FSI floats hackathon for young Nigerians on Fintech solutions


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Financial Service Innovators (FSI) in partnerships with Nigeria Association of Computing Students (NACOS) on Thursday announced a ‘hackathon challenge’ for the youth.

This is in a bid to further develop more localised Fintech solutions for Nigerians through aspiring young talented youth.

The News Agency of Nigeria (NAN) reports that `hackathon’ also known as a codefest, is a social coding event that brings computer programmers together to either improve on or build new software program.

The Talent hunt is with the theme: #TechonDemand, according to FSI Executive Director, FSI, Aituaz Kola-Oladejo, at a news briefing in Lagos.

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She said that it would seek to challenge young innovators in the higher institutions of learning to develop digital transformation Fintech Solutions for the needs of the country.

She said the purpose-driven challenge would also seek to offer financial inclusion focused propositions of cash transfers, mobile wallets, digitalisation of health services, provision of data driven mode of transportation and education digital application among others.

The FSI Executive Director noted that the exercise was open to all and that Nigeria needed to look inward to source for its needed talents to further revolutionalise the Fintech industry.

“The first exercise will virtually hold from Oct. 1, to Oct. 9, while the physical exercise for the successful candidates will be held from October 12 to Oct. 14, at Nile University, Abuja.

“Aside the prize money there will also be a mentorship programme and job offers for indigent innovator who will grab the opportunity of our platform.

“We are focusing on ways to address the cost of cash transactions, manual processes and access to financial services among retailers, small enterprises and individuals in the suburban parts of Nigeria with ways to revolutionalise it.

“The focus will be on the key sector of the economy namely: Financial institutions, Health sector, Transportation and Education,” she said.

Kola-Badejo said that the focus on the key sector of the economy would offer the needed digitisation which would have an all-inclusive package meant to improve and further reduce cost of transaction on end-to-end users.

“The #TechonDemand will focus on providing local contents from the challengers in providing solutions to improving access, removing barriers and lowering costs, thereby achieving social, digital and economic inclusion.

“The motive behind our partnerships with the NACOS is to encourage the students and further challenge them on the discovery of more Fintech solutions.

“We believe in Nigerian talents that they can match up with others around the world, because there are evidences to shows for this with Nigerians creating Fintech solutions in the world.

“We need more of those talent discoveries,” she said.

Kola-Oladejo added that technology was fast revolutionalising the Gross Domestic Product (GDP) earnings of many countries around the world more than what the oil had offered adding that China was an example among those earning big in technology.

“Countries like China are earning big from technology; so Nigeria can look away from oil to tap into technology to improve our GDP.

“Nation building is our primary focus and we will continue to work with stakeholders in the financial services and tech ecosystem at large to build an integrated, innovative and collaborative ecosystem.
“Technology is a veritable tool to take Nigerian citizens out of poverty as well as drive financial, social and economic inclusion,” she said.

Kola-Oladejo added that many financial institutions had keyed into the programme to give it the hackathon, necessary financial backup and self-sustaining.

“We already have financial institutions who are partners of this noble challenge, such as; EFInA, Nigeria Inter-Bank Settlement System, Flourish Ventures, Flutterwave, Wema Bank, Sterling Bank.

“Others are: Zenith Bank, Capricorn Digital Ltd and AXA Mansard. While registration is open to participants till October 1 via bit.ly/TECHONDEMAND.

“The participants are to focus at least on one sector by providing a solution that can solve the problem of cash dominance, access to services in that sector, and manual processes, among others.

“The prizes include N1m (overall winner), N500,000 (first runner-up), N300,000 (2nd runner-up). The fourth to 10th positions will get consolation prices of N100,000 each,” she added. (NAN)

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