Ecobank Fintech Challenge 2018 awards Nala, Virtual Identity and

10/26/2018 8:24:00 AM

Nala from Tanzania, Virtual Identity from South Africa and from Nigeria were the winners of the Winners of 2018 Fintech Challenge competition. The winning fintech startups collected their cash prizes of $10,000, $7,000 and $ 5,000 at the winners announcement in Lomé, Togo. 

412 innovative fintech entrepreneurs from all over Africa, Europe, North America and Asia participated in the competition. The prizes did not just involve cash. The eleven startups that reached the final round in Lomé were all entered into the Ecobank Fintech Fellowship programme to study the possibility of commercial partnerships with the Pan-African bank. 

According to a report by AfricaBusiness, winner Nala (Tanzania) is an application for mobile money that works offline without an Internet connection. Virtual Identity (2nd place) is an innovative platform designed to break the traditional client business for banks. Number three, is a startup that provides an alternative bank. It is based on a banking platform that is, as AfricaBusiness reports, “as native to customers’ devices as Facebook and WhatsApp. 

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