Cameroonian agency wins African Fintech Problem

Pan-African Banking Group, Ecobank Group, has introduced Koree, a fintech firm based mostly in Cameroon, as the general winner of the 2023 Ecobank Fintech Problem. The announcement was made by a distinguished panel of judges in the course of the competitors’s Grand Finale on the financial institution’s headquarters on the Pan African Centre in Lomé, Togo.

Koree emerged the winner after dealing with fierce competitors from seven different fintechs, all of whom pitched their modern fintech options to an impartial panel of 5 judges. These eight finalists have been fastidiously chosen from an preliminary pool of over 1,400 fintechs from 64 nations, underscoring the numerous development in reputation of the competitors since its inception six years in the past, in addition to the wealth of innovation and ingenuity, notably on the African continent.

The eight finalists are Flexpay Applied sciences (Kenya), IPOXcap AI (South Africa), Kastelo (South Africa), Koree (Cameroon), Kori Tech (Senegal), Sensible Teller Applied sciences (Nigeria), Rubyx (Belgium) and Wolf Applied sciences (DRC).

Koree was declared the final word winner after three judging rounds and can obtain a money prize of $50,000 for this excellent achievement. Wolf Applied sciences, who have been the primary runner-up, will take residence $10,000, whereas Flexpay Applied sciences, second runner-up, receives $5,000.

The Ecobank Fintech Problem money prize is among the most substantial no-strings-attached fintech money prizes accessible in Sub-Saharan Africa, particularly aimed toward encouraging innovation inside the fintech sector. With their card pockets fee answer that digitizes service provider funds, Koree impressed the judges, securing their well-deserved victory.

The winner, together with the opposite seven finalists, was inducted into the distinguished Ecobank Fintech Fellowship. This distinctive programme gives fintech corporations the chance to discover potential business partnerships with Ecobank, together with the opportunity of seamless integration with the financial institution’s platforms and the potential for scaling up their fintech ventures throughout Ecobank’s 35 African markets.

Jeremy Awori, chief government officer of Ecobank Group, mentioned: “This yr’s eight finalists have demonstrated distinctive innovation and promise. We sit up for collaborating with them to develop groundbreaking merchandise, providers and options that may in the end profit our valued clients and contribute to the development of our continent. We’re satisfied that forging sustainable partnerships with fintechs and the general tech ecosystem stays a viable technique in our pursuit of delivering handy, inexpensive providers to our clients.”

Acknowledging the winner, Mr Awori added, “We lengthen our warmest congratulations to Koree, the primary ever female-led fintech winner of our problem, for his or her excellent victory and modern contributions to the fintech panorama. We sit up for a higher collaboration.”

Mr Awori delivered his remarks in the course of the Grand Finale, which was additionally attended by Cina Lawson, minister of Digital Economic system and Transformation, Republic of Togo. In his speech, Mr Awori expressed Ecobank’s profound gratitude to the jury and conveyed appreciation to the sponsors and companions, together with Huawei, this yr’s gold sponsor, Come up, Proparco, Asky Airways, Jeune Afrique and The Africa Report.

Of particular observe, sponsor Asky Airways, which flies to twenty-eight locations throughout Africa, awarded free roundtrip tickets to the highest three winners. Asky CEO, Esayas Woldemariam, handed over the tickets to the winners in the course of the occasion.

Magalie Gauze-Sanga, CEO of Koree, expressing her pleasure about profitable the Fintech Problem, commented: “Koree profitable the Ecobank Fintech Problem is a triumph for innovation and for variety. We’re very proud that the technological innovation we’ve been implementing in Cameroon for a few years has been rewarded, and it’s also noteworthy that that is the primary time a lady has received the Ecobank Fintech Problem prize. We’re excited to work with Ecobank Group throughout its giant footprint to additional rework the monetary panorama in Africa by digitizing cash-based funds whereas concurrently empowering hundreds of thousands of shoppers and bringing worth to native manufacturers and retailers.”

Since its inception in 2017, the Ecobank Fintech Problem has attracted over 5,500 submissions from fintech innovators representing 64 nations throughout its six editions. Out of this spectacular pool of expertise, 60 distinctive fintechs have been inducted into the Ecobank Fintech Fellowship.

Different companions on this yr’s problem embrace Konfidants, TechCabal, Africa Fintech Community, ALX Ventures, Afrilabs, MEST Africa, Africa Enterprise Angels Community, BlueSpace, and Naija Begin-ups.