The Ecobank Group has announced the winners of its annual Fintech Challenge after a thrilling virtual event streamed live from Accra Ghana.
Nokwary Technologies from Ghana came out as winner among the total ten (10) finalists .
Nokwary, uses Artificial Intelligence to promote financial inclusion for all. Its AI-Powered banking solution gives users the liberty to carry out their desired transactions in whatever language they are most comfortable. This is made possible by using Whatsapp.
CEO and Co-founder of Nokwary Technologies, Dennis Asamoah Owusu, expressed his immense joy for the victory. He was rewarded US$10,0000 cash prize to scale up his innovation.
“I was beyond excited. Our company is rather young and to be recognized like this on such a stage was really exciting as well as a validation for our focus on creating inclusive technology right from the start. It is also very encouraging to note that a major bank like Ecobank places such a premium on inclusion and is willing to back and promote innovative and cutting-edge technologies towards that purpose. We are looking to work together with Ecobank to bring an AI-first digital banking platform over WhatsApp, as well as other innovative solutions to Ecobank’s customers,” he stated.
The first runner up position was won by Ukheshe Payment who was awarded $7,000 prize.
South Africa based Ukheshe, provides a bridge between the card and the cash economy with its card acceptance platform which enables unbanked merchants/traders to accept and make digital payments. This is the world’s first platform that allows such payments.
Meanwhile, Solutions Growth Factor Technologies took the third place with a US$5,000 prize.
This Ghanaian company provides trade financing solutions designed for Micro-Small/Medium Entities (MSMEs) in order to encourage financial inclusion and growth. Its Nvoicia solution solves cash flow issues caused by delayed payments for SMEs. This is done by enabling them to get paid in 24 hours when dealing with credit clients.
Ecobank Group CEO, Ade Ayeyemi congratulated the winners for their innovation and welcomed all the 2020 fellows.
“The quality of the products and pitches we saw in the final this year were amazing. Clearly it is evident that Banking in Africa is moving onto a new dimension with these Fintechs leading the way. That is why we are so proud to have had them in this year’s competition and are excited to engage further with them over the next year. It is our expectation that we will build a few lasting partnerships which will help improve the lives of Africans all over the continent,” he said.
However, all ten (10) finalists have officially been inducted into the Ecobank Fintech Fellowship, a one-year program which will give them the opportunity to explore opportunities for commercial partnerships with the Ecobank Group. There may possibly launch and scale their products across Ecobank’s 33 country markets in the continent.
This year’s Finalists made it through an extremely competitive pool of over 600 applicants across Africa, Europe, North America and Asia
The Ecobank Fintech Challenge identifies and partners Fintechs that are ready to expand their businesses by providing them with support and access to Ecobank’s 33 African markets.
Fintechs are computer programs and other technology used to support or enable banking and financial services.