Two Ghanaian fintech, Nokwary Technologies and Growth Factor have emerged winners of the Ecobank Fintech Challenge after an exciting virtual event streamed live from Accra Ghana.
Nokwary Technologies edged out the rest of the finalists to emerge as the overall winner of the competition, while Growth Factor was the second runner-up.
Nokwary, from Ghana, is a fintech that uses AI to promote financial inclusion.
Its AI-Powered banking solution offers an opportunity for users to carry out transactions in a language to which they are familiar with using popular social media channels like Whatsapp.
The first and second runners up spots were taken by Ukheshe Payment and Solutions Growth Factor Technologies respectively.
The 1st to 3rd place winners will receive cash prizes worth $10, 0000, $7,000 and US$5,000 respectively.
South Africa based Ukheshe, which came in second, provides a bridge between the card and the cash economy.
It has created the world’s first card acceptance platform that allows unbanked merchants/traders to accept and make digital payments.
In third place, Growth Factor is a fintech company that 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, by enabling them to get paid in 24hrs when dealing with credit clients.
Ade Ayeyemi, Ecobank Group CEO 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 is 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.”
Dennis Asamoah Owusu, CEO and Cofounder of Nokwary Technologies commented on his victory:
“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.”
This year’s Finalists made it through an extremely competitive pool of over 600 applicants across Africa, Europe, North America and Asia.
All ten 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, and to possibly launch and scale products across Ecobank’s 33 country markets in the continent.
- Police intervene to bring deadly clash between Nima and Mamobi youth under control
- Captain Smart to face prosecution over ¢25,000 fraud case
- Nigerians troll Ghanaians after AFCON loss
- Nobody can intimidate any chief under my watch – Asantehene
- My mother got me initiated at a Tigare shrine – Psalm Adjeteyfio
- Police discover ammunitions following deadly clash between Nima and Maamobi youth
- Bel-Aqua 500ml bottles to be temporarily found without usual plastic sheets around cap
- Playback: Ghana Vs Comoros
- 2021 AFCON: Twitter users blame Anas’ Number 12 exposé for Black Stars’ exit
- It’s not true 90% of recently recruited staff have been dismissed – BoG
3 more Covid-19 deaths recorded by GHS
Ghana card will be only identification for banking transactions from July 1, 2022 – BoG
Ofosu-Ampofo, Boahen trial adjourned to February 17
Reward me with presidential candidate for my invaluable service – Kofi Apraku to NPP
Kumawood movie industry is doing well but needs a revamp – Timothy Bentum
145 enterprises in Accra owe Tourism Development Fund ₵678, 856.15 as of Dec. 2021
Oliver Barker-Vormawor: Legacies of a colonised people – Conceptual indices for reframing Dormaahene and Asantehene controversy
Ablakwa calls for disbandment of current Black Stars, Milovan’s sacking
Owusu Bempah fails to show up in court
Father on the run with 7-year-old daughter to stop her from getting Covid-19 vaccine
Entries for 8th edition of Africa Magic Viewers’ Choice Awards extended
Current Black Stars team should be dissolved, coach sacked – Nyaho Nyaho Tamakloe
Female laboratory technician remanded for performing abortion on minor
Adam Bonaa: Makers of laws lawless!!!
Cedi may not depreciate by more than 5% in 2022 – Analyst