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Ecobank Fintech Challenge shortlists Paycode among six digital payment startups

Ecobank Fintech Challenge shortlists Paycode among six digital payment startups

The fifth annual Ecobank Fintech Challenge has shortlisted six digital payment startups from across Africa, including Paycode, the South African startup providing biometric ID verification for financial services.

The six startups are now qualified to vie for the final round of the competition which will see the winner bag a US$50,000 cash prize, with a chance to be admitted into the Ecobank Fintech Challenge fellowship program, according to an Ecobank release.

Paycode is part of a joint venture with Mastercard’s Community Pass to enable financial inclusion for 30 million people in Africa with biometric smart cards.

The other startups on the Ecobank shortlist are Cauri Money of Senegal, DizzitUp of Togo, DR Congo and China based MaishaPay, as well as Moni Africa and Touch and Pay (TAP) both of Nigeria.

The winner will be announced at an event in the Togolese capital Lomé on 28 October, where the event organizers, Ecobank (Ecobank Transnational Incorporated), have their headquarters.

The final six were selected from an initial number of 700 entries from 59 countries.

“I am impressed by the growing number of applications for the Ecobank Fintech Challenge. Applications have grown from about 412 applications in 2018 to over 700 in 2022,” comments Tomisin Fashina, Ecobank Group executive for operations and technology.

“This demonstrates a definite paradigm shift within the African continent, with Africans’ desire to transform technological innovation into a real lever for socio-economic development.”

Gavin Tipper, CEO of Arise, partner and co-sponsor of the 2022 Ecobank Fintech Challenge, said, “Fintechs play a central role in creating innovative digital solutions that improve customer experience, deliver value propositions and reduce costs. Our investments in fintechs are based on collaborative partnerships that advance financial inclusion on the continent and offer opportunities for mutual synergies with our balanced investment portfolio.”

Ecobank, a pan-African commercial banking institution, says its annual Fintech Challenge is an activity designed to identify innovative fintechs that are ready to grow, and are willing to establish partnerships with the bank’s 33 African markets and share the goal of transforming the digital banking and financial inclusion space in Africa.

Paycode was also selected as one of six finalists to pitch at the Mondato Summit Africa in Mozambique in May.

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