2 weeks Ago By Staff Writer
Ivorian financial technology company, Daba Finance, has emerged as the winner of the 2024 Ecobank Fintech Challenge. This was disclosed in an announcement by the leading pan-African financial services group, Ecobank in a statement that was seen by Technext. Kenyan neobank, Melanin Kapital also emerged in second place, winning a prize of $10,000.
YMO, a fintech based in Guinea emerged in third place and was awarded US$5,000. The announcement also noted that for the first time, the general public was given the opportunity to vote for their preferred fintech. As a result of this public vote, MiaPay, a fintech from Togo won the “Public Choice Award” for this year’s edition.
Speaking after being announced winners, the CEO of Daba Finance, BOUM III JR expressed immense gratitude for the opportunity and the recognition, noting that the win helps propel it in its mission. “ 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 ,” he said.
A total of 12 innovative fintech startups pitched their businesses in a keenly contested affair aimed at impressing the panel of five judges in a bid to clinch the US$50,000 prize. The 12 finalists were carefully selected from a record 1,550 Fintech Challenge 2024 applicants, the most number of applicants recorded for a single edition. The total number of applications came from 70 countries, a spread which the organisers believe demonstrates the competition’s rising prominence over its seven years of existence.
They also believe it showcases impressive innovation and creativity, especially on the African continent. The judges, comprised of renowned industry experts, evaluated the finalists based on criteria such as innovation, market potential, scalability and team strength. After the pitches and evaluation, Daba Finance emerged winner.
The startup’s fintech solution makes investing accessible to everyone by offering a one-stop investment platform for trading stocks, bonds, and other financial products. The judges also adjudged that both Melanin Kapital and YMO presented solutions that made a lasting impression and were both awarded the second and third prizes respectively. The winners as well as all the other finalists were enrolled into the prestigious Ecobank Fintech Fellowship programme during the ceremony.
The programme provides them with valuable exposure to investors and industry leaders, and 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. Speaking at the ceremony, Group CEO of Ecobank, Jeremy Awori, hailed the African continent as a hotbed for fintech innovation globally, constantly pushing the boundaries to enhance convenience and establish new digitally enabled capabilities. He said also that Ecobank’s Fintech Strategy centres on leveraging its 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. 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,” he said.
Ecobank says the annual event, which is unique in sub-Saharan Africa, is a testament to its commitment to helping African fintechs to develop and grow. It also helps the bank to identify potential partnerships with fintechs which can be scaled to bridge the financial inclusion gap and streamline access to payments. Since its inception in 2017, the Ecobank Fintech Challenge has attracted over 7,000 applications from fintech innovators from 70 countries.
This impressive pool of talent has resulted in 72 fintechs being inducted into the Ecobank Fintech Fellowship. Trending: Founders stories: How Austin Okere’s CWG brought Finacle into Nigerian banking in the 2000s.
