Ecobank Innovation Race 2021 Q&A

Ecobank Innovation Race 2021 Q&A

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Introducing The Ecobank Innovation Race

1. What is the Ecobank Innovation Race? The Ecobank Innovation Race is an internal competition which is open to all Ecobank employees to propose innovative ideas that will help continuously improve customer experience and grow the business well into the future. The concept of the race was inspired by our RACEIT values.

2. What's the purpose of the Ecobank Innovation Race? The Ecobank Innovation Race 2021 is aligned to our Execution Momentum phase and to our Core Values, in particular Excellence, Customer Centricity and Teamwork. The purpose of this contest is to drive innovation from within the Bank by motivating Ecobankers to share their ideas and be given an opportunity to bring them to life. The ultimate aim of the contest is to implement the best idea(s) across the Ecobank Group.

3.What type of ideas qualify for the Ecobank Innovation Race?

Ideas should align with our Execution Momentum objectives. The main themes are in line with the three priorities defined during the 2021 Business Leadership Conference (BLC): ?Winning in payment - increasing the payment

wallet size

?Become customer centric by using technology to better serve our customers

?Increase revenue by driving the culture of salesmanship (strengthen the sales spirit amongst all Ecobankers)

The overall objective is to drive innovation, foster teamwork and deliver exceptional solutions for our customers.

4. Does this mean there are different categories? No. When you submit your idea it should cover any one or all of the above-mentioned themes. All ideas will be evaluated based on their potential impact to the business.

5. How will the competition be rolled out? Anyone can submit her/his/their idea. From the entries our judges will select the 10 finalists (also called athletes). If your idea is one of the final 10, you will work with your team (The Bank will support you in building your team if you don't have one), to bring your project to life.

The teams will receive support in the incubation phase, including training on Design Thinking and mentors for support and input. All staff will be invited to vote on the top 10 projects. The projects will then be presented to a senior jury to select the winner of the 2021 Ecobank Innovation Race.

6.What is the timeline for the Ecobank Innovation Race 2021?

15th July ? Opening Ceremony & start of the Heats (first round)

31st August ? Deadline of Submissions; end of Heats

15th September ? Announcement Top 10 finalists (athletes) following screening Committee vote

15th September to 15th October ? Incubation phase to build prototypes

15th October ? Staff Vote

29th October ? Ultimate pitch & Closing Ceremony & announcement of winners

Submission Criteria

7. What is the submission criteria? You must be an Ecobank Staff member - confirmed, temporary, contract or a trainee from any Ecobank location (Africa and International). You can submit your idea individually or as a team. Your idea should serve one of these three business priorities: ?Winning in payment - increasing the payment

wallet size ?Become customer centric by using technology

to better serve our customers ?Increase revenue by driving the culture of

salesmanship (strengthen the sales spirit amongst all Ecobankers) Your idea can be a product, a process etc.

In the first phase, your idea will be assessed as follows: 1. Innovation 2. User Experience 3. Business Opportunity 4. Scalability 5. Wow Effect

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The winning ideas amongst the top 10 finalists will be selected based on the following criteria: 1.The market size

How to assess the potential size of the market opportunity for this solution? 2.The market relevance How relevant is the solution to pain points within the African and Ecobank context? 3.The scalability How scalable is the product for multiple markets? 4.The potential revenue How big is the potential revenue? 5.The Business Model How do we rate the viability and sustainability of the business model?

8.I have an idea but it isn't digital. Should I still submit it?

You can submit any type of idea(s). Though the preference is for ideas that are about digital innovation.

9.Who can compete in the Ecobank Innovation Race 2021?

Anyone working at Ecobank can compete in the contest! Our 14,000+ staff - at every level, department and country - are all eligible to compete. That's a lot of brainpower. You can enter as an individual or as a team.

10.Can I team up with colleagues outside of my affiliate?

Yes. Though individual submissions are allowed, we also encourage Teamwork. You can team up with Ecobankers within and outside of your affiliate up to a maximum of 9 people per team.

