Koree’s Card Wallet Payment Solution wins $50,000 grand prize at Ecobank Fintech Challenge

Koree, a Cameroonian fintech company, emerged as the winner of the 2023 Ecobank Fintech Challenge, marking the first time a female-led fintech has claimed the top prize.

The competition featured eight finalists who presented their innovative fintech solutions to a panel of judges. Koree’s card wallet payment solution, which digitises merchant payments, impressed the judges and secured them the grand prize of US$50,000.

The other finalists included Flexpay Technologies (Kenya), IPOXcap AI (South Africa), Kastelo (South Africa), Kori Tech (Senegal), Smart Teller Technologies (Nigeria), Rubyx (Belgium), and Wolf Technologies (DRC). Wolf Technologies, the first runner-up, received US$10,000, while Flexpay Technologies, the second runner-up, was awarded US$5,000.

The Ecobank Fintech Challenge is known for offering one of the most substantial no-strings-attached fintech cash prizes in Sub-Saharan Africa, aimed at promoting innovation in the fintech sector. In addition to the cash prize, Koree and the other finalists were inducted into the prestigious Ecobank Fintech Fellowship.

This program provides fintech companies with opportunities for commercial partnerships with Ecobank, potentially integrating their solutions into the bank’s platforms and expanding their ventures across Ecobank’s 35 African markets.

Speaking on the reasons why the program is held annually, Dr. Tomisin Fashina, the Executive Operations and Technology, explained that it aligns with the banking group’s vision. According to Fashina, the company aspires to become the trusted bank for Africa, promoting financial inclusion and empowering Africans with banking services. “Our goal is to work together, pooling our strengths to co-create affordable solutions that benefit the African population,” he said.

Jeremy Awori, CEO of Ecobank Group, praised the finalists for their exceptional innovation and expressed excitement about collaborating with them to develop groundbreaking products and services.

He also congratulated Koree for becoming the first female-led fintech winner and emphasized the importance of partnerships with fintechs and the tech ecosystem.

Magalie Gauze-Sanga, CEO of Koree, highlighted the significance of their victory and the positive impact of their technological innovation on Cameroon.

She expressed pride in being the first woman to win the Ecobank Fintech Challenge and looked forward to working with Ecobank Group to transform the financial landscape in Africa by digitizing cash-based payments and empowering consumers and local businesses.