IN a remarkable achievement for female-led innovation in the fintech sector, Cameroon’s Koree has clinched the coveted title of the winner of the 2023 Ecobank Fintech Challenge. The announcement was made during the Grand Finale of the competition held at the Pan African Centre in Lomé, Togo, where a distinguished panel of judges unveiled Koree as the victor.
Koree’s victory follows intense competition, with eight other fintech finalists vying for the top prize, representing diverse technological innovations. These finalists were selected from an impressive pool of over 1,400 fintechs spanning 64 countries, underscoring the growing popularity and innovation potential within the African fintech landscape.
The finalists included Flexpay Technologies from Kenya, IPOXcap AI and Kastelo from South Africa, Kori Tech from Senegal, Smart Teller Technologies from Nigeria, Rubyx from Belgium, and Wolf Technologies from the Democratic Republic of Congo.
Koree’s remarkable achievement has earned the company a significant cash prize of $50,000, making the Ecobank Fintech Challenge one of sub-Saharan Africa’s most substantial no-strings-attached fintech cash awards. Koree’s winning solution, a card wallet payment system that digitises merchant payments, impressed the judges and affirmed the company’s deserving victory.
Notably, the Ecobank Fintech Challenge extends beyond a cash prize, as all eight finalists, including Koree, have been inducted into the prestigious Ecobank Fintech Fellowship. This unique programme offers fintech companies the opportunity to explore potential commercial partnerships with Ecobank, including the possibility of seamless integration with the bank’s platforms, potentially expanding their fintech ventures across Ecobank’s extensive network of 35 African markets.
Jeremy Awori, the Chief Executive Officer of Ecobank Group, expressed his appreciation for the exceptional innovation demonstrated by the eight finalists, emphasising the potential for groundbreaking products, services, and solutions that will benefit customers and advance the African continent. He also acknowledged the historic significance of Koree’s victory as the first-ever female-led fintech winner.
Awori said: ‘This year’s eight finalists have demonstrated exceptional innovation and promise. We look forward to collaborating with them to develop groundbreaking products, services and solutions that will ultimately benefit our valued customers and contribute to the advancement of our continent. We are convinced that forging sustainable partnerships with fintechs and the overall tech ecosystem remains a viable strategy in our pursuit of delivering convenient, affordable services to our customers.’
Koree’s CEO, Magalie Gauze-Sanga, celebrated the victory as a triumph for innovation and diversity. She highlighted the technological innovation Koree has been implementing in Cameroon and expressed pride in receiving the Ecobank Fintech Challenge prize. Gauze-Sanga also underscored the significance of Koree’s win as a groundbreaking moment for female-led innovation.
Since its inception in 2017, the Ecobank Fintech Challenge has become a platform for fintech innovators worldwide, attracting over 5,500 submissions from 64 countries across six editions. Out of this vast talent pool, 60 outstanding fintechs have become part of the esteemed Ecobank Fintech Fellowship.
The Ecobank Fintech Challenge was made possible through partnerships with organizations including Konfidants, TechCabal, Africa Fintech Network, ALX Ventures, Afrilabs, MEST Africa, Africa Business Angels Network, BlueSpace, and Naija Start-ups. The event also received support from sponsors such as Huawei, Arise, Proparco, Asky Airlines, Jeune Afrique, and The Africa Report. Asky Airlines, which serves 28 destinations across Africa, awarded free roundtrip tickets to the top three winners, further enhancing the recognition and rewards for fintech innovation in Africa.