Nigerian global share dealing app Trove has been declared the winner of the fourth Ecobank Fintech Challenge, having won a US$15,000 prize and a place in the bank’s Fintech Challenge Fellowship program.
On December 9, a virtual grand finale streamed live from Accra, Ghana, named Trove as the winner, with each of the five finalists pitching to a tech-savvy panel. The app allows African financial institutions and individuals to purchase, sell, and trade any publicly traded share, bond, or exchange traded fund on the US, Chinese, Nigerian, and other worldwide stock markets.
“Winning the 2021 Ecobank Fintech Challenge is a real honour and publicly validates the huge potential of our app to widen asset ownership. I applaud the Ecobank Group for bringing African fintechs into the limelight through this competition and for providing us with continued support through its Fellowship programme. The opportunity to partner with Ecobank and roll-out our app across 33 sub-Saharan African countries would provide the icing on the cake by massively accelerating our growth,” said Oluwatomi Solanke, CEO of Trove.
Each year, the Ecobank Group hosts its Fintech Challenge, with this year’s five finalists selected from over 890 entrants from 44 countries.
Mali’s OKO Finance, with its affordable crop insurance products – distributed via mobile phone – for smallholder farmers, came second, while Ghana’s Motito came third with its “buy now, pay later” solution. First, second and third placed winners received cash prizes of US$15,000, US$12,000 and US$10,000 respectively, and were also inducted into the Ecobank Fintech Challenge Fellowship programme.
The level of fintech services and solutions entered in this year’s edition was so outstanding, according to Ecobank Group CEO Ade Ayeyemi, that the committee had a tough time narrowing the hundreds of participants down to the final five and ultimately selecting Trove Finance as the overall winner.
“We will be inducting all five finalists into Ecobank’s Fintech Fellowship, during which they will receive mentoring and networking support, can utilise our Banking Sandbox to access our APIs to further develop their propositions, and could potentially partner with Ecobank to roll it out across our 33-country footprint. The Ecobank Fintech Challenge furthers our vision of treating fintechs as potential commercial partners with whom we can engage to provide innovative solutions to our customers,” he said.