Terms and Conditions

Ecobank Transnational Incorporated (“Ecobank”) is hosting a contest with the aim to facilitate the development of innovative “FinTech” and banking related solutions that address one or more of the challenges as set out below. The following are the terms upon which you may participate in the Ecobank Fintech Challenge (“Challenge”) being hosted by Ecobank. By participating in the Challenge, entrants agree to be bound by, and are deemed to have read and understood these Terms and Conditions (“Terms”).

Ecobank Fintech Challenge consists of three main phases:

  • Phase one: a pan-African competition. Open to all African tech innovators and entrepreneurs
  • Phase two: an Innovation Fair and Awards Ceremony. For selected top applicants only.
  • Phase three: post-competition Opportunities & Collaboration with Ecobank. For only selected top products.

Selection into each of the three phases will be at Ecobank’s discretion, subject to established terms and conditions and judging rules.

Eligibility & Participation

The Challenge is open to both teams and individuals. Teams can submit solutions for more than one challenge but are limited to only one entry per challenge (“Entry”). A total of 20 teams will be selected for the Ecobank Fintech Challenge event (“Event”), which will be held at the global headquarters of Ecobank in Lomé in May, 2017.

Individuals are not allowed to participate in multiple teams. Switching teams after applying is not allowed. Ecobank will cover travel and accommodation costs for up to two participants from each team.

To participate in the Event, teams must apply through the Challenge page at ecobankfintech.com before the end of 14th April, 2017. Ecobank reserves the right to disqualify any application if the application or team does not comply to these Terms. Ecobank reserves the right to establish further rules regarding the Challenge which will be published on ecobankfintech.com.

Originality

Each Entry must be of the participating teams’ own creation. Participation warrants that the Entry is and will be participant’s own original work and does not and will not infringe the intellectual property or proprietary rights of any third party, including, without limitation, any third-party patents, copyrights or trademarks.

Participants hereby agrees not to initiate, back, maintain or sanction any action, claim or lawsuit against Ecobank or any other person, on the grounds that any use of a participant’s Entry, infringes any of participant’s rights as creator of the Entry, including, without limitation, trademark rights and copyrights.

Fintech Challenges & Pain-points

Teams are to submit applications addressing one or more of the following challenges

  • Predictive analysis using big data
  • Agency banking
  • Secured client authentication
  • Apps to work without internet connectivity
  • KYC technology
  • Customer analytics
  • Credit scoring
  • Micro Loan System
  • User experience optimizing solutions using machine learning and AI
  • Blockchain technology/solutions within Banking
  • Any other fintech solution.

Scoring of Entries

A panel of experts will be responsible for judging applications. The judging panel will include engineers, developers, designers, investors and business executives. The panel will be responsible for the assessment, grading and selection of participants for the Event.

Applications will be shortlisted based on the following judging rubric:

  • Solution
  • User experience
  • Implementation practicality
  • Functionality
  • Innovation
  • Commercial Prospects       

Shortlisted applicants will be contacted through the email provided in the applications to schedule for video interviews in which they will answer technical questions on their solutions.

Ownership rights

All intellectual property rights in the ideas and applications of a participant shall remain vested in the participant who owns them. Any third party intellectual property rights shall remain vested in the third party or third parties who own them.

Third party intellectual property rights must be clearly identified by the participants as well as the applicable terms of license and other details relating to use of same.

Ecobank accepts no liability for any disagreement among team members regarding ownership of any Intellectual Property Rights contained in any entry including, without limitation, the winning entry or for any inaccurate or incorrect information supplied or relied upon by any entrant during the Challenge.

Publicity

Ecobank’s goal is to use this platform to support and showcase African start-ups. For this reason, members of the selected teams agree to provide (or allow to be taken) photographs/videos for marketing/promotional purposes of the Challenge and to make themselves reasonably available to Ecobank for the purposes of promotion and publicity of both their start-ups and the Challenge for a period of twelve (12) months following the end of the event.

Awards

Three top participants  will receive cash and non-cash prizes, which will be awarded by a jury

Post-competition Opportunities to Partner Ecobank

After the competition, Ecobank will select the most promising participants and give them a chance to explore a set of opportunities through partnerships with Ecobank. These opportunities which will be at the discretion of Ecobank include the following:

  • Funding: Ecobank may invest up to $500,000 in selected start-ups/products with immense prospects.
  • Multinational product roll out: A Once in a Lifetime opportunity to launch products in Ecobank’s over 30 markets across Africa.
  • Service provider partnerships: start-ups may be selected by Ecobank to become a pan-African service partner to Ecobank.
  • Mentoring and networking support: founders will be conferred as Ecobank Innovation Fellows for a period of one year, granting them access to networking and mentoring opportunities within the Ecobank Group and its vast network of global and African partners.

 Strategic Partner

© Ecobank 2017