Ecobank Launches $500,000 FinTech Challenge for African Startups, Deadline April 14, 2017

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Ecobank is challenging startups, developers and other innovators in Africa to participate in the FinTech Challenge. According to the bank, its goal is to support and showcase African start-ups, and it is is hosting a contest with the aim to facilitate the development of innovative “FinTech” and banking related solutions that address the following challenges:

  • Predictive analysis using big data;
  • Agency banking;
  • Secured client authentication;
  • Apps to work without internet connectivity;
  • KYC technology;
  • Customer analytics;
  • Credit scoring;
  • Micro Loan System;
  • User experience optimizing solutions using machine learning and AI;
  • Blockchain technology/solutions within Banking;
  • Any other FinTech solution.

The challenge will consist of three main phases:

  • Phase one: a pan-African competition. Open to all African tech innovators and entrepreneurs
  • Phase two: an Innovation Fair and Awards Ceremony. For selected top applicants only.
  • Phase three: post-competition Opportunities & Collaboration with Ecobank. For only selected top products.

Applicants can apply in teams or as individuals.

Key Points to Remember:

  • Although applicants can as individuals or in teams, they are not allowed to participate in multiple teams.
  • Individuals cannot switch teams after applying.
  • A total of 20 teams will be selected for the Ecobank FinTech Challenge event, which will be held at the global headquarters of Ecobank in Lomé in May, 2017.
  • Applicants will retain thier intellectual property rights but third party intellectual property rights must be clearly identified by the participants.
  • Ecobank will cover travel and accommodation costs for up to two participants from each team.
  • Three top participants will receive cash and non-cash prizes.
  • Entries must be based on original ideas. Respect Intellectual Property!
  • Ecobank may invest up to $500,000 in selected start-ups/products with immense prospects.
  • Start-ups may be selected by Ecobank to become a pan-African service partner to Ecobank.

Interested participants can apply here.

The deadline for applying is April 14, 2017.

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