-->
Overview

A virtual & physical Hackathon to build inclusive financial solutions for micro, small and medium enterprises (MSMEs) in the northern part of Nigeria. These solutions include banking and insurance services.

 

IDEAL:

MSMEs should be able to access financial services irrespective of their location, literacy level, size of business, level of sophistication, etc. Given the level of growth and development of the digital economy in Nigeria, the barriers MSMEs have in accessing financial services and transacting in the same digitally should be reduced to the barest minimum. Hence, Financial Services providers should begin to deploy innovative solutions adaptable to the peculiarities of this customer segment.

 

REALITY:

The Cable in July 2021 reported on the World MSME day that there are officially 41.5 million MSMEs in Nigeria, comprising of at least 41.4 million micro-enterprises; and 73,081 small and medium enterprises. They also stated that this segment contributes about 50 percent of GDP and has created 59.6million jobs, which represent 86.3 percent of the national workforce. According to a report by SMEDAN in 2015, Northern Nigeria had over 15 million micro-enterprises.

 

CONSEQUENCES:

  • Many of these businesses are digitally and financially excluded. They transact daily in cash. Some of the existing solutions in the market are either too sophisticated for them or there is a huge barrier to access them. According to a report from EFInA in 2021, there are more financially excluded people in northern Nigeria than in the southern part. The MSMEs, especially the micro sector potential for expansion are under-exploited given the financing gap as many of them raise funds through informal means.
  • The drawbacks include the concern for safety, access to funds when required, and the cost of financial services.

  • The MSMEs, especially the micro sector potential for expansion are underexploited given the financing gap as many of them raise funds through informal means.

 

PROPOSAL:

A social, friendly, and secure financial inclusion solution for MSMEs in the north that would enable them to do any 2 of the following:

  • Save and invest money

  • Access insurance services

  • Access finance to fund working capital

  • Detect fraudulent transactions.

  • Receive monies and make payments digitally thereby lowering barriers to access

challenge-img
Reward

1st Prize: N1,500,000.00

 

2nd Prize: N1,000,000.00

 

3rd Prize: N500,000.00

 

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 – N1,500,000; 2nd – N1,000,000; 3rd – N500,000; 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.

PARTICIPATION GUIDELINES

PARTICIPATION GUIDELINES

  1. Form a team of 2 to 5 persons and select a team lead
  2. All team members join FSI if they are yet to do so (https://fsi.ng/members/signup/student)
  3. Team lead registers team, accepts terms and conditions and invites team members to join
  4. Team members accept terms and conditions governing the hackathon and are admitted to the team
  5. An email is received by the team with test details

Innovate Accelerate Collaborate

judges
Meet the thinkers and doers who are changing the world

FSI & FutMinna Innovation Challenge judges are visionaries, innovators and game changers. Hear from today's brightest minds in keynotes, roadmap sessions, Trends & Directions talks and and speaker chats.

Prof. Abiodun Musa Aibinu
Director, Centre for Open Distance and eLearning (CODeL)
Ibrahim Abdullahi
Head of Department of Computing, Director ICT and Lecturer, Ibrahim Badamasi Babangida University, Lapai. Niger State.
Abdulkadir Suleiman
Founder JD Lab NG, Founder JD Lab Academy, IT Team Lead TEDxMinna.
Eniola Boluogun
Head Business Transformation & Innovation at AXA Mansard Insurance Plc
Binta Moustafa
Founder, 100 women in Tech
Stella Uzochukwu-Denis
CEO, Odyssey Educational Foundation

Partners

Sponsors