Koree, a fintech company based in Cameroon, has emerged as the winner of the 2023 Ecobank Fintech Challenge, becoming the first-ever female-led fintech to claim the top prize of USD 50,000. The announcement was made during the Grand Finale of the competition held at the Pan African Centre in Lomé, Togo.
Koree faced intense competition from seven other fintech finalists, all of whom presented their fintech solutions to an independent panel of judges. These finalists were chosen from an initial pool of over 1,400 fintechs hailing from 64 countries.
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The eight 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, Wolf Technologies from the Democratic Republic of Congo, and the ultimate winner, Koree from Cameroon.
Koree was declared the champion after three rounds of judging and secured a cash prize of US$50,000 for its remarkable achievement. Wolf Technologies claimed the second-place prize of US$10,000, while Flexpay Technologies came in third, winning US$5,000.
In addition to the cash prizes, all eight finalists were inducted into the prestigious Ecobank Fintech Fellowship. A program that offers fintech companies the opportunity to explore potential commercial partnerships with Ecobank, including integration with the bank’s platforms and scaling their fintech ventures across Ecobank’s 35 African markets.
Jeremy Awori, Chief Executive Officer of Ecobank Group, expressed his enthusiasm for the finalists, stating, “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.”
Notably, Koree’s victory marks the first time a female-led fintech has won the Ecobank Fintech Challenge. Magalie Gauze-Sanga, CEO of Koree, expressed her excitement, saying, “Koree winning the Ecobank Fintech Challenge is a triumph for innovation and for diversity. We’re excited to work with Ecobank Group to transform the financial landscape in Africa by digitizing cash-based payments and empowering millions of consumers.”
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The Ecobank Fintech Challenge’s substantial no-strings-attached cash prize is one of the most significant in Sub-Saharan Africa and is designed to encourage innovation within the fintech sector. Koree impressed the judges with its card wallet payment solution, which digitizes merchant payments.
Since its inception in 2017, the Ecobank Fintech Challenge has attracted over 5,500 submissions from fintech innovators representing 64 countries across its six editions. Out of this talent pool, 60 fintechs have been inducted into the Ecobank Fintech Fellowship.
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