Cameroonian App Koree wins 6th Ecobank Fintech Challenge

Finance

Monday, 09 October 2023 16:16

Cameroonian App Koree wins 6th Ecobank Fintech Challenge

(Togo First) - A Cameroonian app, Koree, won the 6th edition of the Ecobank Fintech Challenge. Koree stood out among more than 1,490 fintechs in the competition.

Founded and headed by Magalie Gauze-Sanga, Koree aims to solve the small change issue in Francophone Africa. Right behind the Cameroonian app were Makuta (Democratic Republic of Congo) and Flexpay (Kenya), second and third, respectively. The three were picked out of eight finalists. Koree, Makuta, and Flexpay won $50,000, $10,000, and $5,000, respectively.

Why Koree?

In detail, Koree allows its users to get their small change, on their mobile phones, from sellers who have partnered with the startup. The solution deals with the issue of small change scarcity in Francophone Africa. In addition, Koree has a cashback system that allows its users to recover some money on their purchases. The money goes to a digital fidelity card available on the app. The money saved can then be used to make purchases later, from partner shops. This offers users more flexibility and bolsters financial inclusion.

A first for Cameroon, francophone Africa, and women

This is the first time a Francophone startup has won the award, the first time for Cameroon, and, most importantly, it is the first time a woman has won the prize.

Magalie Gauze-Sanga, Koree’s founder, graduated from Paris 1 Panthéon-Sorbonne and EM Lyon. She has two Master’s degrees – International Economics and Management.

Gauze-Sanga started her career as Regional Head of Financial Services at JumiaPay for West Africa, before joining the African Women in Fintech & Payments network. She was also COO at Julaya and Head of Payments at Anka, before founding Koree.

"I'm very happy to have won this challenge", said the Cameroonian, whose application had been rejected the year before. "We applied last year, but alas, being still in the initial phase with only a few months of existence, we weren't very successful, which blocked our way to selection. We've come back much stronger for this edition", she added.

Next step: Côte d’Ivoire

Koree plans to deploy in Côte d'Ivoire by the end of this year. The startup intends to take advantage of the African Cup of Nations (AFCON) which the country will host.

At present, the app has about 11,000 users and 40 partnering shops. This year, the fintech has recorded 40,000 transactions in Douala, according to its founder and CEO. Recently, Koree raised €20,000 from the Cameroon Angels Network (CAN), to finance its growth.

Regarding the Ecobank Fintech Challenge, the event’s goal is to foster innovation in the African fintech sector. The contest’s finalists join Ecobank’s Fintech Fellowship program, which allows them to secure deals and enter business partnerships with the Ecobank Group.

Fiacre E. Kakpo

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