By Adedapo Adesanya
Nigeria-based global equity trading app, Trove Finance, has become the winner of the fourth annual Ecobank Fintech Challenge.
In a statement on Thursday, organizers said the winner was announced in the grand finale on December 9 live from Accra, Ghana – and that each of the five finalists was appearing before the tech-savvy jury.
The application of Trove Finance allows financial institutions and individuals based in Africa to buy, sell and trade stocks, bonds or exchange traded funds on the US, Chinese, Nigerian or other stock markets. world markets, with as little as N1000 (about $ 2).
Trove Finance’s solution filled a gap by providing an easy-to-use digital investment platform that expands investment participation and inclusion by providing a safe and cost-effective alternative to the current paper-based investment process that is largely provided by brokers charging exorbitant fees. costs.
Speaking on the award, Mr. Ade Ayeyemi, CEO of Ecobank Group, said: âThe range of fintech services and solutions presented in this year’s edition was of such a high standard that the jury was faced with to a very difficult task narrowing the hundreds of participants down to the bottom five and ultimately selecting Trove Finance as the big winner.
“We will induct the five finalists into the Ecobank Fintech Fellowship, during which they will receive mentoring and network support, can use our banking sandbox to access our automated processing interfaces (APIs) in order to further develop their proposals, and could potentially partner with Ecobank to deploy it in our 33 countries.
âThe Ecobank Fintech Challenge reinforces our vision of treating fintechs as potential business partners with whom we can engage to provide innovative solutions to our customers. “
For his part, Mr. Oluwatomi Solanke, CEO of Trove, commented on the victory: âWinning the Ecobank Fintech Challenge 2021 is a real honor and publicly validates the enormous potential of our app to expand asset ownership.
âI applaud the Ecobank group for putting African fintechs in the limelight through this competition and for providing us with continued support through their scholarship program.
âThe opportunity to partner with Ecobank and deploy our application in 33 countries in sub-Saharan Africa would be the icing on the cake by massively accelerating our growth. “
OKO Finance of Mali came in second with its affordable crop insurance products – distributed by mobile phone – for smallholder farmers in Mali. OKO insurance products are automated and instantly compensate farmers when affected by inclement weather, thanks to constant monitoring of weather conditions via satellite data.
Ghanaian Motito ranked third with its solution promoting financial inclusion in Africa through a ‘buy now-pay-later’ platform that enables small businesses to offer point-of-sale interest-free credit to businesses. clients.
The finalists for this year’s edition emerged from a hotly contested competition involving more than 890 participants from 44 countries.
In addition to their induction into the Ecobank Fintech Challenge scholarship program, the first, second and third winners also received prizes of $ 15,000, $ 12,000 and $ 10,000 respectively.