BACKGROUND
A Physical & Virtual Hackathon Event to address the dominance of cash
transactions, manual processes, and access to financial services among retailers,
micro, small and medium enterprises (MSMEs) as well as individuals in
suburban parts of Nigeria including university communities and its environs.
PROBLEM STATEMENT
1. IDEAL:
An interconnected, integrated, and all-inclusive ecosystem of Nigerian citizens with requisite services that enable individuals, retailers, small businesses to transact with one another seamlessly on a daily basis using digital channels. 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 lowering costs thereby achieving social, digital and economic inclusion. Cashless suburban communities such as tertiary institutions and their environs. Consequently, activities that include buying and selling of goods and services, savings, investing, remitting money and commuting from place to place are done digitally without requiring cash.
2. REALITY:
According to a report by EFInA in 2020, only 64% of Nigerians were financially included whilst 36% of Nigerian adults (38 million adults) are financially excluded. Even though 51% of Nigerian adults use formal financial services, a good number of them are under-banked because the services are not tailored to their needs.
Consequently, business transactions are largely denominated in cash within the informal channels. The cost of financial services is still quite high and hence unattractive, especially to the poor, the lack of trust in formal banking channels, ATMs, and also the lack of proximity to bank agents or bank branches in some communities.
3. CONSEQUENCES:
Cash remains the preferred and dominant option for micro and small businesses, retailers, entrepreneurs, and individuals in the suburban areas and thus value chain integration will not be maximized.
Low adoption of financial services will have a negative impact on the financial inclusion drive.
Opportunities for businesses to scale are minimal as access to credit is limited given the challenges associated with manual processes for cash transactions. This also has a negative socio-economic impact on the nation.
4. PROPOSAL:
A simple and easy-to-use innovative solution best suited for the unbanked and under-banked communities to address the dominance of cash, manual processes, and ease of access. Your solution should address at least 1 sector and you will be solving the problem of cash dominance, access to the services in that
sector, and manual processes e.g.
Financial services (Fintech sector): - you will be addressing any of the problems associated with buying and selling, savings, investment, and credit. How do we reduce the use of cash in buying and selling? How do we address financial inclusion problems here?
Transportation sector: - you will be addressing the dominance of cash collections and the integration of a digital system. What will make regular transporters adopt a cashless system?
Education sector- Can we have a learning-on-the-go solution that campus students and lecturers’ community will gladly embrace? How do we digitise education? Can the education sector become more inclusive?
Health sector- How do we resolve the challenges with access to affordable healthcare, how do we reduce self-medication? How do we digitise the healthcare services making it more efficient?
Form a team of 2 to 5 persons and select a team lead
All team members join FSI if they are yet to do so (https://fsi.ng/members/signup/student)
Team lead registers team, accepts terms and conditions and invites team members to join
Team members accept terms and conditions governing the hackathon and are admitted to the team
An email is received by the team with test details
TechonDemand: https://bit.ly/TECHONDEMAND
Innovate Accelerate Collaborate
BACKGROUND
A Physical & Virtual Hackathon Event to address the dominance of cash
transactions, manual processes, and access to financial services among retailers,
micro, small and medium enterprises (MSMEs) as well as individuals in
suburban parts of Nigeria including university communities and its environs.
PROBLEM STATEMENT
1. IDEAL:
An interconnected, integrated, and all-inclusive ecosystem of Nigerian citizens with requisite services that enable individuals, retailers, small businesses to transact with one another seamlessly on a daily basis using digital channels. 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 lowering costs thereby achieving social, digital and economic inclusion. Cashless suburban communities such as tertiary institutions and their environs. Consequently, activities that include buying and selling of goods and services, savings, investing, remitting money and commuting from place to place are done digitally without requiring cash.
2. REALITY:
According to a report by EFInA in 2020, only 64% of Nigerians were financially included whilst 36% of Nigerian adults (38 million adults) are financially excluded. Even though 51% of Nigerian adults use formal financial services, a good number of them are under-banked because the services are not tailored to their needs.
