FSI, NACOS host hackathon, seek tech solutions for Nigerians
FSI, NACOS host hackathon, seek tech solutions for Nigerians
An hackathon organized by Financial Service Innovators and the Nigeria Association of Computing Students will be held to address the predominance of cash transactions within informal channels in Nigerian suburbs, including university communities.
According to a statement issued on Monday by Plexus Media Interlinks, the public relations agency for FSI, the FSI and NACOS Innovative Challenge, themed '#TechonDemand,' will take place virtually from October 1st – 9th 2021, and physically from October 12th to 14th at Nile University, Abuja, with over N2.5m in prize money up for grabs, will take place from October 1st – 9th 2021.
It is the goal of the event that retailers, small businesses, and individuals in Nigeria's suburban areas, including university communities and surrounding areas, will be able to address the prevalence of cash transactions, manual processes, and limited access to financial services.
Part of the statement read, "It will focus on the digitisation of key sectors such as education, health, financial services, and transportation in a manner that makes them all-inclusive," improving access, removing barriers, and decreasing costs in order to achieve social, digital, and economic inclusion.
FSI and NACOS challenged participants to develop solutions for activities such as buying and selling goods and services, saving, investing, money remittances, and traveling from one location to another without the use of cash, according to the organization's press release.
In their statement, the organizers stated that the event was motivated by a desire to provide the best possible solution that is simple and easy-to-use for unbanked and underbanked communities.
For micro and small businesses, retailers, entrepreneurs, and others in suburban areas, cash is still the preferred and dominant method of payment. Value chain integration will therefore not be maximized in these areas." Inadequate uptake of financial services will have a negative impact on the effort to increase financial inclusion in the country.
Given the difficulties associated with manual processes for cash transactions, businesses have few opportunities to grow as a result of limited access to credit. According to them, "this has a negative socio-economic impact on the nation."
To register, go to bit.ly/TECHONDEMAND until October 1st, according to the statement.
In order to be eligible, participants must concentrate their efforts on at least one sector by developing a solution that can address issues such as cash dominance, access to services in that sector, and manual processes, among others.
Specifically, "the solution should concentrate on addressing the dominance of cash collections and the integration of a digital system in the transportation sector; an online learning solution that campus students and lecturers' community will enthusiastically embrace in the education sector; digitizing healthcare services and making them more efficient and affordable," the report stated.
The FSI and NACOS announced that team members whose entries were adjudged to be among the top three would receive prize money, while those who placed fourth through tenth would receive consolation prizes, according to the announcement.
The prizes are as follows: N1 million (for the overall winner), N500,000 (for the first runner-up), and N300,000 (for the second runner-up) (2nd runner-up). The fourth to tenth place finishers will each receive N100,000 in consolation prize money.
EFInA, the Nigeria Inter-Bank Settlement System, Flourish Ventures, Flutterwave, Wema Bank, Sterling Bank, Zenith Bank, Capricorn Digital Ltd, and AXA Mansard are among the companies that have joined forces.
"Nation building is our primary focus, and we will continue to collaborate with stakeholders in the financial services and technology ecosystems at large to build an integrated, innovative, and collaborative ecosystem," said Aituaz Kola-Oladejo, Executive Director of the Financial Services Institute.
Because we believe in locally developed innovative solutions, we are a shared infrastructure for the financial services ecosystem, and our primary goal is to discover and nurture talents from all backgrounds, including those from tertiary institutions.
The Federal Science and Technology Institute (FSI) is poised to keep the Nigerian technology flag flying high while assisting more Nigerian startups to join the global tech community, according to her.
The minister went on to say that technology is a "veritable tool" for lifting Nigerians out of poverty while also promoting financial, social, and economic inclusion.
