Introduction

Ivorian fintech startup, Daba Finance, has emerged as the winner of the Ecobank Fintech Challenge 2024, securing the top prize of $50,000. The competition, which saw fierce participation from some of the most promising startups in Africa, highlights the growing wave of innovation across the continent’s fintech sector.

Revolutionizing Investment: Daba Finance’s Winning Solution

Daba Finance captivated the judges with its innovative platform designed to make investing accessible to all. By offering a one-stop solution for trading stocks, bonds, and other financial products, the startup has positioned itself as a leader in democratizing wealth-building opportunities across Africa.

BOUM III JR, CEO of Daba Finance, expressed his gratitude for the win, stating, “This victory accelerates our mission to bring investing opportunities to everyone. Partnering with Ecobank will enable us to extend our platform’s reach and deliver financial empowerment to millions across the continent.”

A Tough Competition: The Road to Victory

Twelve fintech startups, each with groundbreaking ideas, battled for the $50,000 prize. The competition attracted a panel of five expert judges who assessed the finalists based on innovation, scalability, market potential, and team strength. Daba Finance stood out, but two other fintechs also left their mark:

  • Melanin Kapital (Kenya) took second place, earning $10,000 for its innovative solution to foster impact investment.
  • YMO (Guinea) came in third, winning $5,000 for its contributions to financial inclusion.

Public Choice Award Goes to MiaPay

For the first time in the competition’s history, the general public was invited to vote for their favorite fintech. MiaPay, a startup from Togo, was awarded the “Public Choice Award,” recognizing its innovative approach to digital payments.

A Showcase of African Fintech Innovation

The 12 finalists were chosen from a record 1,550 entrants, representing 70 countries. This reflects the Ecobank Fintech Challenge’s growing stature and the creative potential flourishing across Africa. As part of the competition, all finalists were enrolled in the prestigious Ecobank Fintech Fellowship Programme, granting them access to Ecobank’s Banking Sandbox to test and refine their solutions, and the possibility to scale across the Bank’s extensive pan-African network.

Supporting Fintech Growth and Financial Inclusion

During the award ceremony, Ecobank Group CEO, Jeremy Awori, emphasized the Bank’s commitment to supporting fintech startups in Africa. “The African continent is a global hub for fintech innovation, constantly pushing the boundaries to enhance convenience and create new digital capabilities. Ecobank’s Fintech Strategy is centered around leveraging our pan-African digital platform to deliver cutting-edge solutions,” Awori said.

He praised Daba Finance and the other finalists for their exceptional pitches, noting how the competition continues to identify fintechs capable of addressing Africa’s financial inclusion challenges. “I am hugely impressed by the quality of the pitches from our twelve finalists and congratulate Daba Finance for rising to the top,” he added.

A Growing Legacy: Ecobank’s Commitment to African Fintech

Since its inception in 2017, the Ecobank Fintech Challenge has attracted over 7,000 applications from fintech innovators across 70 countries. Over the years, the competition has inducted 72 startups into the Ecobank Fintech Fellowship, providing them with valuable mentorship, resources, and opportunities to scale their innovations.

The support from partners such as Konfidants, Proparco, Huawei, Asky Airlines, and other leading organizations underscores the event’s importance. Awori expressed deep appreciation to these partners, noting that Asky Airlines had provided round-trip tickets for the winners.

With operations spanning 35 African countries, from Ghana to Nigeria, Ecobank continues to lead the charge in driving financial inclusion and nurturing fintech talent across the continent.