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A Record 1,490 Fintechs entered the Ecobank Fintech Challenge 2023 with Eight (8) reaching the Final

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Ecobank Fintech Challenge

This is the sixth edition of this international competition, with the highest number of applications on record

LOMÉ, Togo, August 24, 2023/APO Group/ — 

Eight finalists emerged from an impressive pool of 1,490 Fintechs drawn from 64 countries in and beyond Africa; the Grand Finale will take place on 6 October at the Ecobank Group Pan African Centre (www.Ecobank.com) in Lomé, Togo; all finalists will be admitted into the Ecobank Fintech Fellowship Programme; the overall winner of the Ecobank Fintech Challenge will receive a cash prize of US$50,000, in addition to being admitted into the Fellowship Programme.

Over 1,400 Fintech startups from 64 countries across Africa and beyond applied for this year’s Ecobank Fintech Challenge with eight of them making the cut to the final where they will compete for the ultimate prize. This is the sixth edition of this international competition, with the highest number of applications on record.

Ecobank Group, Africa’s leading pan-African banking group, said this year’s applications had more than doubled compared to last year’s 703 applications received from 59 countries. In 2022 Nigeria’s fintech startup, ‘Touch and Pay’, wowed the jury with their ‘Cowry App’ to win the top prize of US$50,000.

The eight finalists who emerged from the fiercely competitive pool will compete for the coveted top prize of US$50,000 at the Grand Finale, which is scheduled to take place at the Ecobank Pan African Centre in Lomé, Togo, on 6 October 2023.

The 2023 Ecobank Fintech Challenge finalists in alphabetical order are:

  • Flexpay Technologies (Kenya) – FlexPay offers customers a merchant-embedded saving-based purchase experience called Save Now, Buy Later.
  • IPOXCap AI (South Africa) – FinanceGPT is a financial analysis platform for frontier markets. It processes structured and unstructured financial data to generate actionable insights, using advanced algorithms for financial forecasting, health monitoring and valuation.
  • Kastelo (South Africa) – Provides a democratised solution through diversified products, focusing on transaction, savings and forex offerings, aimed at banking the underbanked in emerging markets through client-centric solutions.
  • Koree (Cameroon) – Koree is a card wallet application that addresses sub-Saharan Francophone Africa spare change scarcity by digitising cash merchant payments, while empowering millions of African consumers through an incentive reward system.
  • Kori Tech (Senegal) – Koripass is an E-wallet linked to physical payment accessories such as
    bracelets, stickers and keychains. It enables quick and easy merchant payments
    using NFC and QR Code technology. No internet or smartphone required.
  • Smart Teller Technologies Limited (Nigeria) – Empowering cooperative digital banking, IT services, and online bill payments for seamless services.
  • Rubyx (Belgium and Senegal) – Rubyx enables digital lending solutions for service providers in emerging markets to bridge the financing gap that faces informal entrepreneurs and small businesses to fund their activities.
  • Wolf Technologies (Democratic Republic of Congo) – Makuta is a state-of-the-art application that provides a simple, convenient and secure electronic money transfer and payment experience.

Ecobank Group Chief Executive Officer, Jeremy Awori, who will be hosting the Fintech Challenge final for the first time said: “We are encouraged by the very high number of applications received for the sixth edition of our Ecobank Fintech Challenge. The significant increase in the number of participants reflects the growing impact of our investments in the fintech space, and on our operations and fintech initiatives across Africa. The finalists went through a rigorous process, and we look forward to the pitches of the eight competitors vying for the top prize and ultimately partnering with the Ecobank Group.”

On his part, Dr. Tomisin Fashina, Ecobank Group Executive, Operations and Technology, congratulated the eight finalists of the 2023 Ecobank Fintech Challenge and said, “We are proud to support the development of fintechs to drive digital banking transformation across Africa and beyond. The ever-increasing level of participation – from just 412 applications in 2018 to 1,490 submissions this year – reflects the richness of the untapped innovation and talent that exists across our continent.”

As in previous editions, all the finalists in the 6th edition will be inducted into the Ecobank Fintech Fellowship Programme which offers:

  • Product roll-out on a pan-African scale: Providing the opportunity to explore product and business integration with Ecobank and potentially launch products or services in all or part of Ecobank’s 35-country pan-African ecosystem.
  • Access to Ecobank’s pan-African Banking Sandbox: Opportunity to test and develop products in the pan-African market.
  • Priority access to Ecobank’s venture capital partners: Opportunity for access to funding.

The Ecobank Fintech Challenge recognises and promotes groundbreaking African fintech start-ups. The initiative is consistent with Ecobank’s Fintech strategy of building partnerships with African fintechs to help transform digital finance and banking.

The 2023 edition of the Ecobank Fintech Challenge is co-sponsored by Huawei, Arise Invest, Asky Airlines and Proparco, and supported by ALX Africa, , ABAN Angels, Africa Fintech Network, MEST Africa, Bluespace, Naija Startups, Jeune Afrique, TechCabal and Konfidants.

For more information on the competition, please visit https://EcobankFintechChallenge.com.

Distributed by APO Group on behalf of Ecobank Transnational Incorporated.

