanin Kapital Neobank, Kenya; MiaPay, Togo; PaySika, Cameroon; PROBOUTIK, Senegal; Sawport Video Banking as a Virtual Branch, Nigeria; Sproutly, Nigeria; Vaultpay, Democratic Republic of the Congo; YMO Africa, Guinea, will compete for the 50,000 US Dollars ultimate prize during this highly anticipated event.

Speaking at the opening of the Semi-Final, on Wednesday August 14, the Chief Executive Officer of Ecobank Group, Jeremy Awori, remarked: "The finalists in this year's Ecobank Fintech Challenge have showcased exceptional talent and innovation and we look forward to welcoming them to the finale”. 

“At Ecobank, we're committed to collaborating with these business builders to develop products and services that will benefit our customers and contribute to our continent's progress,” Awori said.  

Africa’s premier platform in celebrating fintech innovations

On her part, Ecobank Cameroon Managing Director, Gwendoline Abunaw, reiterated that the Fintech Challenge has established itself not only as the continent’s premier platform for identifying and celebrating Fintech innovations, but also nurturing and facilitating the growth of Fintech start-ups across the continent. 

"In a continent where traditional banking infrastructure has often struggled to reach all segments of society, programmes like the Ecobank Fintech Challenge that nurture and facilitated pan-African market access for Fintech innovations, offer a promising path to bridging this gap," she said. 

Cameroon, she was proud to state, has made its mark significantly in the history of the Ecobank Fintech Challenge. Cameroon proudly holds the credit for having produced the competition’s first and only female winner so far. 

Even more exciting is the fact that the solution, "Koree", that won the ultimate prize, had been successfully deployed in the Cameroonian market, prior to being adjudged the winner of the 2023 Challenge.

As commitments are further made to supporting Fintechs in the Cameroonian market, the MD announced that Ecobank Cameroon has established a Fintech Office to help Fintechs explore partnership opportunities with Ecobank in the Cameroonian market. She then used the opportunity to invite Fintech start-ups to explore partnerships and market opportunities at their Fintech Office. 

Gwendoline Abunaw was optimistic for the future of financial technology in Africa.

About the ECOBANK Fintech Challenge 

The Ecobank Fintech Challenge, a flagship initiative of the Ecobank Group, organised for seven consecutive years, continues to serve as a premier continental platform for promoting innovation and collaboration between Fintechs and the pan-African Bank’s cross-border markets spanning 35 countries. 

The challenge remains a significant event, attracting key players within the Fintech ecosystem and beyond. It provides a unique opportunity for Fintech entrepreneurs to address challenges such as reaching scale, navigating an uncertain regulatory environment, and managing scarcity of funding. 

In addition to financial rewards, the challenge offers Ecobank’s expertise in diversified market operations and the right solutions to scale across its pan-African footprint and international presence. Since inception, 60 Fintech startups have been inducted into the Ecobank Fintech Fellowship.

The Ecobank Fintech Challenge is designed in partnership with international advisory firm, Konfidants, and is supported by various partners including Huawei, Proparco, TechCabal, BlueSpace, Afrilabs, Africa Fintech Network, MEST Africa, Naija Startups, Expand In Africa and Founders Africa.

This year’s Grand Finale, it was said, will bring together Fintechs, regulators, investors, financial institutions, global technology companies, tech hubs, entrepreneurs, and industry experts. 

Ecobank invites all key stakeholders within the Fintech ecosystem, and members of the general public to register for the Grand Finale via this link: https://ecobankfintechchallenge.com. 

This story was first published in The Guardian Post issue No:3203 of Monday August 19, 2024