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Ecobank Group has announced the finalists of the 2021 Ecobank Fintech Challenge, which is designed to help Fintechs with Africa focused products join forces with the leading pan-African Group to provide Africans with groundbreaking financial services

fintech 11 NovThe challenge, in its fourth edition, is designed to help fintechs to provide Africans with groundbreaking financial services. (Image source: Adobe Stock)

This year’s final saw five finalists selected from various African countries.

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 sata 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.

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.

Fourthline Limited from Kenya – developed Pollen which is designed to be a USSD ecosystem for conducting cross-telecom payments and savings for the unbanked.

Trove Finance, from Nigeria – built software (APIs & Tools) that allows African Individuals and financial Institutions (banks, brokers and fund managers) access and trade US and 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 US$15,000, US$12,000 and US$10,000 respectively. 

Tomisin Fashina, group executive, operations and technology, Ecobank Group, said, “The five finalists in this year’s edition have shown impressive products from a competitive group of nearly 900 applicants. I would like to personally congratulate them and express my excitement at the opportunity to work with them to bring their innovative ideas to fruition.”