Financial Service Innovators and the Nigeria Association of Computing Students are set to host a hackathon to address the dominance of cash transactions within the informal channels in the suburban parts of Nigeria, including university communities.
According to the statement released by Plexus Media Interlinks, the public relations agency to FSI, “The aim of the event is to address the dominance of cash transactions, manual processes, and access to financial services among retailers, small enterprises, and individuals in the suburban parts of Nigeria, including university communities and environs.
“It will focus on the digitization 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.”
Why these matters
The event was inspired by the desire to provide the best, simplest, and easiest-to-use solution for the unbanked and under-banked populations, according to the organizers.
The FSI and NACOS challenge will be used to develop solutions for activities like purchasing and selling products and services, saving, investing, remitting money, and commuting without the need for currency.
“Cash remains the preferred and dominant option for micro and small businesses, retailers, entrepreneurs, and others 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,” they stated
The participants are to focus at least on one sector by providing a solution that can solve the problem of cash dominance, access to services in that sector, and manual processes, among others.
“The solution should focus on addressing the dominance of cash collections and the integration of a digital system in the transportation sector; an on-the-go learning solution that campus students and lecturers’ community will gladly embrace in the education sector; digitizing the healthcare services and making it more efficient and affordable,” it explained.
Team members whose entries were deemed to be in the top three would get prize money, while those in the fourth through tenth places would receive consolation awards, according to FSI and NACOS.
The partners include EFInA, Nigeria Inter-Bank Settlement System, Flourish Ventures, Flutterwave, Wema Bank, Sterling Bank, Zenith Bank, Capricorn Digital Ltd, and AXA Mansard. According to the statement, registration is open to participants till October 1 via bit.ly/TECHONDEMAND.
What they are saying
The Executive Director, FSI, Aituaz Kola-Oladejo, said, “Nation building is our primary focus and we will continue to work with stakeholders in the financial services and tech ecosystem at large to build an integrated, innovative, and collaborative ecosystem.
“We are a shared infrastructure for the financial services ecosystem and our primary goal is to discover and nurture talents, even from tertiary institutions, because we believe in home-grown innovative solutions.”
According to her, FSI is set to keep the Nigerian technology flag flying high, while assisting more Nigerian startups to join the global tech community.
“Technology is a veritable tool to take Nigerian citizens out of poverty as well as drive financial, social, and economic inclusion,” she added.
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