Fintech Challenge Areas
• Digital Onboarding/Account Opening/KYC: Ecobank is looking for solutions that address remote or digital verification of customer data (KYC) to enable real-time account openings, such as:
o GPS Address Verification Service
o Identification Document Verification & Matching with Face/Photo
• Remittances: Ecobank is looking for solutions that increase inflow to Africa from other parts of the world, or delivery of instant transfers at secure, cheaper rates within Africa or across borders. These include areas such as:
o International Inward Remittance to Africa
o Cross border transfer with Africa
o Cross Border payments
• Digital Sales/Marketing: Ecobank is looking for solutions to drive sales or marketing campaigns of Ecobank Products & Services, such as the Ecobank Mobile App, Chatbot, Internet Banking & USSD. The solutions must drive usage and adoption of:
o Ecobank QR Push Payment at stores and locations,
o Xpress Cash Token on ATM or Agent Points
o Xpress Agency Banking
• Offline Mobile to Mobile Payments (Dead zones): Ecobank is looking for solutions that enable customers to carry out mobile transaction services without internet and SMS/2G connectivity. These types of solutions will typically use offline wallet system.
• Multi-channel Corporate Payments/Collections Ecosystems: Ecobank is looking for solutions that offer a multi-channel experience solution providing single user security and functionality for payments, collections, liquidity management, supply chain finance and trade finance, with multiple redemption points, Mobile banking, wallet, bank account and ATM.
• SME Intra-Africa Trade Platform: Ecobank is looking for solutions that improve international trade and eCommerce processes by facilitating KYC and AML requirements. The solutions may reduce document management processes without compromising regulatory requirements, increase ease of payment, provide reduced charges and decrease reliance on FX.
• Competition Cash prizes: The three top winners at the Innovation Fair will be awarded $10,000, $7000, and $5000 cash prizes respectively.
• Multinational product roll out: Once in a lifetime opportunity to launch products in Ecobank’s over 33 markets across Africa through strategic partnership.
• Service provider partnerships: Start-ups may be selected by Ecobank as a pan-African service partner within Ecobank’s giant 36 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 opportunities within the Ecobank Group and its vast network of global and African partners.
• All African start-ups, and start-ups with solutions for Africa are eligible to apply to the fintech challenge
You can enter more than one fintech solution in the competition. However each product or solution you apply with must be distinct. You should not submit two solutions in one application form. Each of your solutions/products must be entered as a separate application.
Illustration Photo: QR Push Payment in a store. Jakarta, Indonesia. (credits: Yosomono / Flickr Creative Commons Attribution 2.0 Generic (CC BY 2.0))