Ecobank Fintech Challenge Awards: Recognizing Innovative Fintech Startups Across Africa

The Ecobank Fintech Challenge Awards have emerged as one of the most prestigious recognitions for financial technology innovation in Africa.

Organized annually by the Ecobank Group—one of the continent’s leading pan-African financial institutions with operations in 35 countries—this competition is designed to identify, support, and scale high-potential fintech startups across Africa.

Since its inception, the awards have grown into a significant platform for spotlighting groundbreaking solutions that address the continent’s most pressing financial challenges, from digital payments and financial inclusion to lending, remittances, and mobile banking.

In both 2023 and 2024, the Ecobank Fintech Challenge Awards attracted more than 1,400 applications from across Africa and beyond, showcasing the immense appetite for innovation within the region’s fintech ecosystem.

The competition not only offers a substantial cash prize but also provides finalists with access to Ecobank’s Fintech Fellowship program—an accelerator for growth, commercial partnerships, and market expansion.

This unique combination of funding, visibility, and support makes the Ecobank Fintech Challenge Awards a powerful launchpad for startups aiming to scale their solutions continent-wide.

As the awards continue to grow, they remain a cornerstone for advancing Africa’s digital financial future and driving inclusive economic growth.

What is the Ecobank Fintech Challenge Awards?

The Ecobank Fintech Challenge Awards is an annual competition organized by Ecobank Group, a leading pan-African financial institution operating in 35 countries across Africa.

Launched in 2017, the awards were created to identify, support, and scale fintech startups that are building innovative solutions to address Africa’s most pressing financial challenges.

These challenges range from improving digital payments and micro-lending to expanding financial inclusion and leveraging blockchain for cross-border transactions.

What makes the Ecobank Fintech Challenge Awards stand out is its unique blend of recognition, funding, and partnership opportunities. Startups that make it to the finals compete for a no-strings-attached cash prize of US $50,000, enabling them to scale without sacrificing equity.

Beyond the prize, finalists are inducted into the Ecobank Fintech Fellowship, where they gain access to Ecobank’s extensive ecosystem, commercial partnerships, API sandbox integration, and potential to roll out their solutions across Ecobank’s 35-country network.

With hundreds of applications submitted each year from across Africa and beyond, the Ecobank Fintech Challenge Awards has become a vital platform for empowering fintech entrepreneurs.

It helps them scale their innovations, form strategic partnerships, and make meaningful contributions to Africa’s evolving digital economy.

Purpose and Impact of the Ecobank Fintech Challenge Awards

Since its debut in 2017, the Ecobank Fintech Challenge Awards have played a pivotal role in driving financial innovation and inclusion across Africa.

Established to identify and support promising fintech startups, the challenge focuses on solutions that address the continent’s most urgent financial needs—from digital banking and micro-lending to mobile payments and blockchain-based tools. The goal is to empower startups that are reshaping access to finance and promoting inclusive growth.

What sets the Ecobank Fintech Challenge Awards apart is not just the recognition it offers, but the tangible support it provides to participants. Finalists compete for a no-strings-attached US $50,000 cash prize, which enables them to scale without equity loss or restrictive terms.

Beyond the prize, selected innovators are inducted into the Ecobank Fintech Fellowship—a unique accelerator that provides access to commercial partnerships, real-time API sandbox integration, and a gateway to Ecobank’s 35-country African footprint.

This combination of capital, mentorship, and cross-border exposure has made the Ecobank Fintech Challenge Awards a powerful platform for fintech scale-ups.

For many startups, participation has led to regional expansion, strategic collaborations, and long-term visibility—solidifying the challenge as a cornerstone of Africa’s evolving fintech landscape.

Notable Winners of the Ecobank Fintech Challenge Awards

1. 2023 Highlights: Koree’s Historic Win

In 2023, Koree, a Cameroonian fintech, emerged as the champion with its solution “Koree Wallet”—a card-linked loyalty program that digitizes small merchant payments.

Koree bested seven finalists from Kenya, South Africa, Senegal, Nigeria, Belgium, and the DRC, earning a US $50,000 prize and becoming the first woman-led fintech to win the competition.

Judges praised its innovative approach to addressing the cash change deficit, while Ecobank CEO Jeremy Awori praised the finalists’ drive and potential.

Runner-up Wolf Technologies (DRC) received US $10,000, and third place Flexpay Technologies (Kenya) earned US $5,000. All finalists gained induction into the Fellowship, connecting them with Ecobank’s systems and potential commercial collaborations.

2. 2022 Champion: Touch and Pay

The 2022 edition of the Ecobank Fintech Challenge Awards spotlighted Nigerian startup Touch and Pay, a trailblazer in enabling cashless microtransactions across Africa.

Known for revolutionizing fare payments in public transportation, the platform serves over 2 million users daily, offering a scalable solution to everyday payment challenges.

As the winner, Touch and Pay received a US $50,000 prize and access to the exclusive Ecobank Fintech Fellowship, reinforcing the award’s impact in accelerating fintech growth.

