Nokwary Technologies, Ghana, wins 2020 Ecobank Fintech Challenge

Nokwary Technologies are winners of the 2020 Ecobank Fintech Challenge hosted by the Ecobank Group. The finals of the Ecobank Fintech Challenge took place virtually and streamed live from Accra, Ghana.

Nokwary Technologies, edged out the rest of the finalists to emerge the winner of the competition. The first and second runner-up spots were taken by Ukheshe Payment and Solutions Growth Factor Technologies respectively. The 1st to 3rd place winners will receive cash prizes worth US$10,0000, $7,000, and US$5,000 respectively.

Nokwary Technologies

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 familiar language. They also use popular social media channels like Whatsapp.

Ukheshe

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.

Growth Factor

Third place, Growth Factor provides trade financing solutions designed for Micro-Small/Medium Entities (MSMEs) 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 are 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.”

Winning the 2020 Ecobank Fintech Challenge

Dennis Asamoah Owusu, CEO, and Co-founder 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 (10) finalists have officially been inducted into the Ecobank Fintech Fellowship, a one-year program that 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.

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