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Challenges for startups are announced frequently by these top technology companies. This time around, Ecobank is the latest firm to make available a startup challenge. The Challenge is tagged “Ecobank Fintech Challenge”.

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The leading Pan-African Bank, Ecobank has chosen 20 startups that will participate in the final stage of the Challenge. Unsurprisingly, the challenge is a Fintech Challenge. The startups were selected following adequate screening from Ecobank.

The Challenge is with the goal of strengthening the innovative skills of the Fintech startups and mentoring the Fintech startups on the development of their businesses in order to provide sustainable Fintech solutions across the African continent.

Earlier this year, Ecobank had made an announcement for the submission of applications for the challenge. There were several applications, and after a stringent screening, twenty startups have gained the top spot for the final stage of the Challenge.

Observing its status as the Pan-African bank, Ecobank made the application phase available to startups across Africa, cutting across the Western, Southern and even the Eastern region of the continent. Surprisingly, even non-African startups were allowed to partake in Challenge. The startups that were chosen are from 7 different countries.

For the final stage of the Challenge, all the 20 finalist startups will be at attendance at an award ceremony in the Ecobank headquarters in Togo. The awards ceremony will take place in June at the capital city of Togo, Lome. The startups will be given the ample opportunity to pitch their solutions and products before a panel of committee. This panel of committee will determine who will the grand prize of the challenge which is the “Ecobank Africa Fintech Prize”.

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Huge sum of money ranging from $5,000 to $10,000 will be available each to the winners in their respective order.

The startups that made the final list include: Wallettec (South Africa); DigiTeller, Inclusive Financial Technologies, Invest Mobile (Ghana); Team SAFEPAY, Greenshoe, Shield Finance, MobiTill, Circle Group Saving and Investment (Kenya); PAYVITE (Algeria); KUDI, PiggyBank, PayLater, PurseNG, Irofit Technologies, Electronic Settlement Limited, Wayagear Innovations and Social Lender (Nigeria); Minafa (Burkina Faso); and General Marchant (United States).

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