Cameroonian fintech startup Koree has won US$50,000 in cash after winning top prize at the annual Ecobank Fintech Challenge.
Run each year by pan-African bank Ecobank Group, the Ecobank Fintech Challenge looks to support innovative startups with cash prizes and further developmental support.
This year’s edition was won by Cameroon’s Koree, for its card wallet payment solution that digitises merchant payments. Founded in September 2022, the startup allows consumers to digitally collect their spare change from cash retail payment roundups, and earn cashback from stores and brands across multiple categories.
Koree walked away with the US$50,000 top prize, and is also the first ever female-led winner of the challenge. Wolf Technology from the Democratic Republic of Congo (DRC) came in second, winning US$10,000, while Kenya’s Flexpay Technologies was the second runner-up.
Those three startups, and the other five finalists, have also been inducted into the Ecobank Fintech Fellowship. This programme offers fintech companies the opportunity to explore potential commercial partnerships with Ecobank, including the possibility of seamless integration with the bank’s platforms and the potential for scaling up their fintech ventures across Ecobank’s 35 African markets.
“Koree winning the Ecobank Fintech Challenge is a triumph for innovation and for diversity. We are very proud that the technological innovation we have been implementing in Cameroon for many years has been rewarded, and it is also noteworthy that this is the first time a woman has won the Ecobank Fintech Challenge prize. We’re excited to work with Ecobank Group across its large footprint to further transform the financial landscape in Africa by digitising cash-based payments while simultaneously empowering millions of consumers and bringing value to local brands and retailers,” said Magalie Gauze-Sanga, CEO of Koree.
Jeremy Awori, CEO of Ecobank Group, said this year’s eight finalists had demonstrated exceptional innovation and promise.
“We look forward to collaborating with them to develop groundbreaking products, services and solutions that will ultimately benefit our valued customers and contribute to the advancement of our continent. We are convinced that forging sustainable partnerships with fintechs and the overall tech ecosystem remains a viable strategy in our pursuit of delivering convenient, affordable services to our customers,” he said.
