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:
Selection into each of the three phases will be at Ecobank’s discretion, subject to established terms and conditions and judging rules.
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.
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.
Teams are to submit applications addressing one or more of the following challenges
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:
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.
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.
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.
Three top participants will receive cash and non-cash prizes, which will be awarded by a jury
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: