Nigerian share trading app Trove won Ecobank Fintech Challenge

Trove, a Nigerian share-dealing app, has been named the winner of the Ecobank Fintech Challenge fourth edition. The bank awarded Trove a US$15,000 prize as well as a place in its Fintech Challenge Fellowship program.

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Ecobank Group holds its Fintech Challenge every year. The five finalists are chosen from more than 890 entries from 44 countries.

Trove was named the winner of a virtual grand final streamed live from Accra Ghana on December 9. The event saw all five finalists pitch to a tech-savvy jury. The app allows African-based financial institutions as well as individuals to trade any publicly traded equity, bonds, or exchange traded funds across the US, China, Nigerian, and other global stock markets.

Mali’s OKO Finance placed second with affordable crop insurance products that can be distributed via mobile phone to smallholder farmers. Ghana’s Motito was third with its “buy now and pay later” solution. The Ecobank Fintech Challenge Fellowship program also included the first, second, and third place winners who received cash prizes of US$15,000 and US$12,000 respectively.

“Winning the 2021 Ecobank Fintech Challenge was a great honor. It publicly validates our app’s huge potential to increase asset ownership. The Ecobank Group deserves my appreciation for bringing African fintech to the forefront through this competition, and for continuing support through its Fellowship program. Trove CEO Oluwatomi Solanke stated that the opportunity to partner Ecobank and roll out our app in 33 sub-Saharan African nations would be the cherry on top by greatly accelerating our growth.

Ade Ayeyemi, CEO of Ecobank Group, stated that the number of fintech solutions and services included in this edition was so high that it was difficult for the jury to narrow down the hundreds of entries to five. Trove Finance was chosen as the overall winner.

“We will induct all five finalists into Ecobank’s Fintech Fellowship. During which they can access our APIs to develop their propositions further, and could possibly partner with Ecobank to expand it across our 33-country footprint. He stated that the Ecobank Fintech Challenge furthers Ecobank’s vision of fintechs being potential partners with whom to engage to provide innovative solutions for our customers.

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