Consequently, business transactions are largely denominated in cash within the informal channels. The cost of financial services is still quite high and hence unattractive, especially to the poor, the lack of trust in formal banking channels, ATMs, and also the lack of proximity to bank agents or bank branches in some communities.
3. CONSEQUENCES:
Cash remains the preferred and dominant option for micro and small businesses, retailers, entrepreneurs, and individuals in the suburban areas and thus value chain integration will not be maximized.
Low adoption of financial services will have a negative impact on the financial inclusion drive.
Opportunities for businesses to scale are minimal as access to credit is limited given the challenges associated with manual processes for cash transactions. This also has a negative socio-economic impact on the nation.
4. PROPOSAL:
A simple and easy-to-use innovative solution best suited for the unbanked and under-banked communities to address the dominance of cash, manual processes, and ease of access. Your solution should address at least 1 sector and you will be solving the problem of cash dominance, access to the services in that
sector, and manual processes e.g.
Financial services (Fintech sector): - you will be addressing any of the problems associated with buying and selling, savings, investment, and credit. How do we reduce the use of cash in buying and selling? How do we address financial inclusion problems here?
Transportation sector: - you will be addressing the dominance of cash collections and the integration of a digital system. What will make regular transporters adopt a cashless system?
Education sector- Can we have a learning-on-the-go solution that campus students and lecturers’ community will gladly embrace? How do we digitise education? Can the education sector become more inclusive?
Health sector- How do we resolve the challenges with access to affordable healthcare, how do we reduce self-medication? How do we digitise the healthcare services making it more efficient?
.
Schedules
Idea Assessment
START DATE
END DATE
BACKGROUND
A Physical & Virtual Hackathon Event to address the dominance of cash
transactions, manual processes, and access to financial services among retailers,
micro, small and medium enterprises (MSMEs) as well as individuals in
suburban parts of Nigeria including university communities and its environs.
PROBLEM STATEMENT
1. IDEAL:
An interconnected, integrated, and all-inclusive ecosystem of Nigerian citizens with requisite services that enable individuals, retailers, small businesses to transact with one another seamlessly on a daily basis using digital channels. 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 lowering costs thereby achieving social, digital and economic inclusion. Cashless suburban communities such as tertiary institutions and their environs. Consequently, activities that include buying and selling of goods and services, savings, investing, remitting money and commuting from place to place are done digitally without requiring cash.
2. REALITY:
According to a report by EFInA in 2020, only 64% of Nigerians were financially included whilst 36% of Nigerian adults (38 million adults) are financially excluded. Even though 51% of Nigerian adults use formal financial services, a good number of them are under-banked because the services are not tailored to their needs.
Consequently, business transactions are largely denominated in cash within the informal channels. The cost of financial services is still quite high and hence unattractive, especially to the poor, the lack of trust in formal banking channels, ATMs, and also the lack of proximity to bank agents or bank branches in some communities.
3. CONSEQUENCES:
Cash remains the preferred and dominant option for micro and small businesses, retailers, entrepreneurs, and individuals in the suburban areas and thus value chain integration will not be maximized.
Low adoption of financial services will have a negative impact on the financial inclusion drive.
Opportunities for businesses to scale are minimal as access to credit is limited given the challenges associated with manual processes for cash transactions. This also has a negative socio-economic impact on the nation.
4. PROPOSAL:
A simple and easy-to-use innovative solution best suited for the unbanked and under-banked communities to address the dominance of cash, manual processes, and ease of access. Your solution should address at least 1 sector and you will be solving the problem of cash dominance, access to the services in that
sector, and manual processes e.g.
Financial services (Fintech sector): - you will be addressing any of the problems associated with buying and selling, savings, investment, and credit. How do we reduce the use of cash in buying and selling? How do we address financial inclusion problems here?
Transportation sector: - you will be addressing the dominance of cash collections and the integration of a digital system. What will make regular transporters adopt a cashless system?
