Ghana’s Nokwary secures funding from Ecobank after winning fintech challenge

GHANA – Nokwary, a Ghanaian fintech startup, has secured US$10,000 Ecobank fintech challenge prize money after emerging the top startup in the competition.

Nokwary, uses artificial intelligence (AI) to promote financial inclusion.

The startup’s banking solution offers an opportunity for users to carry out transactions in their own language using popular social media channels like WhatsApp.

The fintech challenge 1st runners up position went to South Africa’s Ukheshe, which went home with a prize money of US$700.

Ukheshe developed a card acceptance platform that allows unbanked merchants to accept and make digital payment.

The second runners went to another South African company – Growth Factor, which provides trade financing solutions designed for MSMEs.

Growth Factor secured a prize money of US$500 from Ecobank for emerging third in the Fintech challenge.

The Ecobank fintech challenge was comprised of 10 finalists who were selected from a pool of over 600 applicants from the African continent.

Each of these finalists has been inducted into the Ecobank Fintech Fellowship, a one-year programme which will give them the opportunity to explore opportunities for commercial partnerships with the bank.

“The quality of the products and pitches we saw in the final this year were amazing. Clearly it is evident that banking in Africa is moving onto a new dimension with these fintechs leading the way,” Ecobank Ecobank Group CEO Ade Ayeyemi said in a statement.

Ayeyemi further noted that the Bank was expecting to “build a few lasting partnerships which will help improve the lives of Africans all over the continent”.

Nokwary CEO and co-founder Dennis Asamoah Owusu said his team was excited to have been named overall winner.

“Our company is rather young and to be recognised like this on such a stage was really exciting as well as a validation for our focus on creating inclusive technology right from the start,” Dennis Asamoah said.

 He further noted that Nokwary was looking to work together with Ecobank to bring an AI-first digital banking platform over WhatsApp, as well as other innovative solutions to Ecobank’s customers.

The Ecobank Fintech Challenge, previous editions of which were won by Tanzania’s Nala and Nigeria’s IroFit, was open to submissions from all startups and developers in any of Africa’s 54 countries.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.