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
PARTICIPATION GUIDELINES
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
Innovate Accelerate Collaborate
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
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
FSI & FutMinna Innovation Challenge - Round 2
START DATE
END DATE
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
Judges
Binta Moustafa
Founder, 100 women in Tech
Stella Uzochukwu-Denis
CEO, Odyssey Educational Foundation
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
Sponsors
Partners
Teams
80
Team Awesome
1 Team Members
GDSC Kadpoly
2 Team Members
Afro_T
4 Team Members
Valeric
2 Team Members
Cashfog
3 Team Members
Team Uplift
6 Team Members
Bia
4 Team Members
Unitech
4 Team Members
Team Control
7 Team Members
DevsCave
3 Team Members
Facilitators
5 Team Members
NightOwls
2 Team Members
Nutscoders Tech
7 Team Members
Stemlab
5 Team Members
New Team
2 Team Members
Whezi Innovators
4 Team Members
God Hand
2 Team Members
Ace world
3 Team Members
AESA TEAM
2 Team Members
YHWH
5 Team Members
CRITICAL THINKERS
5 Team Members
Tekashi
3 Team Members
Daybreak coders
2 Team Members
Mux
3 Team Members
Wazobia
2 Team Members
Corely
2 Team Members
Code - In
4 Team Members
Team Explore
3 Team Members
KEEMBEST MFB
3 Team Members
AREWA WEBMASTERS
3 Team Members
ABC Design
2 Team Members
PennyWise
5 Team Members
Wedotech
2 Team Members
VenomCrew
3 Team Members
xcrowme
3 Team Members
Creative Coders
4 Team Members
AceOfSpade
3 Team Members
Lambar App
2 Team Members
Gasnow wallet
7 Team Members
Carthagians
2 Team Members
PayCI
4 Team Members
Gygital
3 Team Members
EarNest
7 Team Members
Blue Breach
2 Team Members
Testing Team
2 Team Members
Hack Team
4 Team Members
Pay4service
6 Team Members
Team rocket 🚀
3 Team Members
Team Nasara
5 Team Members
Language.AI
2 Team Members
Inclusion.id
6 Team Members
esusuSAVE
5 Team Members
Madagali dynamic Ventures
4 Team Members
Sleek
7 Team Members
Team Me
2 Team Members
Aksu
2 Team Members
Anjorin Festus Toba
2 Team Members
Legacy
5 Team Members
Captain
4 Team Members
Emaspeed Team
2 Team Members
H-IQ
2 Team Members
Dangwali Agro Allied and Services
3 Team Members
Team Virtlab
5 Team Members
TechFrica
4 Team Members
TechGeek
5 Team Members
Savepay
2 Team Members
Tech-champs
2 Team Members
Binaryhub
3 Team Members
BINARIFY
5 Team Members
Flashnet
3 Team Members
TechMax
2 Team Members
TEAM OPTIMISM
3 Team Members
Midaz touch
2 Team Members
Team Yellow
2 Team Members
Team Nexus
2 Team Members
Team Shamrock
2 Team Members
Team Hakun
3 Team Members
Borderless Incubator
7 Team Members
Nigerian Dream
3 Team Members
Bayani
3 Team Members
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.
Organised By:
Fintech Talents Chase… Be Discovered
We are creating a pipeline of talents such as engineers, innovators, etc for the Financial Services Industry.