Education sector- Can we have a learning-on-the-go solution that campus students and lecturers’ community will gladly embrace? How do we digitise education? Can the education sector become more inclusive?
Health sector- How do we resolve the challenges with access to affordable healthcare, how do we reduce self-medication? How do we digitise the healthcare services making it more efficient?
Innovation Tech Solution
START DATE
END DATE
BACKGROUND
A Physical & Virtual Hackathon Event to address the dominance of cash
transactions, manual processes, and access to financial services among retailers,
micro, small and medium enterprises (MSMEs) as well as individuals in
suburban parts of Nigeria including university communities and its environs.
PROBLEM STATEMENT
1. IDEAL:
An interconnected, integrated, and all-inclusive ecosystem of Nigerian citizens with requisite services that enable individuals, retailers, small businesses to transact with one another seamlessly on a daily basis using digital channels. 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 lowering costs thereby achieving social, digital and economic inclusion. Cashless suburban communities such as tertiary institutions and their environs. Consequently, activities that include buying and selling of goods and services, savings, investing, remitting money and commuting from place to place are done digitally without requiring cash.
2. REALITY:
According to a report by EFInA in 2020, only 64% of Nigerians were financially included whilst 36% of Nigerian adults (38 million adults) are financially excluded. Even though 51% of Nigerian adults use formal financial services, a good number of them are under-banked because the services are not tailored to their needs.
Consequently, business transactions are largely denominated in cash within the informal channels. The cost of financial services is still quite high and hence unattractive, especially to the poor, the lack of trust in formal banking channels, ATMs, and also the lack of proximity to bank agents or bank branches in some communities.
3. CONSEQUENCES:
Cash remains the preferred and dominant option for micro and small businesses, retailers, entrepreneurs, and individuals in the suburban areas and thus value chain integration will not be maximized.
Low adoption of financial services will have a negative impact on the financial inclusion drive.
Opportunities for businesses to scale are minimal as access to credit is limited given the challenges associated with manual processes for cash transactions. This also has a negative socio-economic impact on the nation.
4. PROPOSAL:
A simple and easy-to-use innovative solution best suited for the unbanked and under-banked communities to address the dominance of cash, manual processes, and ease of access. Your solution should address at least 1 sector and you will be solving the problem of cash dominance, access to the services in that
sector, and manual processes e.g.
Financial services (Fintech sector): - you will be addressing any of the problems associated with buying and selling, savings, investment, and credit. How do we reduce the use of cash in buying and selling? How do we address financial inclusion problems here?
Transportation sector: - you will be addressing the dominance of cash collections and the integration of a digital system. What will make regular transporters adopt a cashless system?
Education sector- Can we have a learning-on-the-go solution that campus students and lecturers’ community will gladly embrace? How do we digitise education? Can the education sector become more inclusive?
Health sector- How do we resolve the challenges with access to affordable healthcare, how do we reduce self-medication? How do we digitise the healthcare services making it more efficient?
Virtual Hackathon
START DATE
END DATE
BACKGROUND
A Physical & Virtual Hackathon Event to address the dominance of cash
transactions, manual processes, and access to financial services among retailers,
micro, small and medium enterprises (MSMEs) as well as individuals in
suburban parts of Nigeria including university communities and its environs.
PROBLEM STATEMENT
1. IDEAL:
An interconnected, integrated, and all-inclusive ecosystem of Nigerian citizens with requisite services that enable individuals, retailers, small businesses to transact with one another seamlessly on a daily basis using digital channels. 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 lowering costs thereby achieving social, digital and economic inclusion. Cashless suburban communities such as tertiary institutions and their environs. Consequently, activities that include buying and selling of goods and services, savings, investing, remitting money and commuting from place to place are done digitally without requiring cash.
2. REALITY:
According to a report by EFInA in 2020, only 64% of Nigerians were financially included whilst 36% of Nigerian adults (38 million adults) are financially excluded. Even though 51% of Nigerian adults use formal financial services, a good number of them are under-banked because the services are not tailored to their needs.
