Ecobank Group has announced Koree, a fintech company based in Cameroon, as the overall winner of the 2023 Ecobank Fintech Challenge.
Details
Koree emerged the winner after facing competition from seven other fintechs, all of whom pitched their innovative fintech solutions to an independent panel of five judges.
These eight finalists were carefully selected from an initial pool of over 1,400 fintechs from 64 countries, underscoring the significant growth in popularity of the competition since its inception six years ago, as well as the wealth of innovation and ingenuity, particularly on the African continent.
Contestants
The eight finalists are Flexpay Technologies (Kenya), IPOXcap AI (South Africa), Kastelo (South Africa), Koree (Cameroon), Kori Tech (Senegal), Smart Teller Technologies (Nigeria), Rubyx (Belgium) and Wolf Technologies (DRC).
Koree was declared the ultimate winner after three judging rounds and will receive a cash prize of US$50,000 for this outstanding achievement.
Wolf Technologies, who were the first runner-up, will take home US$10,000, while Flexpay Technologies, second runner-up, receives US$5,000.
About The Winner And The Competition
The Ecobank Fintech Challenge cash prize is one of the most substantial no-strings-attached fintech cash prizes available in Sub-Saharan Africa, specifically aimed at encouraging innovation within the fintech sector.
With their card wallet payment solution that digitizes merchant payments, Koree impressed the judges, securing their well-deserved victory.
The winner, along with the other seven finalists, were inducted into the prestigious Ecobank Fintech Fellowship. This unique programme offers fintech companies the opportunity to explore potential commercial partnerships with Ecobank, including the possibility of seamless integration with the bank’s platforms and the potential for scaling up their fintech ventures across Ecobank’s 35 African markets.
What They’re Saying
Jeremy Awori, Chief Executive Officer, Ecobank Group, said: “This year’s eight finalists have demonstrated exceptional innovation and promise. We look forward to collaborating with them to develop groundbreaking products, services and solutions that will ultimately benefit our valued customers and contribute to the advancement of our continent. We are convinced that forging sustainable partnerships with fintechs and the overall tech ecosystem remains a viable strategy in our pursuit of delivering convenient, affordable services to our customers.”
Acknowledging the winner, Jeremy Awori added, “We extend our warmest congratulations to Koree, the first ever female-led fintech winner of our challenge, for their outstanding victory and innovative contributions to the fintech landscape. We look forward to a greater collaboration.”
Mr. Awori delivered his remarks during the Grand Finale, which was also attended by Madam Cina Lawson, Minister of Digital Economy and Transformation, Republic of Togo
Magalie Gauze-Sanga, CEO of Koree, expressing her excitement of winning the Fintech Challenge, commented: “Koree winning the Ecobank Fintech Challenge is a triumph for innovation and for diversity. We are very proud that the technological innovation we have been implementing in Cameroon for many years has been rewarded, and it is also noteworthy that this is the first time a woman has won the Ecobank Fintech Challenge prize. We’re excited to work with Ecobank Group across its large footprint to further transform the financial landscape in Africa by digitizing cash-based payments while simultaneously empowering millions of consumers and bringing value to local brands and retailers.”
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