The Small, Medium and Micro Enterprise (SMME) digital banking platform provider, Ukheshe, is a finalist in the Ecobank Group’s 2020 Ecobank Fintech Challenge.

In its third edition, the programme is designed to deepen collaboration between Ecobank and fintechs with Africa-focused products.

Ukheshe is one of three South African businesses in the top 10 finalists out of a pool of 600 fintech entries.

Clayton Hayward, CEO of Ukheshe, says that its selection as a finalist will assist the company to further drive its objectives of addressing the growing challenge of Africa’s unbanked.

“We are delighted to be identified as a fintech with a platform that can assist in unlocking the potential of Africa through financial inclusion. Through the challenge, we can take our platform further, addressing the unserved and underbanked in several more countries and even across continents.”

The 10 finalist fintechs from seven different countries will participate in an online finale scheduled for 21 August 2020. These will be live streamed across the globe and will provide Ukheshe with an opportunity to exhibit and showcase its payment platform to Ecobank’s investment and technology teams.

Hayward will also pitch to a panel of judges for the Ecobank Africa Fintech Prize awarded to the top team and two runners-up. In addition to the fellowship program, the three top teams will also win cash prizes worth $10 000, $7 000 and $5 000 respectively.

Hayward says that adopting a post-cash mindset is growing among emerging economies. “Digital payment solutions are becoming more widespread, especially within Africa. Harnessing the power of digital and mobile payment technologies will assist in driving economic growth and financial inclusion.

“The Ecobank Fintech Challenge will assist Ukheshe to create further awareness of its banking platform, while creating more awareness of the plight of the underserved.”

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