Business
Africa: Ecobank Group launches 2024 Fintech Challenge with US$50,000 Prize
Joel Ajayi
The 2024 Ecobank Fintech Challenge has opened applications for early-stage and mature startups to partner with Ecobank (www.Ecobank.com) across its 35 African markets; This marks the 7th edition of the Fintech Challenge.
Ecobank , the pan-African financial services Group, officially opens call for applications to the 7th edition of its Fintech Challenge. This annual competition invites early-stage and mature fintech startups to partner with Ecobank, offering a grand prize of US$50,000 and a chance to scale their solutions across Ecobank’s extensive network spanning 35 African countries.
Despite the fintech eruption in the African continent, a McKinsey report [1] 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. The Ecobank Fintech Challenge provides a unique opportunity for Fintech Entrepreneurs to address these 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 Jeremy Awori, Chief Executive Officer of Ecobank Group. “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.”
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:
- Multinational product rollout: an opportunity to integrate their solutions with Ecobank, opening doors to potential product launches within Ecobank’s expansive 35-country Pan-Africannetwork.
- Service provider partnerships: Selected fintechs may become Pan-African service partners within the Bank’s ecosystem.
- Access to Ecobank’s Pan-African Banking Sandbox: Fellows will receive exclusive access to Ecobank’s cutting-edge APIs, enabling them to test and develop their products for the Pan-African market.
- Priority access to Ecobank’s Venture Capital partners for funding exploration.
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.
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
Business
Climate Change: GIZ Lead Efforts To Boost Collaboration In Africa
Mariam Sanni
The German Agency for International Cooperatives ,GIZ has intensify efforts on climate change by announcing the formation of Association of Africa Climate Adaptation Business Network (AACABN) to foster collaboration among African businesses dedicated to climate adaptation.
Dr. Denis Mujibi of Usomi (Usomi) expressed gratitude to the German government, GIZ, and all stakeholders for their support.
He is the first cohort to establish such an association that is also aimed to build on the program’s momentum on climate adaptation.
The association selected Suleiman Dikwa (Green Sahara Nigeria) as Chairman and Dr. Denis Mujibi (Usomi) as Secretary. The Steering Committee comprises four members: Greg Ikwe (Oklan Best Limited), Elizabeth Mbogo (Nazava), Ibukunoluwa Animashaun (FutuX Agri-consult Ltd), and Greg Ikwe (Oklan Best Limited).
GIZ has endorsed this initiative, recognizing its strategic alignment with their objectives to sustain support for climate adaptation businesses and facilitate investment in the sector.
The establishment of AACABN marks a significant step towards creating a unified network of climate adaptation enterprises across Africa, poised to drive meaningful change and innovation.
Similarly , the two-year program, organized by GIZ, aimed at enhancing business modeling and financial linkages for climate adaptation, has successfully come to a close.
The intensive program engaged 13 select African companies from Kenya and Nigeria, with the final segment held at a summer camp in Feldafing, Germany.
The initiative focused on developing sustainable business models, measuring impact, and preparing companies for investment readiness in the climate adaptation sector. Participants underwent diverse training modules tailored to address various sectors, including:Agriculture, Forestry, Climate-smart technologies , Infrastructure, Irrigation, Water, among others .
Through this program, participants gained valuable insights and skills to refine their business approaches and adapt to evolving climate challenges.
During the closing ceremony, the African Climate Adaptation Business Network was formally established,
The Program Head Denise Engel praised the program’s achievements in promoting peer learning and enhancing business models to attract investments.
Inaugural Members of PrivABoo: Arctic, Infrastructure, Botanic Treasures, CoFarms
Ecocycle,FutuX Agri-consult Ltd, Green Sahara, IrriHub, MajiAgri, Nazava,Oklan Best Limited,Peal, Agro., Usomi, Utooni, and White Gold Camel Milk
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