At Ecobank Fintech Challenge, Cameroonian startup Koree won $50K grand prize
Koree, a Cameroonian fintech startup, took home the top prize at the annual Ecobank Fintech Challenge and a cash prize of $50,000.
The Ecobank Fintech Challenge, organized annually by the pan-African bank Ecobank Group, seeks to support creative startups with financial awards and additional development support.
Koree of Cameroon won this year’s competition with its digital card wallet payment solution for merchant payments. The startup, which was established in September 2022, enables customers to earn cashback from retailers and brands across a variety of categories while also digitally collecting their spare change from cash retail payment roundups.
In addition to being the first female-led challenge winner ever, Koree took home the top prize of $50,000 USD. In second place and taking home US $10,000 was Wolf Technology from the Democratic Republic of the Congo (DRC), with Flexpay Technologies from Kenya coming in second.
They have all been accepted into the Ecobank Fintech Fellowship, along with the other five finalists. Through this program, fintech businesses have the chance to investigate potential business relationships with Ecobank, including the potential for seamless platform integration and the opportunity to scale up their fintech projects across Ecobank’s 35 African markets.
“Koree winning the Ecobank Fintech Challenge is a triumph for innovation and for diversity. We are very proud that the technological innovation we have been implementing in Cameroon for many years has been rewarded, and it is also noteworthy that this is the first time a woman has won the Ecobank Fintech Challenge prize. We’re excited to work with Ecobank Group across its large footprint to further transform the financial landscape in Africa by digitising cash-based payments while simultaneously empowering millions of consumers and bringing value to local brands and retailers,” said Magalie Gauze-Sanga, CEO of Koree.
The eight finalists this year, according to Ecobank Group CEO Jeremy Awori, showed 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,” he said.
