A ten-minute pitch will have sufficed for each of the finalists. Before the four-member jury, chaired by Nvalaye Kourouma, head of digital for the Ecobank group, the start-up Touch and Pay (TAP) was given the winner of the fifth edition of the Ecobank Fintech Challenge. The solution brought by Oluwole Michael and Afolabi Olamide is a unique mobile payment and services platform capturing offline and online microtransactions, such as paying for bus journeys.
The strong point of the winner: his solution makes it possible to reduce the quantity of physical money in circulation, by encouraging the use of digital technology for the payment of goods and services. “This prize is a great opportunity to further promote our platform with the pan-African group Ecobank”, declared on the podium, a check for 50,000 dollars in hand, Oluwole Michael, representing the entrepreneurial duo at the ceremony, on 27 october.
Cyberattacks: Ecobank, Axian… How the private sector protects itself
1.5 million users
In Nigeria, where it launched its activities with the Cowry contactless card, the fintech claims over 1.5 million users in Lagos and is trying to turn the trial into other states. Touch and Pay is also in discussions in Ghana and Senegal for the deployment of the service. Through Ecobank, Oluwole Michael hopes to increase the number of users, while improving the quality of the group’s customer service. With this award, the winner and the five other winners join an Ecobank Fintech Fellowship program, which offers them the opportunity to explore potential business partnerships with the pan-African giant, such as integration with its banking platforms and the expansion of their businesses in the 33 African markets from groupe.