Cameroonian fintech Koree, the first female-led winner, secures $50,000 with their card wallet solution, showcasing global innovation from Africa.
The Pan-African Banking Group Ecobank has crowned Cameroonian fintech company Koree the winner of the “2023 Ecobank Fintech Challenge.” Koree won the $50,000 top prize with their card wallet payment solution, which digitises merchant payments.
Koree defeated eight other candidates to win, making history as the first female-led fintech winner of the competition. Over 1,400 fintechs from 64 countries participated in the competition’s 2023 edition, demonstrating both the competition’s remarkable rise in popularity since its founding six years ago and the depth of creativity and invention, especially from Africa.
During the competition’s Grand Finale at the Ecobank Group headquarters at the Pan African Centre in Lomé, Togo, a panel of judges made the announcement. Flexpay Technologies, located in Kenya, came in third place with $5,000, and Wolf Technology, based in the Democratic Republic of the Congo, came in second with $10,000.
The remaining finalists were the South African companies IPOXcap AI and Kastelo, the Senegalese company Kori Tech, the Nigerian company Smart Teller Technologies, and the Belgian company Rubyx.
All eight finalists were accepted into the Ecobank Fintech Fellowship, a special initiative that gives fintech businesses the chance to investigate possible business alliances with Ecobank. These alliances may include smooth platform integration and the possibility of expanding fintech projects throughout Ecobank’s 35 African markets.
In his remarks at the competition’s conclusion, Jeremy Awori, CEO of Ecobank Group, said, “This year’s eight finalists have demonstrated exceptional innovation and promise.” In order to create innovative goods, services, and solutions that will ultimately help our esteemed clients and improve our continent, we are eager to work with them.
“We firmly believe that establishing enduring alliances with fintechs and the broader technology sector continues to be an effective approach in our endeavour to provide our clients with convenient and reasonably priced services.”
“A victory for diversity and innovation”
“We extend our warmest congratulations to Koree, the first ever female-led fintech winner of our challenge, for their outstanding victory and innovative contributions to the fintech landscape,” Awori said in addition to congratulating the overall winner. We anticipate a closer working relationship.
The CEO of Koree, Magalie Gauze-Sanga, expressed her own joy at the company’s Fintech Challenge victory by saying, “Koree’s win in the Ecobank Fintech Challenge is a triumph for innovation and for diversity.” We are thrilled that the technical innovation we have been implementing for many years in Cameroon has been recognised, and it’s significant that a woman has won the Ecobank Fintech Challenge prize for the first time.
“We’re thrilled to collaborate with Ecobank Group across its expansive network to digitally digitise cash-based payments, thereby empowering millions of customers and adding value to regional brands and retailers, and further revolutionising the financial landscape in Africa.”
In its six editions since its launch in 2017, the Ecobank Fintech Challenge has drawn over 5,500 submissions from fintech entrepreneurs from 64 different countries. Finally sixty outstanding fintechs have been accepted into the Ecobank Fintech Fellowship from this outstanding pool of talent.
