Technology specialist e4 came second in the Ecobank Fintech Challenge, hosted in Lomé, Togo.
According to Andrea Tucker, R&D Head at e4, there is a lack of a fully digital onboarding solution across most banks.
“Onboarding customers is notorious for its tedious nature, for both the bank and customer,” she said.
“Although it is a time-consuming and expensive process, it is legislated in every country to complete a full KYC exercise on each new customer. Even though we initially developed the Virtual Identity solution for the South African market, Ecobank executives immediately recognised its viability across the continent.
“The common pain points associated with onboarding customers are greatly reduced and the solution goes a long way in increasing financial inclusion by making digital account opening and fulfilment a reality.”
Tucker added that it was evident through the quality of the 11 finalists that fintech is alive and flourishing across the African continent.
“It was clear to see that each country on the continent has its own unique challenges,” she said.
“The Ecobank Fintech Challenge proved invaluable to all when it came to knowledge sharing, while also gaining a deeper understanding of banking Africans. It is wonderful to see that all companies, regardless of size, have an equal opportunity to participate in our country’s economy.”
Technologies such as mobile and digital platforms featured in the top three winners, while e4’s Virtual Identity has the potential to enable the company to fast-track its African strategy.