Ecobank Group has announced the finalists of the 2021 Ecobank Fintech Challenge. The Challenge, in its fourth edition, is designed to help Fintechs with Africa focused products join forces with the leading pan-African Group to provide Africans with groundbreaking financial services.
This year’s final saw five finalists selected from various African countries. According to the financial institution in a virtual press conference held yesterday, the finalists, who emerged from a competitive pool of nearly 900 Fintechs that entered the 2021 Fintech Challenge, will participate in a virtual finale to be held next month.
The 2021 finalists are Anadata Limited from Nigeria – developed Chota, an automated Address Verification System that uses Big Data Analysis to accelerate the process while improving accuracy; Motito from Ghana – promotes financial inclusion in Africa through their ‘buy now pay later’ platform which allows small businesses to offer interest-free credit at point of sale; and Oko Finance from Mali – offers new-generation index insurance to small holder farmers, that are mobile-based and include access to affordable loans, weather alerts and farming tips. Others are Fourthline Limited from Kenya – developed Pollen which is designed to be a USSD ecosystem for conducting cross-telecom payments and savings for the unbanked; and Trove Finance, from Nigeria – built software (APIs & Tools) that allows African Individuals and financial Institutions (Banks, Brokers and Fund Managers) access and trade US & Global stocks. The finalists will pitch their products to a jury which will select the top three most promising products. The top three finalists will receive cash prizes of $15,000, $12,000 and $10,000 respectively.