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Innotribe – the innovation arm of SWIFT, the leading provider of secure financial messaging services – has announced the 2017 Startup Challenge for Africa. In a statement released on Tuesday, SWIFT said the competition, which is for Africa-based FinTech startups, is now open for applications.     

SWIFT Innotribe is about innovation and connecting people, networks and ideas. It brings together global innovators and investors, strategists, and influential decision-makers from leading financial institutions across the globe

SWIFT said the Startup Challenge will be part of its African Regional Conference (ARC) scheduled to take place in Abidjan, Cote d'Ivoire, from 16-18 May, 2017. For the third year running, the ARC will bring together policymakers, industry leaders and the broader financial community from across the African continent. The conference provides a platform for FinTech startups to connect with the financial sector.

“FinTech companies are increasingly part of the fabric of Africa’s financial services industry," said Sido Bestani, Head of Middle East, Turkey and Africa at SWIFT. "Now in its third year, Innotribe’s Startup Challenge for Africa plays an important role in finding the continent’s most exciting young companies, bringing them together with the financial sector and helping them grow.”

Interested applicants for the Startup Challenge are required to read the terms and conditions and fill in the application form. The application process is open until mid-March 2017. Successful applicants will be announced in April 2017.

10 selected startups will be coached, mentored and showcased during the African Regional Conference. Innotribe will also work with industry experts, banks, venture capitals and angel investors to select the participants. During the conference, the three best startups will be nominated by the audience as finalists, automatically securing their participation to Sibos, SWIFT’s annual global financial services conference, to be held in Toronto, Canada, from 16-19 October, 2017. The three startups will also receive a 10,000 EUR cash prize each.

“Our partnership with ARC has allowed us to highlight Africa as a hotbed of FinTech activity with a lot of ideas, resources and talent to support,” said Fabian Vandenreydt, Global Head of Securities at Innotribe and SWIFT Institute. “Through the Startup Challenge, we want to spotlight innovation playing a role in the future of the financial industry across the continent and provide an opportunity for young African companies to use Innotribe’s global network to help them maximise their huge potential.”