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Ministers among hundreds of energy-sector leaders to attend AOW event

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October 4, 2024

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Sinclair

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors”

CAPE TOWN, South Africa, October 4, 2024/APO Group/ — 

AOW: Investing in African Energy (https://AOWEnergy.com) – Africa’s leading oil, gas and energy event – has confirmed attendance for more than 80 ministers and senior officials, representing African governments, energy departments and regulators at next month’s event.

These influential stakeholders will be among the more than 1 600 senior delegates and industry leaders who will be attending the event to develop policy, share discoveries, secure investment, and shape Africa’s energy future.

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors.”

Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention

Among the officials and government ministers attending will be energy leaders from South Africa, Nigeria, Namibia, Cote d’Ivoire, Mozambique, DRC, Ghana, Kenya, Madagascar, Eswatini, Uganda, CAR, Guinea Conakry, Guinea Bissau, Ethiopia, The Gambia, Gabon, Malawi, Morocco, Zanzibar, Liberia, Senegal, Congo Brazzaville and Sierra Leone.

In addition, the event will feature high-level delegations from numerous national oil companies, as well as multilateral bodies including the African Union, (AU), African Energy Commission (AFREC), African Petroleum Producers’ Organization (APPO) and the Southern African Power Pool (SAPP).

AOW will see these energy leaders networking with C-suite executives and decision-makers from more than 760 top energy companies at daily networking events, to discuss insights, forge new relationships, and negotiate major energy deals.

“We are so excited to see the calibre of delegates at this year’s AOW event,” says Chief Executive Officer of Sankofa Events, Paul Sinclair. “Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention. The high-powered attendance proves AOW is a key platform to enable this intervention.”

Key themes to be discussed at this year’s AOW will be sustainable upstream development; expanding gas value chains; renewables and new energies; adoption of best-in-class technologies; and access to finance.

AOW: Investing in African Energy will culminate in a special anniversary party at Groot Constantia Vineyard to celebrate 30 years of the AOW event.

Distributed by APO Group on behalf of AOW: Investing in African Energy.

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Afreximbank approves US$20.8 million for Starlink Global’s cashew factory project in Lagos

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October 4, 2024

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PAPSS

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs

CAIRO, Egypt, October 4, 2024/APO Group/ — 

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has approved a US$20.8 million financing facility for Nigeria-based Starlink Global & Ideal Limited to enable the company construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos.

We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria

According to the facility agreement signed in on July 22, 2024, Afreximbank will provide the funds in two tranches with the first tranche of US$7.48M going toward capital expenditure for the construction of the factory and the second, totalling US$13.25M to be deployed as working capital for the operations of the factory.

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs once the factory becomes operational. It is also expected to support about 40 small and medium-sized enterprises.

Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that by supporting Starlink Global to establish a modern processing facility, Afreximbank is making it possible for Africa to add value to its agro-commodities, thereby facilitating exports and subsequent inflow of much-needed foreign exchange into the continent.

“We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria. It will contribute to value creation and to the development of the local community while also improving the lots of smallholder farmers and small business suppliers that will work with Starlink across the value chain,” Mrs. Awani added.

Distributed by APO Group on behalf of Afreximbank.

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Sonangol to Lead Decarbonized Oil & Gas (O&G) Development, Says Angolan National Oil Company (NOC) Head

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October 4, 2024

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Sonangol

Participating in an on-stage interview at Angola Oil & Gas 2024, Sonangol CEO Sebastião Gaspar Martins emphasized that oil and gas remains a core focus for the national oil company

LUANDA, Angola, October 3, 2024/APO Group/ — 

Angola’s national oil company Sonangol reiterated its commitment to driving sustainable hydrocarbon development during the Angola Oil & Gas (AOG) conference this week. Speaking during an “In-Conversation with” session, Sonangol CEO Sebastião Gaspar Martins stated that the company will not abandon oil and gas, but rather advance decarbonized oil and gas development.

We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas

By investing in upstream oil and gas production while prioritizing low-carbon projects, Sonangol aims to boost national crude output, while diversifying and decarbonizing the industry. The NOC is focusing efforts on non-associated gas development, as well as alternative energy sources such as solar.

“We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas. Gas produced from Angola LNG will be used for the production of fertilizer and we are evaluating the utilization of gas in the south of the country, linking gas with steel industries. We also have a blue carbon project, linked to the reduction of carbon through the plantation of mangroves. We have one area in Luanda and have identified four additional areas for this,” stated Gaspar Martins.

Sonangol has undergone transformation in recent years: following the creation of the National Oil, Gas & Biofuels Agency (ANPG) in 2019, Sonangol transferred its role as national concessionaire and regulator. This transformation has aimed to make Sonangol more competitive and strengthen its capacity as an upstream operator. Concurrently, the government is partially privatizing the NOC, with privatization set to be complete in 2026. This process will enhance financial capacity, allowing Sonangol to drive new upstream projects forward.

“The transformation of Sonangol started several years ago, when we passed the regulatory, concessionaire role to the ANPG. At the time, we transferred almost 600 employees to the ANPG. After that, Sonangol underwent a restructuring program where we created five core business units from 36 different entities – starting with exploration and production. We want to go public, but we want to do it properly. So, we are currently going through all the processes to do this,” stated Gaspar Martins.

Distributed by APO Group on behalf of Energy Capital & Power.

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