HabariPay Limited’s Take on Squad Hackathon addresses Nigeria’s financial challenges by fostering local tech talent to develop innovative payment solutions. The event promotes access to digital financial services, emphasizes mentorship, and showcases projects aimed at financial inclusion. Team Savvy emerged as the winner, underscoring the importance of homegrown solutions in transforming Nigeria’s fintech ecosystem.
Nigeria’s fintech sector faces challenges as cash transactions prevail, leaving many without access to digital financial services. To address this issue, HabariPay Limited launched the Take on Squad Hackathon. This initiative aims to foster local innovators and develop effective payment solutions while hosting its second edition to harness young talent in creating scalable technologies designed for financial inclusion.
The hackathon serves as a platform for nurturing emerging tech talent, providing mentorship and training that shape Nigeria’s fintech ecosystem. Held in Abeokuta, Ogun State, twenty university teams from Nigeria’s six geopolitical zones participated, focusing on building digital payment solutions that cater to local economic realities. The overarching theme, “Finclusion Revolution: Unlocking Access, Empowering Communities,” underscores the potential of technology to narrow the financial gap for underserved demographics.
Eduophon Japhet, Managing Director of HabariPay, emphasized the significance of mentoring young innovators beyond prize distribution. She stated the hackathon’s role as an incubator, equipping students with vital technical and entrepreneurial skills. Japhet cited the pressing need for local payment solutions, as around eighty percent of transactions in Nigeria remain cash-based, limiting access due to high costs associated with imported digital systems.
Looking back at the previous hackathon, Japhet noted the transition of about ten participants to HabariPay’s Academy Programme, which offers mentorship, training, and internship opportunities. This support not only aids in refining ideas but also assists students in managing educational costs while engaging in fintech development. “Our Academy is an extension of the hackathon,” she explained, highlighting the essential resources provided to participants.
The hackathon displayed numerous innovative concepts tackling Nigeria’s financial issues. Among them, Houseify streamlines house-hunting by connecting tenants directly to landlords, removing agent fees. Team Delishgo leverages drones for convenient food and drink deliveries, while Team Talk and Pay created an audio-based fintech app for the visually impaired. Additional entries included Stockly, a business management tool for SMEs, and Split Ease, which offers enhanced group savings security for traditional Ajo systems.
Consequently, Team Savvy clinched the top position, earning five million naira for their innovative approach to improving financial inclusion in Nigeria. Team Farmceries and Team TBD followed, receiving three million naira and two million naira respectively. Beyond cash prizes, participants benefited from expert mentorship and exposure to real-world fintech challenges, while many will join HabariPay’s Squad Academy for further professional development.
As financial technology evolves in Africa, initiatives like the Take on Squad Hackathon are instrumental in bridging digital gaps. By supporting young developers and fostering local fintech innovations, HabariPay is instrumental in shaping Nigeria’s digital economy and ensuring a more connected future for all.
The Take on Squad Hackathon serves as a significant initiative to promote financial inclusion in Nigeria’s fintech landscape. By emphasizing the development of homegrown solutions, providing mentorship, and showcasing innovative ideas, HabariPay is influencing the future of digital finance. The success of participating teams highlights the potential for indigenous talent to solve local financial challenges, ultimately contributing to a more inclusive economy.
Original Source: www.thisdaylive.com
