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Lomé. — Ecobank, the independent pan-African banking group, has launched Ecobank Fintech Challenge, a competition for African technology start-ups to build and deploy innovative fintech and banking solutions across the continent.

Twenty finalists of the Fintech Challenge will be invited to an award ceremony and an innovation fair at the global headquarters of Ecobank in Lome, Togo.

The top three start-ups at the fair will win cash prizes worth $10 000, $7 000, and $5 000 respectively. The finalists will also be conferred Ecobank Innovation Fellows and will qualify to explore a once-in-a-lifetime partnership opportunity with Ecobank Group that includes: major start-up funding: worth up to $500 000, multinational product roll-out: for the most commercially viable start-ups to launch their products in Ecobank’s 33 markets across Africa, service provider partner deals: for start-ups with deep capabilities to become a pan-African service partner within Ecobank’s country ecosystem and mentoring and networking support: founders will be conferred as Ecobank Innovation Fellows for a period of one year, granting them access to networking and mentoring from Ecobank’s vast global network of technology leaders, fintech experts, investors and management coaches

Ade Ayeyemi, Ecobank Group CEO said, “This is one of the biggest support packages put together by any bank or investor to support Africa’s technology start-ups.

Fintech is the future of banking; that is why we are opening our doors and vast market infrastructure to support Africa’s brightest innovators.”

Ecobank Fintech Challenge was designed in partnership with the advisory firm Konfidants and is supported by several partners across Africa and the world. Applications for the competition will close on 14 April, 2017.