Ecobank Group has crowned Daba Finance, an Ivorian fintech, as the grand winner of the 2024 Ecobank Fintech Challenge, awarding the startup a cash prize of $50,000. The competition, which saw 12 finalists from across Africa, highlights the growing importance of fintech solutions in the region. Daba Finance stood out with its one-stop platform for trading financial products, aimed at making investing more accessible to all.
The 12 finalists were carefully selected from a record 1,550 Fintech Challenge 2024 entrants from 70 countries, demonstrating the competition’s rising prominence over its seven years. This also showcases the impressive innovation and creativity, especially on the African continent.
Melanin Kapital from Kenya secured the second prize of $10,000, while Guinea’s YMO fintech placed third, earning $5,000. Additionally, MiaPay from Togo received the “Public Choice Award” after a popular vote. For the first time, the general public was given the opportunity to vote for their preferred fintech.
The 2024 edition drew a record-breaking 1,550 applications from 70 countries, underscoring the growing prominence of fintech across Africa. The finalists were assessed on criteria such as innovation, market potential, and scalability. The event reinforces Ecobank’s commitment to nurturing fintechs to address Africa’s unique financial challenges, particularly around financial inclusion and payments.
Jeremy Awori, Ecobank’s Group CEO, expressed his admiration for the quality of the pitches, emphasizing the continent’s leadership in fintech innovation. Awori affirmed that Ecobank is committed to collaborating with fintech startups to develop solutions that benefit millions of Africans by leveraging its pan-African digital infrastructure.
“I am hugely impressed by the quality of the pitch of our twelve finalists, and I want to congratulate Daba Finance for making it to the top of the podium. I look forward to seeing how our collaboration will help them grow and scale.” Awori Stated.
Since the competition began in 2017, Ecobank’s Fintech Challenge has attracted more than 7,000 applications and inducted 72 fintechs into its fellowship program, creating partnerships that drive financial inclusion and innovation.
“The African continent is a hotbed for fintech innovation globally and is constantly pushing the boundaries to enhance convenience and establish new digitally enabled capabilities” Awori added “Ecobank’s Fintech Strategy centres on leveraging our borderless pan-African digital platform, to provide cutting edge solutions to fintechs that will benefit millions of africans. I am particularly proud of what we have achieved so far with fintechs through our annual Ecobank Fintech Challenge.”
Africa’s fintech sector is growing rapidly as startups address issues such as access to banking and remittances, which remain critical in the continent’s largely unbanked and underserved markets. Daba Finance’s innovative platform aims to democratize access to financial markets, particularly for individuals who have traditionally been excluded from formal investment opportunities.
With fintech companies offering a wide range of digital financial services, they are increasingly seen as pivotal players in bridging Africa’s financial inclusion gap. This trend aligns with Ecobank’s strategic focus on digital banking and payments, enabling the bank to expand its reach across its 35-country footprint in sub-Saharan Africa.
Boum III JR, CEO of Daba Finance, expressed immense gratitude for the opportunity and the recognition, stating, “Winning this challenge propels our mission to make investing and wealth building opportunities available for all. With Ecobank as our partner, we are accelerating the journey to making our innovation accessible to millions and bringing financial empowerment to the continent.”
At the Ceremony, all the finalists were enrolled into the prestigious Ecobank Fintech Fellowship programme, which provides them with valuable exposure to investors and industry leaders, access to Ecobank’s Banking Sandbox to test and develop their innovative solutions, with the possibility of scaling across the Bank’s large pan-African footprint.
Jeremy Awori extended his heartfelt gratitude to the judges, sponsors, and partners of the 2024 Ecobank Fintech Challenge. He acknowledged organizations such as Konfidants, Proparco, Huawei, Asky Airlines, TechCabal, BlueSpace, Afrilabs, Africa Fintech Network, MEST Africa, Naija Startups, Expand in Africa, and Founders Africa for their vital support.
Special recognition was given to Asky Airlines for donating round-trip tickets to the winners, reinforcing the collaborative effort to nurture fintech innovation across Africa.
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