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.
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.
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.
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.
1st Prize: N1,000,000.00
2nd Prize: N500,000.00
3rd Prize: N300,000.00
4th to 10th Prizes: N100,000.00
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.
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