And the winner is…Koree! First female-led company takes home the 2023 Ecobank Fintech Challenge Prize

Ecobank's Group CEO, Jeremy Awori, hands over the grand prize of US$50,000 to winner Koree from Cameroon

Koree, an innovative Cameroonian cashback app company, led by its CEO Magalie Gauze-Sanga, triumphed as the first-ever female-led winner of the US$50,000 Ecobank Fintech Challenge prize.

Launched in 2017, the Ecobank Fintech Challenge competition is one of the most substantial no-strings-attached fintech cash prizes available in Sub-Saharan Africa and is aimed at encouraging innovation within the fintech sector.

“We extend our warmest congratulations to Koree, the first ever female-led fintech winner of our challenge, for their outstanding victory and innovative contributions to the fintech landscape. We look forward to a greater collaboration,” said Jeremy Awori, Ecobank Group Chief Executive Officer, who handed the prize to Magali at a ceremony held at the Bank’s HQ in Lomé.

Koree, (pronounced cowrie), an innovative fintech company founded in 2022, is a card wallet application that addresses spare change scarcity by digitizing cash merchant payments, while simultaneously empowering consumers through an incentive reward system that lets them earn cashback on payments made with any payment method.

according to Disrupt Africa, Koree is used by 10,000 customers, has 40 store partners, and has processed approximately 30,000 transactions worth over US$200,000 since its inception.

The nascent company beat eight other finalists – Flexpay Technologies (Kenya), IPOXcap AI (South Africa), Kastelo (South Africa), Koree (Cameroon), Kori Tech (Senegal), Smart Teller Technologies (Nigeria), Rubyx (Belgium) and Wolf Technologies (DRC) – to claim the fiercely sought-after prize. Over 1400 fintech companies from across the continent entered the annual competition.

“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,” says Magali adding:

“We’re excited to work with Ecobank Group across its large footprint to further transform the financial landscape in Africa by digitizing cash-based payments while simultaneously empowering millions of consumers and bringing value to local brands and retailers.”

Koree and the other seven finalists were also inducted into the Ecobank Fintech Fellowship, a unique programme which 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.

The first runner-up company in the competition, Wolf Technologies, took home US$10,000, while Flexpay Technologies who were second runner-up, received US$5,000.

“This year’s eight finalists 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,” Owori stated further.