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Touch and Pay, a Nigeria-based fintech, has won the 2022 edition of the Ecobank Fintech Challenge. Ecobank Group, with banking subsidiaries across Africa, made the announcement at the Grand Finale of the pan-African competition on 28 October 2022, at Ecobank’s headquarters in Lomé.

Touch and Pay took home a $50,000 cash prize, the largest no-strings attached fintech cash prize in Africa.

Touch and Pay processes microtransactions across Africa, such as paying for bus journeys. Today, Touch and Pay has over 2 million users who help 500,000 people make payments every day.

The winner and the other five finalists were also inducted into the Ecobank Fintech Fellowship, a programme that gives the Fintech Fellows the opportunity to explore potential commercial partnerships with the Bank, such as integrating with Ecobank’s pan-African banking platforms and scaling their fintech businesses across Ecobank’s 33 African markets.

The five other finalists for the 2022 edition were Cauri Money, Senegal; DizzitUp, Togo; MaishaPay, Democratic Republic of Congo; Moni Africa, Nigeria; Paycode, South Africa.