Ghana’s Motito Shortlisted As A Finalist In The Ecobank Fintech Challenge 2021 Out Of 900 Submissions

Ghanaian fintech startup Motito has been shortlisted as part of five finalists of the Ecobank Fintech Challenge 2021 out of 900 submissions.

Launched in August, the Ecobank Fintech Challenge identifies and partners Fintechs ready to scale and provides them with support and access to opportunities in Ecobank’s 33 African markets. The challenge further aims to contribute to the startups’ growth as potential Pan African Fintech success stories.

The fintech challenge scouted for startups with products that address one or more of a specific set of pain points listed here.

Given this, Motito is a “buy now, pay later” platform allowing small businesses to offer interest-free credit to their customers at the point of sale, and has seen impressive initial uptake.

Motito looks to provide an alternative, and its “pay later” payment option is currently available in various electronics and furniture stores in Ghana. It has over 1,000 users signed and has so far processed over 250 transactions.

Bootstrapped thus far, the startup nonetheless has ambitious plans to expand to Egypt and Nigeria. Motito monetizes by charging merchants up to 15 percent commission, as a service charge, on the value of any item sold.

As such, Motito will be accepted into Ecobank’s Fintech Fellowship, where the startup will spend six months investigating cooperation prospects with companies such as:

  • Multinational Product Roll Out: An opportunity for eligible Fintechs to pursue collaboration with Ecobank and possibly launch products in Ecobank’s 33 African markets.
  • Service Provider Partnerships: A chance to partner with Ecobank on pan-African products and services roll out and undertake other joint ventures.
  • Mentoring and Networking Support: Access to networking and mentoring opportunities within the Ecobank Group and its vast global and African partners network.
  • Digital Offering integration: An opportunity for Fintechs to potentially integrate with Ecobank’s existing digital offerings.

Should Motito emerge as part of the three finalists, it receives $15,000, $12,000, or $10,000.

The other finalists are:

  • Anadata Limited from Nigeria — developed Chota, an automated Address Verification System that uses Big Data Analysis to accelerate the process while improving accuracy.
  • OKO FINANCE from Mali — offers new-generation index insurance to smallholder farmers that are mobile-based and include access to affordable loans, weather alerts, and farming tips.
  • Fourthline Limited from Kenya — developed Pollen, a USSD ecosystem designed to conduct cross-telecom payments and savings for the unbanked.
  • Trove Finance, from Nigeria — built software (APIs & Tools) that allows African Individuals and Financial Institutions (Banks, Brokers, and Fund Managers) access and trade US & Global stocks