Consequently, business transactions are largely denominated in cash within the informal channels. The cost of financial services is still quite high and hence unattractive, especially to the poor, the lack of trust in formal banking channels, ATMs, and also the lack of proximity to bank agents or bank branches in some communities.
3. CONSEQUENCES:
Cash remains the preferred and dominant option for micro and small businesses, retailers, entrepreneurs, and individuals in the suburban areas and thus value chain integration will not be maximized.
Low adoption of financial services will have a negative impact on the financial inclusion drive.
Opportunities for businesses to scale are minimal as access to credit is limited given the challenges associated with manual processes for cash transactions. This also has a negative socio-economic impact on the nation.
4. PROPOSAL:
A simple and easy-to-use innovative solution best suited for the unbanked and under-banked communities to address the dominance of cash, manual processes, and ease of access. Your solution should address at least 1 sector and you will be solving the problem of cash dominance, access to the services in that
sector, and manual processes e.g.
Financial services (Fintech sector): - you will be addressing any of the problems associated with buying and selling, savings, investment, and credit. How do we reduce the use of cash in buying and selling? How do we address financial inclusion problems here?
Transportation sector: - you will be addressing the dominance of cash collections and the integration of a digital system. What will make regular transporters adopt a cashless system?
Education sector- Can we have a learning-on-the-go solution that campus students and lecturers’ community will gladly embrace? How do we digitise education? Can the education sector become more inclusive?
Health sector- How do we resolve the challenges with access to affordable healthcare, how do we reduce self-medication? How do we digitise the healthcare services making it more efficient?
Judges
Aituaz Kola-Oladejo
Executive Director, FSI
Uade Ahimie
Founder and Principal Consultant at Accounting Lab Limited.
Binta Moustafa
Founder, 100 women in Tech
Osioke Ojior
Co-Founder, Covenda (UK)
Aniedi Udo Obong
Developer Relations, Google
Stella Uzochukwu-Denis
CEO, Odyssey Educational Foundation
Chima Achu
COO, Domineum Business Solutions Ltd
Stephen Ambore
Sponsors
Partners
Teams
132
The Innovation Explorers
2 Team Members
x-team
3 Team Members
Nasiru-code
1 Team Members
Capriquota
2 Team Members
Team Innovators(I)
5 Team Members
Startvest
5 Team Members
Infinicode
3 Team Members
HashG
2 Team Members
Allure
2 Team Members
ANCHORS
4 Team Members
Depression Doctor
3 Team Members
Team FutureTrek
3 Team Members
Ditosell
3 Team Members
Adashi
4 Team Members
Zanna kachalla
2 Team Members
VeritasProctor
2 Team Members
Team Flash
5 Team Members
Smart Techy
3 Team Members
TrailBlazers
4 Team Members
Nahnu Digital Solutions
2 Team Members
MicroPay
2 Team Members
WINNERS
3 Team Members
TrinityX
2 Team Members
Inspire
3 Team Members
Team Opulent
2 Team Members
The software chasers
2 Team Members
Team Sweet
3 Team Members
Matrix
3 Team Members
Trial
3 Team Members
Ground Zero
3 Team Members
Avengers
2 Team Members
Team ALGOMY
5 Team Members
AREWA WEBMASTERS LIMITED
4 Team Members
XXX
3 Team Members
Jman
2 Team Members
Gswapps
2 Team Members
Claire& Gold corp
2 Team Members
Deluxe Enterprises
2 Team Members
GeeksAxis
3 Team Members
STEMinnovators
4 Team Members
KEEMBEST
3 Team Members
Prime Health
5 Team Members
TechieMode
3 Team Members
TEAM YOUNG
3 Team Members
Expendable
