Business

Africa: Ecobank Group launches 2024 Fintech Challenge with US$50,000 Prize

Published

11 months ago

June 7, 2024

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

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Business

Rising Loan Repayments, Capital Reversals Drive CBN FX Outflows By $1.2bn

Published

22 hours ago

May 12, 2025

The Gleamer

…Surge reflects growing external debt service burden

By Charles Cyril

Capital outflows from Nigeria rose significantly in January 2025, reaching $1.20bn, up from $1.06bn recorded in December 2024.

The increase represents a sustained pressure on the country’s external sector, driven primarily by surging external loan repayments and a notable uptick in capital reversals.
According to the January data, the sharp rise in outflows was largely due to a 27.45% increase in loan repayments, which amounted to $0.65bn during the month.

This surge reflects a growing external debt service burden, as the country continues to meet its obligations amidst tighter global financial conditions, elevated interest rates, and a strong US dollar.

Analysts suggest that these repayments are likely linked to maturing debt instruments and syndicated loans, which were contracted in previous years when global liquidity was more accommodative.

Funds previously invested in the country that are now being pulled out by investors also contributed significantly to the overall outflow.

These reversals rose by 3.85% in January to $0.54bn. The increase in capital reversals, according to findings, may be attributed to heightened investor caution, stemming from macroeconomic uncertainties, policy inconsistencies, and concerns over currency stability.
Some foreign portfolio investors may have opted to exit local markets due to perceived risks or in search of more attractive yields in other emerging or developed markets.

Interestingly, the repatriation of dividends the transfer of profits by foreign-owned companies to their parent firms declined sharply during the period.

According to the CBN data, the value of dividend repatriation fell by 66.67% to just $0.01bn. This sharp drop could be indicative of companies deferring profit remittances amid volatility in foreign exchange markets or regulatory measures aimed at easing pressure on external reserves.

In terms of proportional contribution to the total outflow, loan repayments constituted the largest share at 54.33%.

Capital reversals followed closely, accounting for 44.81%, while repatriated dividends made up a mere 0.85%.

Other forms of capital outflows, including payments for technical services, royalties, and management fees, accounted for the remaining portion.

The rise in capital outflows, particularly in the form of debt repayments, underscores the vulnerability of the country’s balance of payments to external shocks and rising debt obligations.

With international reserves under strain and external financing conditions still tight, policymakers face a delicate task of balancing debt service commitments with the need to support domestic economic growth and currency stability.

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