AFRICA has recently become a hot zone for financial technological innovations, which are fast transforming the financial services sector operations with a higher financial inclusion dividend.
Coupled with the widespread use of mobile, the digitisation of financial services has opened avenues of opportunity for technology innovators, as well as empowered ordinary consumers and small businesses.
The trend has seen big and small players in the domestic and regional finance industry rushing to embrace the information communication technologies (ICTs) to boost their businesses and consolidate clientele base. Big corporates such as Ecobank, MIT Legatum Center and Mastercard Foundation, have actually gone out of their way to bankroll some of the pioneer financial technology (fintech) start-up projects across the African region.
Experts concur that fintech start-ups are the potential giants for Africa’s future growth amid high hopes that selected finalists would capitalise on the available institutional mentoring programmes and support opportunities on their journeys to future success.
Recently, Ecobank, a leading independent pan-African banking group, announced its 11 finalists for the second edition of the annual ‘Ecobank Fintech Challenge’, a competition for Africa-focused technology start-ups. The list includes 11 fintech start-ups from across the continent and beyond.
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