Daba Finance, the Ivorian fintech wins Ecobank’s $50,000 fintech challenge 2024 after fierce competition.
Daba Finance takes home US$50,000 with its solution to make investing accessible to everyone by offering a one-stop investment platform for trading stocks, bonds, and other financial products. Twelve innovative fintech startups competed to impress the esteemed panel of five judges for the US$50,000 prize. The judges, comprised of renowned industry experts, evaluated the finalists based on criteria such as innovation, market potential, scalability and team strength.
BOUM III JR, CEO of Daba Finance, expressed immense gratitude for the opportunity and the recognition, stating, “Winning this challenge propels our mission to make investing and wealth building opportunities available for all. With Ecobank as our partner, we are accelerating the journey to making our innovation accessible to millions and bringing financial empowerment to the continent.”
The judges also rewarded two additional fintechs whose solutions made a lasting impression. Melanin Kapital from Kenya took second place, winning US$10,000 and Guinean’s fintech YMO secured third place with US$5,000. For the first time, the general public was given the opportunity to vote for their preferred fintech, and MiaPay from Togo won the “Public Choice Award” for this year’s edition.
The 12 finalists were carefully selected from a record 1,550 Fintech Challenge 2024 entrants from 70 countries, demonstrating the competition’s rising prominence over its seven years. This also showcases the impressive innovation and creativity, especially on the African continent.
At the Ceremony, all the finalists were enrolled into the prestigious Ecobank Fintech Fellowship programme, which provides them with valuable exposure to investors and industry leaders, access to Ecobank’s Banking Sandbox to test and develop their innovative solutions, with the possibility of scaling across the Bank’s large pan-African footprint.
This annual event, which is unique in sub-Saharan Africa, is a testament to Ecobank’s commitment to helping African fintechs to develop and grow, and for the Bank to identify potential partnerships with fintechs which can be scaled to bridge the financial inclusion gap and streamline access to payments.
During his remarks, Jeremy Awori, Group CEO of Ecobank stated, “The African continent is a hotbed for fintech innovation globally and is constantly pushing the boundaries to enhance convenience and establish new digitally enabled capabilities. Ecobank’s Fintech Strategy centres on leveraging our borderless pan-African digital platform, to provide cutting edge solutions to fintechs that will benefit millions of africans. I am particularly proud of what we have achieved so far with fintechs through our annual Ecobank Fintech Challenge.”
He added: “I am hugely impressed by the quality of the pitch of our twelve finalists, and I want to congratulate Daba Finance for making it to the top of the podium. I look forward to seeing how our collaboration will help them grow and scale.”
He ended by expressing his sincere appreciation to the judges, sponsors and partners who include Konfidants, Proparco, Huawei, Asky Airlines, TechCabal, BlueSpace, Afrilabs, Africa Fintech Network, MEST Africa, Naija Startups, Expand in Africa and Founders Africa. He extended special thanks to Asky Airlines who donated round-trip tickets to the winners.
Since its inception in 2017, the Ecobank Fintech Challenge has attracted over 7,000 applications from fintech innovators from 70 countries. This impressive pool of talent has resulted in 72 fintechs being inducted into the Ecobank Fintech Fellowship.
From Ghana, to Benin and Cape Verde to Mali and Nigeria, Ecobank Group’s franchise has growing operations in 35 African countries.