The recognition affirmed the Ecobank Fintech Challenge Awards as a powerful springboard for African startups aiming to scale innovative, inclusive financial solutions across the continent.

3. 2024 Challenge: Expanding Opportunities

In June 2024, Ecobank launched the 7th edition of the Ecobank Fintech Challenge Awards, reinforcing its commitment to supporting Africa’s most promising fintech innovators.

This year’s edition attracted over 1,550 applications from more than 70 countries, reflecting the competition’s growing international reputation.

The hybrid semi-finals were held in Lagos, culminating in the selection of 12 finalists from countries including Kenya, Togo, South Africa, Cameroon, Ivory Coast, Nigeria, Congo, and Guinea.

These finalists will pitch their solutions at the Grand Finale on 27 September 2024 in Lomé, competing for the US $50,000 prize and a place in the Ecobank Fintech Fellowship.

Why this Award Matters

Scale & Reach: The Challenge offers startups entry into economies across 35 African markets, bridging small-scale innovations with continental reach.
Fellowship Benefits: Alumni join the Fintech Fellowship network—galvanizing partnerships, API integration, commercial exposure, and funding avenues.
First-of-its-Kind Funding: The no-strings US $50,000 prize is one of the most substantial awards of its kind in sub-Saharan Africa.
Promotes Diversity: The 2023 win by Koree, led by CEO Magalie Gauze‑Sanga, signaled an important milestone for female fintech leadership in Africa.

Testimonials & Endorsements

Jeremy Awori, Ecobank Group CEO: Praised the caliber of entries and stated, “Building partnerships with fintechs is a catalyst for driving financial inclusion in Africa.” He emphasized the Challenge’s role in identifying innovations ready for pan-African rollout.
Magalie Gauze‑Sanga, CEO of Koree: “This victory affirms our commitment to digitize small merchant payments across Africa. We look forward to scaling into new Francophone markets.”

Dr. Tomisin Fashina, Group Executive, Operations & Technology, Ecobank Group: “The Ecobank Fintech Challenge Awards continue to unlock pathways for collaboration between banks and emerging technology startups. It’s more than a competition—it’s a strategic investment in Africa’s future fintech leaders.”

Judith Owigar, Fintech Mentor & Founder, Juakali Workforce (Kenya): “As a mentor and ecosystem builder, I see the Ecobank Fintech Challenge as one of the few platforms that not only gives visibility to startups but also offers meaningful, Pan-African growth opportunities. It bridges the gap between innovation and scale.”

Ndubuisi Ekekwe, African Innovation Expert & Author: “The Ecobank Fintech Challenge Awards have become a lighthouse for fintech innovation in Africa. It’s rewarding the kind of grassroots problem-solving that can redefine banking and inclusion on the continent.”

Abdoulaye Barry, CEO of Paps (Senegal) – Finalist: “Being selected as a finalist helped us refine our product and connect with partners across borders. The exposure and network were just as valuable as the prize.”

Why the Ecobank Fintech Challenge Is a Benchmark Award

Pan-African Reach: Over 64 countries represented—reflecting its continental scope .
Substantial Funding: The US $50,000 prize helps startups scale without the burden of strings.
Fellowship Ecosystem: Alumni gain market access, API integration, mentorship, and capital exposure.
Female Leadership: The 2023 champion marks a milestone in gender diversity for fintech in Africa.
Ecosystem Building: Collaboration with regulators, investors, and tech partners strengthens Africa’s fintech infrastructure.

Looking Ahead

As applications rise—1,490 in 2023, 1,550 in 2024—the Challenge continues to adapt, fostering African fintech scale-ups with strategic support, visibility, and financial backing.

If you’re an African fintech innovator, the Ecobank Fintech Challenge awards represents not just a funding opportunity, but a pathway to continental impact and growth.

FAQs

What are the Ecobank Fintech Challenge Awards?

The Ecobank Fintech Challenge Awards is an annual competition organized by Ecobank Group to identify and support innovative fintech startups across Africa. It offers a no-strings-attached $50,000 cash prize, access to the Ecobank Fintech Fellowship, and the opportunity to scale solutions across Ecobank’s 35-country network.

Who can apply for the Ecobank Fintech Challenge Awards?

The challenge is open to early-stage and mature fintech startups that are building solutions relevant to African markets. Startups from across the continent and even outside Africa (with Africa-focused products) are eligible to apply.

What are the benefits of participating?

Finalists receive: A US $50,000 cash prize for the winner, Access to the Ecobank Fintech Fellowship, Opportunities for commercial partnerships, API sandbox integration, and regional scaling

How are finalists selected?

Startups are evaluated based on innovation, scalability, relevance to African financial needs, and alignment with Ecobank’s strategic goals. Semi-finalists pitch during a hybrid session, and finalists present at the Grand Finale.

What types of solutions are eligible?

Solutions in areas such as payments, lending, savings, financial inclusion, mobile banking, insurtech, and blockchain-based finance are encouraged—particularly those that address underserved communities and enable financial access.