Pan-African banking group, Ecobank, has launched the sixth edition of its fintech challenge.

The bank is inviting innovative and ambitious African fintech entrepreneurs to apply to participate in the challenge.

Applications are now open to entrepreneurs and developers from all African countries and global Africa-centred fintechs. Interested parties can submit applications through the official website until 21 July 2023.

Successful applicants reaching the final will join the Ecobank Fintech Fellowship programme. The awards ceremony will be held in September. For the second year, the winner will receive a cash prize of $50,000.

“Over the past six years, the fintech challenge has welcomed a significant number of fintechs, with six participants successfully partnering with Ecobank to launch innovative products that have been rolled out across our markets. Indeed, these collaborations have played a significant role in transforming Africa's digital landscape and driving financial inclusion,” said Jeremy Awori, CEO, Ecobank Group.

Tomisin Fashina, operations and technology executive, Ecobank Group, added: “Through this challenge, we identify talents who can support Ecobank’s mission to remain bold and innovative, driving pan-African prosperity for the continent.

In a statement, Ecobank said fintech fellows will also benefit from the following opportunities:

• Multinational product rollout: an opportunity to integrate their solutions with Ecobank, opening doors to potential product launches within Ecobank’s expansive 35-country Pan-African ecosystem.

• Service provider partnerships: Selected fintech may be chosen as Pan-African service partners within the bank’s ecosystem.

• Access to Ecobank’s Pan-African Banking Sandbox: Fellows will receive exclusive access to Ecobank’s APIs, enabling them to test and improve their products for the Pan-African market.

• Priority access to Ecobank’s Venture Capital partners for funding exploration.