5 Kenyan startups shortlisted in Ecobank Challenge, competing for $500,000 funding

Ecobank Fintech Challenge has announced the 20 finalists that will proceed to pitch at the final event in Lome, Togo on June 21, 2017.

Among the finalists are four Kenya-based startups – MobiTill, TEAM SAFEPAY, GreenshoeShield Finance and Circle Group Saving and Investment.

(TOP: Shield Finance, one of the 5 Kenyan finalists in the Ecobank Fintech Challenge).

Below is the full list of the shortlisted startups:

No. Name Country
1 PiggyBankNG Nigeria
2 DigiTeller Ghana
3  MobiTill Kenya
5 Wallettec South Africa)
6 Greenshoe Kenya
7 Invest Mobile Ghana
8 KUDI Nigeria
9 Wayagear Innovations Lagos Nigeria
10  Paylater OneFi Nigeria
11 PAYVITE Algeria
12 PurseNG Nigeria
13 Shield Finance Kenya
14  IroFit Technologies Nigeria
15 Circle Group Saving and Investment Kenya
16 Inclusive Financial Technologies Ghana
17 Electronic Settlement Limited Nigeria
18 Social Lender Nigeria
19 General Marchant United States
20 Minafa Burkina Faso

Ecobank launched the Ecobank Fintech Challenge, a contest for African fintech start-ups, in February this year. The challenge was open to entries from start-ups and developers from all 54 African countries after 20 finalists of the Fintech Challenge would be selected then 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 finalists will also be conferred Ecobank Innovation Fellows and will qualify to explore a once-in-a-lifetime partnership opportunity with Ecobank Group that include:

  • Major start-up funding: worth up to US $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 pan-African service partner within Ecobank’s country ecosystem
  • 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

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