HabariPay Limited organized the Take on Squad Hackathon to address financial exclusion in Nigeria by nurturing young tech talent and promoting local payment solutions. Held in Abeokuta, the event featured twenty teams from universities, creating scalable fintech technologies. Winning projects provided innovative approaches to common financial challenges, emphasizing the role of homegrown solutions in transforming Nigeria’s digital economy.
In Nigeria, despite the growth of the fintech sector, cash transactions dominate, leaving many without digital financial services. To address this issue, HabariPay Limited, part of the Guaranty Trust Holding Company, launched the Take on Squad Hackathon. This initiative encourages young innovators to develop practical payment solutions. The recent edition engaged students from universities across Nigeria, challenging them to create scalable technologies aimed at enhancing financial inclusion.
The fintech landscape in Nigeria is rapidly evolving, with a strong emphasis on innovative local solutions designed to meet unique financial challenges. HabariPay recently organized its second edition of the Take on Squad Hackathon in Abeokuta, Ogun State. This event allowed twenty teams from various universities to collaborate on digital payment solutions addressing the realities of Nigeria’s economy. The competition, themed “Finclusion Revolution: Unlocking Access, Empowering Communities,” aimed to illustrate how technology can close the financial gap for underserved populations.
Eduophon Japhet, Managing Director of HabariPay, asserted that the hackathon’s purpose goes beyond prizes. The focus lies in nurturing young talent, equipping participants with essential technical and entrepreneurial skills for success in the fintech sector. Japhet underscored the necessity for local payment solutions, noting that eighty percent of transactions in Nigeria remain cash-based, with existing digital systems dependent on expensive imported technologies that many small businesses cannot afford.
Looking back at the first edition’s impact, Japhet noted that while last year’s winners are still in development, ten participants joined HabariPay’s Academy Programme. This initiative offers mentorship and practical experience, ensuring young innovators can enhance their ideas while also managing educational costs. “Our Academy is an extension of the hackathon,” Japhet emphasized, highlighting the accompaniments provided to participants for their holistic development.
The hackathon showcased innovative solutions for Nigeria’s financial challenges. Notable projects included Houseify, simplifying house-hunting by connecting tenants directly with landlords, and Team Delishgo, which utilizes drones for restaurant deliveries. Other remarkable ideas included Team Talk and Pay, an audio app for the visually impaired, and Stockly, a business management platform aiding SMEs in inventory tracking.
After a competitive event, Team Savvy won the overall prize of five million naira for their impressive financial inclusion solution. Team Farmceries and Team TBD followed in second and third places with three million naira and two million naira prizes, respectively. Participants gained access to mentoring and potential job placements within the fintech ecosystem due to the hackathon’s emphasis on real-world challenges.
Events such as the Take on Squad Hackathon 2.0 are pivotal in bridging the digital divide and fostering technological independence. HabariPay’s efforts in nurturing young talent and encouraging local fintech innovation play a significant role in shaping the future of Nigeria’s digital economy.
The Take on Squad Hackathon organized by HabariPay is crucial in addressing Nigeria’s financial exclusion through innovative, local solutions. By empowering young talent with technical skills and mentorship, the initiative creates opportunities while fostering the development of practical financial technologies. The success of the participants illustrates the potential for scalable fintech solutions that can transform the financial landscape in Nigeria. Events like this play a vital role in shaping the future of financial inclusion across the continent.
Original Source: www.thisdaylive.com
