NIGERIAN start-up IroFit has beaten 19 other finalists to win the US$10,000 top prize to win the pan-African Ecobank Fintech Challenge.
IroFit, which provides a mobile Point of Sale that helps small retailers process card payments in real-time, was also recently a winner of the Innotribe Startup Challenge.
Ecobank launched the fintech challenge in January, and selected 20 finalists to take part in a ceremony at its global headquarters in Lomé, Togo. At that event, IroFit was named overall winner, with fellow Nigerian fintech startups Kudi.ai and Paylater coming in second and third respectively.
The winning solutions will also receive expert mentoring and access to the Ecobank ecosystem, while all finalists have been selected into the Ecobank Fintech Fellowship.
The Ecobank Fintech Fellows will benefit from an opportunity to partner with the Ecobank Group that includes the possibility funding worth up to US$500,000, multinational product rollout support, mentoring, and service provider and ecosystem partner deals.
Eddy Ogbogu, Ecobank Group Executive for Operations and Technology said, “The Ecobank Fintech Challenge has been a huge success; over 850 start-ups and developers submitted products from all over Africa, as well as the US and Europe. The sheer breath of innovative products and ideas we’ve seen shows that African fintech has a bright future.”
Group CEO, Ade Ayeyemi, highlighted: “As a pan-African bank, we want to help grow pan-African fintech companies. The Ecobank Group and its partners are looking forward to working with the 20 start-ups to help them mature into major African and global commercial success stories.”
Maureen Akello, East Africa