Submitting Your Entry

11. I have a great idea. What should I do? Visit the Ecobank Innovation Race Hub at innovationrace. - set up especially for the Ecobank Innovation Race 2021. Here you will find all the information about the competition, including the criteria, deadlines and details on the voting process. You can also submit your idea here.

required. You will also need to have the right team, of a minimum of 3 people and a maximum of 9, to help you create a model/prototype.

13. Can I only submit one idea? No. There are no restrictions to the number of ideas you're submitting, be it products or process changes. The main thing is that your idea(s) should serve the three business priorities

14. What is the deadline for submitting my idea? Submissions should be received by Tuesday 31 August, 2021. Details, including the criteria and project timetable, are available on the `Ecobank Innovation Race Hub' webpage at innovationrace..

Competition Phases

15. How long will the Ecobank Innovation race run for? After the official opening ceremony, the Heats will commence. You will have until August 31 to submit your ideas. The top 10 athletes (finalists) will be announced in September and will have 30 days to work on a prototype. Then the pitch will be held in October. The winners will be announced during the Official Closing Ceremony, planned for the end of October.

16.How long will I have to develop my idea after I place my entry?

You will have 4 weeks to develop your idea and create a model/prototype with your team. Then you will be invited to pitch your model/prototype in front of the judges. The final winner will then be chosen.

17.If I'm a finalist, will I be expected to develop the idea with my team solely in my own time?

The 10 athletes (finalists) and their teams will be able work on their free time to develop a prototype that they will present to the jury. They will receive support from a senior advisor who will guide them.

18.Will I have to supply any equipment or resources myself for my idea development?

Your idea and your ability to bring it to life are your most important assets for this competition. We will provide you with the required support.

12. What do I need to enter?

Just your idea! You can apply as an individual or as a team. You will be asked a number of questions to help us understand your idea. You can also submit supporting documents through innovationrace.. Once your idea is selected, you will be provided with the tools

19.How can we follow the different phases of the Ecobank Innovation Race?

You will find all details of the competition on the Ecobank Innovation Race Hub (innovationrace.) and on a dedicated Yammer Page `Ecobank Innovation Race'. So, make a point of visiting these pages regularly!

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Judging

Prizes To Win

20. How will the competition be judged? There will be two Rounds of Heats: During the first round, an Innovation working committee will select the top 10 ideas (finalists).

The top 10 finalists (athletes) will pitch their idea in front of the Pitching Committee and only this committee will select the final 3 winners.

The Top 3 winners (athletes) will be selected based on the following

? 40% based on votes of Ecobankers ? 60% based on votes of the judges

Ecobankers will cast their vote at Innovationvote. once the voting opens.

24. What are the prizes to be won? The Champion will receive The Ecobank Innovator of the Year Award from the GCEO, a Gold Medal and a Cash prize worth 5,000 USD. There will also be a meet and greet with Ecobank's Group Chief Executive Officer, Ade Ayeyemi, as well as a special guest invitation to join the 2022 Business Leadership Conference (BLC).

? The runner-up will receive the silver medal and a Cash prize worth 3,000 USD.

? Third place will receive a bronze medal and a Cash prize worth 2,000 USD.

? All the winners will also get access to Development Programmes.

Copyright

21. How will Ecobankers, be able to cast votes?

You will be requested to visit the Ecobank Innovation Race Hub. As soon as voting opens to all Ecobankers, entrants will submit their ideas, can share a link or summary of their ideas + their pictures (in addition but not mandatory) and will start doing the necessary advertisement. All Ecobankers will be able to vote for their favourite ideas directly from the Ecobank Innovation Race Hub.

25. Could the winning entry/entries be commercialised? Yes, once the top 3 have been selected, sponsored projects will be considered for integration.

26.Who will hold the copyright of the proposed innovative idea?

Ecobank will own the copyright but you will be recognized for the innovation. By accepting to participate in the race, you will need to accept all other applicable conditions.

22.What are the critical factors for success? How will success be measured?

We will evaluate each idea based on its transformation capacity to achieve the stated objectives. We will assess the ability of each entrant along with their team (where applicable) to bring their idea to life.

For more information or clarification, contact us: innovationrace@

23. Who are the judges? The Judges will be announced in due course.

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