This year's Ecobank Fintech Challenge has attracted entries from nearly 1,500 fintech businesses from 64 countries across Africa and beyond.

Eight finalists have been shortlisted and will battle it out for the top prize of $50,000 during the Grand Finale on October 6, 2023, at the Ecobank Pan African Centre in Lomé, Togo.

They are: Flexpay Technologies (Kenya), IPOXCap AI (South Africa), Kastelo (South Africa), Koree (Cameroon), Kori Tech (Senegal), Smart Teller Technologies (Nigeria), Rubyx (Belgium and Senegal), and Wolf Technologies (Democratic Republic of Congo).

This is the sixth year of the competition, with the most applications ever received. According to Ecobank, this year's submissions have more than doubled from last year, when there were 703 applications from 59 countries.

"The finalists underwent a tough selection process, and we eagerly await the pitches of the eight competitors battling for the top prize and, eventually, collaborating with the Ecobank Group," said Jeremy Awori, CEO, Ecobank Group.

Dr. Tomisin Fashina, Ecobank Group Executive, Operations and Technology, added: "The ever-increasing level of participation – from just 412 applications in 2018 to 1,490 submissions this year – reflects the richness of the untapped innovation and talent that exists across our continent."

All finalists in the sixth edition, as in previous editions, will be inducted into the Ecobank Fintech Fellowship Programme.

In 2022, Nigerian fintech Touch and Pay, won the top award with its Cowry App, netting the company a $50,000 prize.