TANZANIA'S digital financial service start up is among finalists for the 2nd edition of the annual Ecobank Fintech Challenge, a competition for Africa-focused technology start-ups.
According to a statement issued yesterday, Nala will join eleven fintech start-ups from across the continent and beyond for the fintech challenge by Ecobank, the leading independent pan-African banking group.
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 enrol all eleven 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. The partnership with Ecobank Group will include a multinational product rollout support available for the start-ups deemed commercially viable to grow their businesses across any of Ecobank’s 33 markets in Africa.
It also includes service provider & ecosystem partner deals for start-ups with deep capabilities to become product partners within Ecobank’s ecosystem and technical & mentoring support during the six months fellowship period, where fellows will benefit from technical support from Ecobank’s global network of technology leaders, fintech experts, investors and management coaches.
Nala has introduced a simplified mobile money application that allows faster, smatter and safer transactions without an internet connection.