Sawport Video Banking and Sproutly, two Nigerian fintech companies, have advanced to the Ecobank Fintech Challenge Grand Finale, which will take place on September 27, 2024, at the Ecobank Pan African Centre in Lomé, Togo.
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Out of a fiercely competitive group of forty Fintech companies that advanced to the competition’s semifinals, the 12 finalists were chosen. More than 1,550 submissions from 70 countries in and outside of Africa were received for this year’s competition. Recall that the first-ever 2024 Ecobank Fintech Challenge Hybrid Semi-Final event took place last week at the Ecobank Pan African Centre in Lagos, Nigeria, and that nine (9) Nigerian Fintechs made it to the semifinals.
The winners were then revealed. One of the Fintech finalists from Nigeria, Sawport Video Banking is a video banking technology that helps financial institutions provide smooth customer service and hasten financial inclusion by acting as a virtual branch.
In order to facilitate transactions, let smallholder farmers to take advantage of microsavings, obtain microloans, and make contributions to microinsurance through their unofficial social savings clubs, a digital platform with an alternative credit scoring algorithm has been included. On the other hand, Sproutly offers advanced payment options, adjustable credit packages, and comprehensive financial management to families, schools, and students, guaranteeing improved financial literacy, ease of use, and financial stability. Congratulations to all of the Nigerian Fintechs that advanced to the semi-finals and finals! “Your hard work, creativity, and innovative solutions have brought you this far, and we are excited to see what your solutions present,” said Bolaji Lawal, Managing Director/Regional Executive, Ecobank Nigeria.
Recall that you are only getting started on this Challenge, and Ecobank is here to help you every step of the way. He made a point of saying, “The Ecobank Fintech Challenge has benefited and contributed to Nigeria’s enterprising and innovative youths in fintech.”
The fact that Nigeria is hosting this tournament is no accident. With the highest number of applications, finalists, and winners in the history of the Ecobank Fintech Challenge, our country has become a fintech hotspot for Africa. Nine (9) of the semi-finalists this year are from Nigeria, demonstrating that this year is no exception.
This accomplishment highlights the dynamic and inventive fintech ecosystem that we have fostered here. In addition to wishing the two Nigerian Fintechs luck in the competition, Mr. Lawal reaffirmed Ecobank Nigeria’s commitment to collaborating with the Ecobank Group to grant market access to the creative solutions that arise from the Challenge. He emphasised that traditional banks and fintechs working together can build a more robust, inclusive, and efficient financial ecosystem that benefits all Africans.
A flagship project of the Ecobank Group, the Ecobank Fintech Challenge has been held for seven years running and is still a top continental forum for encouraging innovation and cooperation between Fintechs and the cross-border markets of the 35-country pan-African bank. The challenge continues to be a noteworthy occasion that draws important figures from the fintech industry and beyond.
It offers fintech businesses a special chance to handle difficulties including growing their business, negotiating an ambiguous regulatory landscape, and handling finance scarcity. The challenge offers Ecobank’s experience in diversified market operations and the best ways to scale across its pan-African reach and global presence in addition to financial rewards.
The Ecobank Fintech Fellowship has accepted 60 fintech firms since its founding.
