Kenya’s Lypa was shortlisted to participate in Ecobank’s annual Fintech Challenge. They were shortlisted alongside Wallet.ng (Nigeria), Nala (Tanzania), Litee (Benin), SESO Global (South Africa), InvestED (Sierra Leone), Eversend (France), Secapay (Nigeria), Virtual Identity (South Africa), MojiPay (Togo) and Awamo (Germany).
The shortlisted companies will pitch their products at the Innovation Fair & Awards ceremony to be held in Togo on the 30 August of this year. The winning startup and the two runners-up will receive cash prizes of US$10,000, US$7,000, and US$5,000 in that order.
All eleven startups will join the Ecobank Fintech Fellowship for six months where they will get the opportunity to explore more partnerships with Ecobank Group.
Ecobank Group CEO, Ade Ayeyemi said, “At Ecobank our digital strategy is spectacularly successful and has changed the landscape of African banking, so it goes without saying that we see fintech as a vital component for the economic transformation of the continent and the prosperity of its citizens,” adding that the bank will do everything in its power to promote the next generation of fintech entrepreneurs in Africa.
Ecobank Group Executive for Operations and Technology Edy Dogbogu said: “Africa has a proud history of innovation, and today’s fintech start-ups are the potential giants of tomorrow. We’re delighted by the quality of our Fintech Challenge finalists and have high hopes that they will capitalize on the mentoring and support opportunities of the Ecobank competition on their journeys to future success.”
In 2017, of the 20 finalists, all the winners were from the Nigerian fintech, Nigeria’s IroFit taking first place, while Kudi and Paylater made first and second runners-up respectively.