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11 Startups Emerge Finalists at the Ecobank Fintech Challenge 2018

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Ecobank, the leading independent pan-African banking group, has announced the finalists for the 2nd edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups.

 

The list includes 11 fintech start-ups from across the continent and beyond.

 

An Innovation Fair & Awards ceremony will honour the start-ups on August 30, 2018 at the global headquarters of Ecobank in Lomé, Togo.

 

At the ceremony, the start-ups will exhibit and pitch their products to a jury for the Ecobank Africa Fintech Prize, which will be awarded the top innovator and two runners-up.

 

The top three innovators will win cash prizes worth US$10,000, US$7,000, and US$5,000 respectively.

 

After the Awards ceremony, Ecobank will enroll all 11 finalists into the Ecobank Fintech Fellowship.

 

The Fellowship will run for a period of six months during which Ecobank Fintech Fellows will benefit from an opportunity to further explore partnerships with the Ecobank Group that includes: Multinational product roll-out support, service provider & ecosystem partner deals and technical & mentoring support.

 

The 11 start-ups are: Lypa (Kenya), Wallet.ng (Nigeria) (https://Wallet.ng/), Nala (Tanzania), Litee (Benin), SESO Global (South Africa), InvestED (Sierra Leone), Eversend (France), Secapay (Nigeria), Virtual Identity (South Africa), MojiPay (Togo), Awamo (Germany)

 

Ade Ayeyemi, Group CEO of Ecobank, said, “At Ecobank our digital strategy is spectacularly successful and has changed the landscape of African banking, so it goes without saying that we see fintech as a vital component for the economic transformation of the continent and the prosperity of its citizens.

 

“We want to do all we can to encourage the next generations of fintech entrepreneurs as they will be a driving force in propelling Africa into a globally competitive power in commercial services, enjoying significantly increased market share.”

 

Eddy Ogbogu, Ecobank Group Executive for Operations and Technology commented: “Africa has a proud history of innovation, and today’s fintech start-ups are the potential giants of tomorrow.

 

“We’re delighted by the quality of our Fintech Challenge finalists and have high hopes that they will capitalise on the mentoring and support opportunities of the Ecobank competition on their journeys to future success.”

 

The Ecobank Fintech Challenge is designed in partnership with the advisory firm Konfidants and is supported by partners across Africa and the world.

 

 

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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ATU, AFRINIC Urge Governments, Regulators to Develop Internet Resilience Framework

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As Africa continues to face internet disruptions, telecom leaders have urged governments and regulators to embrace and implement a Model Framework for Building Regional Internet Resilience.

The African Telecommunications Union (ATU), Internet Society, and African Network Information Centre (AFRINIC) have all endorsed the framework.

The framework organises Africa’s internet resilience challenge around three interdependent focus areas: networks and internet service providers (ISPs), critical infrastructure such as power grids and cables, and market conditions that influence affordability and demand, according to the organisations in a joint statement.

Once implemented, entities or operators responsible for an important part of a country’s internet ecosystem, such as electricity utilities, mobile network operators, ISPs, internet exchange points, or a country-code top-level domain registry, must develop a resilience plan within one year of the framework’s official adoption.

The statement also mentions several past disruptions that hampered communication, such as the West Africa Cable System failure in March 2024, which cut off 13 countries for days.

They went on to explain that the plan must be evaluated and updated on an annual basis and be compatible with the entity or operator’s continuity and reconstitution plans.

It (framework) should also specify how the organisation intends to incorporate the resilience features of redundancy, resourcefulness, rapid recovery—all of which are critical components of achieving overall robustness—into its operations.

ATU has warned that every blackout is a flashing red warning, and that the framework would act as an insurance policy against outages.

“Connectivity remains Africa’s nervous system and when it stutters, schools, hospitals and markets stutter too. This framework is our insurance policy against digital darkness”, said John Omo, secretary general of ATU.

Arthur Carindal, AFRINIC’s head of stakeholder engagement, commended the institutions for their coordinated efforts.

He said: “It is a great honour for AFRINIC to collaborate with ATU and ISOC in transformative initiative enabling all stakeholders to participate in developing Africa’s internet resilience model framework, which highlights key policy recommendations and best practices for strengthening internet infrastructure in Africa.”

 


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NCC Rallies Stakeholder Support to Protect Telecom Infrastructure

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Nigerian Communications Commission (NCC) has reiterated its commitment to the full operationalisation of President Bola Ahmed Tinubu’s Executive Order on Critical National Information Infrastructure (CNII), which designates telecommunications facilities as critical national assets deserving optimal protection.

This comes on the heels of a successful mediation led by the Office of the National Security Adviser (ONSA), in collaboration with the Commission, which resulted in the suspension of a planned strike by the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA).

The strike, if carried out, would have disrupted the supply of diesel to telecommunications sites nationwide, severely affecting network operators’ ability to power their diesel-driven generators and maintain uninterrupted connectivity.

In the days leading up to the resolution, the ONSA, under the leadership of the National Security Adviser (NSA), Mallam Nuhu Ribadu, held strategic engagements with NOGASA’s leadership, with the Commission providing technical and regulatory guidance to highlight the potential implications of service disruptions on national security, the economy, and everyday life.

The discussions culminated in an agreement to call off the industrial action, averting what could have been a nationwide disruption of telecom services.

“Telecommunications infrastructure is the backbone of our connectivity and digital economy. Any disruption, whether through vandalism, accidental damage during construction work, theft of equipment, denial of access to maintenance teams, or interruptions in the supply of essential operational materials, has far-reaching implications for service delivery, economic stability, and national security,” the NSA said.

The Commission expressed appreciation to the ONSA for its leadership and dedication to protecting national assets and commended the maturity and understanding demonstrated by relevant stakeholders in recognising the national importance of telecommunications services.

Commenting on the development, the Executive Vice Chairman/Chief Executive Officer of the Commission, Dr. Aminu Maida, stated: “We will continue to enforce strict compliance by our licensees with technical standards for the deployment and maintenance of telecommunications infrastructure, while working closely with relevant stakeholders to strengthen awareness and cooperation on their protection.

“We also recognise mediation as an effective tool for building consensus among stakeholders. This resolution underscores the importance of dialogue in preventing avoidable service disruptions. Ultimately, we call on all Nigerians to regard telecom infrastructure as a shared national asset, one that underpins our ability to connect with loved ones, transact businesses, access healthcare, pursue education, and participate in the global digital economy.”

The Commission reaffirmed that it would continue to coordinate with security agencies, industry stakeholders, and the public to ensure that Nigeria’s telecommunications infrastructure remains protected, resilient, and reliable for all.


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Nigeria’s Internet Subscriptions Dip Slightly in June, But Data Demand Hits New High

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Active internet subscriptions across mobile, fixed, and VOIP networks in Nigeria dropped to 141.1 million in June, representing a 0.3% decline from the 141.5 million recorded in May, according to the latest statistics from the Nigerian Communications Commission (NCC).

Mobile network operators MTN, Airtel, Globacom, and 9mobile maintained their dominance with a combined 140.6 million subscriptions, leaving Internet Service Providers and others with 528,633 subscriptions at the end of June.

Despite the slight drop in subscriptions, data consumption continued to grow. Nigerians used 1.044 million terabytes of data in June, marginally higher than the 1.043 million terabytes recorded in May, which had been the highest monthly usage since January 2023.

Telecom operators say this surge in data usage is driven by the rapid growth of Nigerian cities, especially Lagos, where more people, businesses, and devices are fueling record bandwidth consumption. In response, operators are expanding capacity to meet the rising demand.


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