By Edu Abade
Two Nigerian financial technology firms (Fintechs), Sawport Video Banking and Sproutly have made it to the Grand Finale of Ecobank Fintech Challenge, scheduled for 27 September 27, 2024 at the Ecobank Pan-African Centre in Lomé, Togo.
The 12 finalists were selected from a highly competitive cohort of 40 Fintechs that made it to the semi-finals of the competition.
This year’s challenge attracted over 1,550 applications from 70 countries within and outside Africa. It would be recalled that nine (9) Nigerian Fintechs qualified for the semifinal stage and the finalists were announced at the inaugural 2024 Ecobank Fintech Challenge Hybrid Semi-Final event held last week at the Ecobank Pan African Centre in Lagos, Nigeria.
Sawport Video Banking, one of the Nigerian Fintech finalists is a video banking solution that serves as a virtual branch for financial institutions to deliver seamless customer service and accelerate financial inclusion.
It is a digital platform embedded with an alternative credit scoring algorithm designed to enable smallholder farmers to transact, enjoy micro-savings, access micro-loans and contribute to micro-insurance in their informal social savings groups.
Sproutly on the other hand, provides comprehensive financial management, flexible credit packages, and advanced payment solutions for schools, students, and families, ensuring financial stability, ease of transactions and enhanced financial literacy.
Speaking, Managing Director and Regional Executive, Ecobank Nigeria, Bolaji Lawal congratulated the Nigerian fintechs on making it to the semi and final stages, saying: “Your hard work, creativity, and innovative solutions have brought you this far, and we are excited to see what your solutions present. Remember, your journey in this Challenge is just beginning and we at Ecobank are committed to supporting you every step of the way.
“Nigeria’s enterprising and innovative youths in fintech have benefitted from and contributed to the Ecobank Fintech Challenge. It is no coincidence that Nigeria is hosting this event. Our nation has emerged as a fintech hub in Africa, consistently leading in the number of applications, finalists, and winners over the years in the Ecobank Fintech Challenge.
“This year is no exception, with nine of the semi-finalists hailing from Nigeria. This achievement underscores the vibrant and innovative fintech ecosystem we have cultivated here.”
While wishing the two Nigerian Fintechs success at the final stage, Lawal restated that Ecobank Nigeria remain fully committed to working with the Ecobank Group to provide market access to the innovative solutions that emerge from the challenge, stressing that the collaboration between traditional banks and fintechs can create a more inclusive, efficient and robust financial ecosystem for all Africans.
The Ecobank Fintech Challenge, a flagship initiative of the Ecobank Group, organized for seven years, continues to serve as a premier continental platform for promoting innovation and collaboration between fintechs and the pan-African Bank’s cross-border markets spanning 35 countries.
The challenge remains a significant event, attracting key players within the fintech ecosystem and beyond. It provides a unique opportunity for fintech entrepreneurs to address challenges such as reaching scale, navigating an uncertain regulatory environment, and managing scarcity of funding.
In addition to financial rewards, the challenge offers Ecobank’s expertise in diversified market operations and the right solutions to scale across its pan-African footprint and international presence. Since inception, 60 fintech startups have been inducted into the Ecobank Fintech Fellowship.
