Ecobank Transnational Incoporated (ETI) has launched a Financial Technology Competition for start ups across Africa. In addition to the cash prizes, winners will see their application rolled across the 33 countries that Ecobank operates. They will also be given opportunities to network and be mentored by investors and coaches within the Eco bank network. The competition is open to all 57 countries in Africa.
Ecobank recently stated its goal of adding 100 million new customers by 2020 using its mobile app. The bank currently has 11 million customers across Africa. Financial technology (Fin-tech) is the use of software and modern day technology to provide financial services. The most prominent example of fin-tech is the block chain technology which is used in trading bitcoin a virtual currency.