2 Team Members
Workmate
2 Team Members
Godhand
2 Team Members
G-Intelligence
4 Team Members
The Erigma
2 Team Members
Preon Stars
2 Team Members
GDSC KASU
2 Team Members
Gifted
2 Team Members
innovTeam
2 Team Members
Big We
2 Team Members
Racks
3 Team Members
Give Away
3 Team Members
Goods Campus
5 Team Members
Fint
5 Team Members
Laravel Developers
2 Team Members
RON Devs
5 Team Members
SWIT
3 Team Members
Wakanda
3 Team Members
CS3 Group
3 Team Members
Team Joules
5 Team Members
BetaCampus
2 Team Members
Outliers
3 Team Members
Team 6
5 Team Members
DANWEB TEAM
5 Team Members
Team Thinkteq
5 Team Members
Team Grace
2 Team Members
J team
3 Team Members
Bentech
2 Team Members
Aktsuki
4 Team Members
CodeCrafters
2 Team Members
Degenerates
6 Team Members
Flibus
3 Team Members
Growther
3 Team Members
fundre
2 Team Members
ScanPay
3 Team Members
CampLyt
4 Team Members
Software Devs
2 Team Members
H & D Rating
3 Team Members
Innotelligent
4 Team Members
Sure Plug
4 Team Members
TeamAAU
5 Team Members
Reactors
5 Team Members
Genera
2 Team Members
Complex Problem Solvers
3 Team Members
Nooblex boys
2 Team Members
Smart-Pay
3 Team Members
TEAM NEPTUNE
4 Team Members
Team Lazer
2 Team Members
High-Q
4 Team Members
TEAM CSARPS
2 Team Members
Mkvsoft
5 Team Members
Leonard
3 Team Members
Tech Innovators
3 Team Members
The Bells Team
3 Team Members
BlessedTech
2 Team Members
NACOS EKSU
3 Team Members
Team Z
3 Team Members
Team WizDevs
3 Team Members
Team KPT
3 Team Members
MATAN FASAHA
5 Team Members
Agbero
2 Team Members
Earn-Nest
2 Team Members
Epsilon
3 Team Members
Trailblazer
2 Team Members
esusuPAY
10 Team Members
YSU
12 Team Members
XERO
3 Team Members
DynamicDigitalTech
3 Team Members
Nasara
2 Team Members
ACES
4 Team Members
Najaah
5 Team Members
New Mem
2 Team Members
TRIUMPHANT
5 Team Members
Team Rey
4 Team Members
Gboko polytechnic
2 Team Members
Elite
3 Team Members
Frezeh
2 Team Members
De Erudite
3 Team Members
Mailler 1
2 Team Members
Team Allawanz
2 Team Members
El-Carps
4 Team Members
SampleTeam
2 Team Members
Mylikita
3 Team Members
Halal Invest
7 Team Members
T.H.C
4 Team Members
Ulphabet
2 Team Members
Startup Campus
4 Team Members
FinConnect
6 Team Members
1st Prize: N1,000,000.00
2nd Prize: N500,000.00
3rd Prize: N300,000.00
4th to 10th Prizes: N100,000.00
PRIZE DETAILS
The prizes and awards to be awarded for the hackathon are as follows:
The Participants whose Entries are awarded the top three (3) highest scores by the judges will receive prize money. The Team Lead will collect the prize on behalf of his/her team members. The 4th to 10th position MVPs will receive N100,000 each as consolation prizes.
Sponsor will not replace any lost or stolen prizes. Sponsor will not be responsible for and/or open to complaints as regarding the sharing or non-sharing, hold or use of the prize money received by the team lead on behalf of his team. Winners are solely responsible for any and all federal, state, provincial and local taxes, if any, that apply to prizes. Approximate value of the prize: 1st – N1,000,000; 2nd – N500,000; 3rd – N300,000; 4th to 10th position will get a consolation prize of N100,000 each.
If a selected winner cannot be contacted, is ineligible, fails to claim a prize and/or where applicable an affidavit of eligibility and publicity/liability release is not timely received, is incomplete or modified, the prize maybe forfeited and an alternate winner will be selected from remaining valid, eligible entries timely submitted.
Organised By:
Fintech Talents Chase… Be Discovered
We are creating a pipeline of talents such as engineers, innovators, etc for the Financial Services Industry.
