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.