Koree, a Camaroonian Fintech, has emerged as winner of the 2023 Ecobank Fintech Challenge. Koree is the competition’s first ever female-led fintech, and beat seven other finalists to claim the top prize of US$50,000.
Wolf Technology from Democratic Republic of Congo came second, winning US$10,000; while Kenya’s Flexpay Technologies was the second runner-up, taking home US$5,000
The announcement was made by a distinguished panel of judges during the competition’s Grand Finale at the bank’s headquarters at the Pan African Centre in Lomé, Togo.
Koree emerged the winner after facing fierce competition from seven other fintechs, all of whom pitched their innovative fintech solutions to an independent panel of five judges.
These eight finalists were carefully selected from an initial pool of over 1,400 fintechs – underscoring the significant growth in popularity of the competition since its inception six years ago, as well as the wealth of innovation and ingenuity… particularly on the African continent.
The eight finalists are Flexpay Technologies (Kenya), IPOXcap AI (South Africa), Kastelo (South Africa), Koree (Cameroon), Kori Tech (Senegal), Smart Teller Technologies (Nigeria), Rubyx (Belgium) and Wolf Technologies (DRC).
Koree was declared the ultimate winner after three judging rounds and will receive a cash prize of US$50,000 for this outstanding achievement. Wolf Technologies, the first runner-up, will take home US$10,000 while Flexpay Technologies, second runner-up, receives US$5,000.
The Ecobank Fintech Challenge cash prize is one of the most substantial no-strings-attached fintech cash prizes available in sub-Saharan Africa, specifically aimed at encouraging innovation within the fintech sector. With their card-wallet payment solution that digitises merchant payments, Koree impressed the judges to secure their well-deserved victory.
The winner, along with the seven other finalists, were inducted into the prestigious Ecobank Fintech Fellowship. This unique programme offers fintech companies an opportunity to explore potential commercial partnerships with Ecobank – including the possibility of seamless integration with its platforms and the potential for scaling up their fintech ventures across Ecobank’s 35 African markets.
According to Chief Executive Officer-Ecobank Group, Jeremy Awori, this year’s eight finalists demonstrated exceptional innovation and promise. He mentioned that his outfit is looking forward to collaborating with these finalists to develop groundbreaking products, services and solutions which ultimately benefit Ecobank’s valued customers and contribute to advancement of the African continent.
He emphasised that they are convinced forging sustainable partnerships with fintechs and the overall tech ecosystem remains a viable strategy in their pursuit of delivering convenient, affordable services to Ecobank’s customers.
Acknowledging the winner, Jeremy Awori added: “We extend our warmest congratulations to Koree, the first ever female-led fintech winner of our challenge, for their outstanding victory and innovative contributions to the fintech landscape. We look forward to a greater collaboration”.
Mr. Awori delivered his remarks during the Grand Finale, which was also attended by Madam Cina Lawson, Minister of Digital Economy 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 partners: including Huawei, this year’s gold sponsor; and Arise, Proparco, Asky Airlines, Jeune Afrique and The Africa Report.
Of special note, sponsor Asky Airlines – which flies to 28 destinations across Africa – awarded free roundtrip tickets to the top-three winners. Asky CEO Esayas Woldemariam handed over the tickets to winners during the event.
Magalie Gauze-Sanga, CEO-Koree, expressing her excitement on winning the Fintech Challenge commented: “Koree winning the Ecobank Fintech Challenge is a triumph for innovation and for diversity. We are very proud that the technological innovation we have been implementing in Cameroon for many years has been rewarded, and it is also noteworthy that this is the first time a woman has won the Ecobank Fintech Challenge prize. We’re excited to work with Ecobank Group across its large footprint to further transform the financial landscape in Africa by digitising cash-based payments while simultaneously empowering millions of consumers and bringing value to local brands and retailers”.
Since its inception in 2017, the Ecobank Fintech Challenge has attracted over 5,500 submissions from fintech innovators representing 64 countries across its six editions. Out of this impressive pool of talent, 60 exceptional fintechs have been inducted into the Ecobank Fintech Fellowship.
Other partners in this year’s challenge include Konfidants, TechCabal, Africa Fintech Network, ALX Ventures, Afrilabs, MEST Africa, Africa Business Angels Network, BlueSpace and Naija Start-ups.
