The Take on Squad Hackathon 2.0, organized by HabariPay Limited, aims to bridge financial inclusion gaps in Nigeria’s fintech space. Held in Abeokuta, it engaged university teams to develop innovative payment solutions. Highlights include mentorship for participants and the emergence of several impactful projects, with Team Savvy winning the top prize. This initiative underscores the importance of local tech talent in transforming Nigeria’s financial landscape.
In Nigeria, despite advancements in the fintech sector, cash transactions remain prevalent, limiting access to digital financial services. To address this issue, HabariPay Limited, the fintech branch of Guaranty Trust Holding Company (GTCO), organized the Take on Squad Hackathon. This platform seeks to mentor young innovators, fostering the development of practical payment solutions designed for the Nigerian market.
The recent event, hosted in Abeokuta, Ogun State, marked the second edition of the hackathon, bringing together twenty university teams from various regions. Participants were tasked to develop scalable technologies aimed at enhancing financial inclusion, reflecting the theme, “Finclusion Revolution: Unlocking Access, Empowering Communities.”
Educating local tech talent is paramount for addressing Nigeria’s financial hurdles, as articulated by Eduophon Japhet, Managing Director of HabariPay Limited. The hackathon transcends a mere competition; it serves as a breeding ground for young talent, enhancing their entrepreneurial and technical capabilities necessary for innovation in the fintech industry.
Japhet highlighted the predominance of cash transactions, stating that approximately eighty percent of payments in Nigeria are cash-based. Acknowledging the high cost of import-dependent payment systems as a barrier, the hackathon encourages developers to devise cost-effective and scalable solutions that promote financial accessibility for small and micro businesses.
Reflecting on last year’s event, Japhet noted that past participants had benefitted significantly from HabariPay’s Academy Programme, which offers mentorship, training, and internship opportunities. This initiative aids innovators in advancing their concepts while also covering their educational expenses.
The hackathon featured innovative projects, such as Houseify, a platform that links tenants with landlords while averting agent fees. Other notable projects included Delishgo, an app utilizing drones for food deliveries, and the audio fintech app by Team Talk and Pay, aimed at empowering the visually impaired. Projects like Stockly and Split Ease illustrate a trend towards enhancing business management and security in traditional savings systems.
Team Savvy garnered the top prize of five million naira for its exemplary solution focused on combatting payment challenges in Nigeria. Teams Farmceries and TBD followed, winning three and two million naira, respectively. Participants benefited from mentorship and exposure to real-world challenges, with many gaining entry into HabariPay’s Squad Academy for further training and networking opportunities.
By fostering young talent through events like the Take on Squad Hackathon 2.0, HabariPay is significantly contributing to the evolution of Nigeria’s fintech industry and enhancing the accessibility of financial services, thereby driving the digital economy forward.
In summary, the Take on Squad Hackathon 2.0 demonstrates HabariPay’s commitment to nurturing local talent and addressing financial exclusion within Nigeria. By promoting innovative solutions tailored to the country’s unique needs, the event not only highlights the importance of fintech in bridging economic gaps but also supports young innovators in their professional growth. The accomplishments of the hackathon reinforce the essential role of homegrown technology in reshaping Nigeria’s financial landscape.
Original Source: www.thisdaylive.com
