Ecobank unveils $500k Fintech Challenge

Ecobank is challenging young African of entrepreneurs to find lasting solutions to Africa's banking problems. Fintech innovators across Africa have been asked to submit entries in one or more of key areas of interest for chance to win US$500,000 in the Ecobank Fintech Challenge, #sthash.46FprECZ.ZpXjX8ey.dpbs">Techunzipped reported.

Ecobank tossed the Challenge with a view to partnering with young developers and innovators across Africa, to help transform finance on the continent through technology and innovation.

The bank said the Challenge is designed "to inspire, support and partner African startups and developers with the aim to facilitate the development of innovative fintech and banking related solutions."

The Ecobank Fintech Challenge focus on 10 key areas which are,

1. predictive analysis using big data
2. agency banking
3. secured client authentication
4. apps to work without internet connectivity
5. KYC technology
6. customer analytics
7. credit scoring
8. micro loan system
9. user experience optimizing solutions using machine learning and AI
10. blockchain technology or solutions within banking.

Twenty finalists of the Ecobank Fintech Challenge will be invited to an award ceremony and an innovation fair at the global headquarters of Ecobank in Lomé, Togo. The top three start- ups at the fair will win cash prizes worth US$10,000, US$7,000, and US$5,000 respectively.

The Challenge is open to both teams and individuals. Teams can submit solutions for more than one challenge but are limited to only one entry per challenge. However, remember that Ecobank will only cover the travel and accommodation costs for up to two participants from each team if you are among the top 20 innovators.

Winning solutions will be awarded US$500,000 in funding, as well as expert mentoring, and access to the Ecobank ecosystem.

More information on the Ecobank Fintech competition, benefits and how to apply can be found on the competition's website here, until April 14.