Driving Financial Inclusion: How HabariPay’s Hackathon is Shaping Nigeria’s Fintech Future

HabariPay’s Take on Squad Hackathon 2.0 promotes local tech talent, encouraging students across Nigeria to develop innovative payment solutions to enhance financial inclusion. The event highlights the importance of homegrown payment methods and offers mentorship opportunities to participating teams, showcasing projects aimed at addressing key financial challenges. Team Savvy won first place, demonstrating the impactful solutions emerging from this initiative.

Despite the expansion of Nigeria’s fintech sector, cash transactions remain prevalent, limiting access to digital financial services for many individuals. To address this issue, HabariPay Limited, part of GTCO, initiated the Take on Squad Hackathon, aimed at encouraging young innovators to create practical payment solutions. In its second edition, the event engaged students from various universities in Nigeria, challenging them to develop scalable technologies that promote financial inclusion.

The Nigerian fintech landscape is rapidly evolving, driven by the demand for local solutions to its unique financial challenges. In this light, HabariPay Limited recently organized the Take on Squad Hackathon 2.0, reflecting its commitment to fostering homegrown tech talent and advancing financial inclusion. The hackathon took place in Abeokuta, Ogun State, and featured twenty participating teams representing all six geopolitical zones of Nigeria.

This year’s theme, “Finclusion Revolution: Unlocking Access, Empowering Communities,” underscored the potential of technology to bridge the financial gap for underserved demographics. The hackathon not only served as a competition but also as a collaborative platform where participants could develop digital payment solutions tailored to Nigeria’s specific economic landscape.

Eduophon Japhet, Managing Director of HabariPay, articulated that the event’s purpose extends beyond merely competing for prizes. She emphasized the necessity of cultivating local tech talent and highlighted that roughly eighty percent of transactions in Nigeria are cash-based. Many existing digital payment systems rely on expensive imported technologies, which remain unobtainable for many small businesses, increasing financial exclusion.

To counter this, the hackathon encourages young developers to devise cost-effective, indigenous transaction methods that are feasible for broader use. Building on the successes of the previous hackathon, Japhet noted that HabariPay had incorporated about ten participants into its Academy Programme, which offers mentorship, training, and internship opportunities, thus helping young innovators refine their ideas for the fintech sector.

The hackathon showcased innovative projects aimed at addressing financial challenges in Nigeria. Notable ideas included Houseify, which simplifies the house-hunting process by eliminating agent fees; Delishgo, a drone delivery service for food and beverages; and an audio fintech app designed for the visually impaired by Team Talk and Pay. Other projects included Stockly, a management platform for SMEs, and Split Ease, a digital solution to enhance group savings.

This year’s greater participation affirms HabariPay’s commitment to discovering innovative solutions that enhance digital and financial inclusion. By nurturing young talent, HabariPay is instrumental in reshaping Nigeria’s fintech landscape and transforming financial transaction practices across the region.

After an intense competition, Team Savvy was crowned the overall winner, securing a cash prize of five million naira for their innovative approach to financial inclusion. Team Farmceries placed second, earning three million naira, while Team TBD claimed third place with a prize of two million naira. In addition to financial prizes, participants gained access to expert mentorship and opportunities for future career placements within GTCO’s fintech ecosystem.

As financial technology reshapes economies worldwide, initiatives like the Take on Squad Hackathon 2.0 are crucial in promoting digital equity and fostering self-sufficient technology solutions. Through its support of young developers and the encouragement of local fintech innovations, HabariPay is significantly influencing the evolution of Nigeria’s digital economy.

In conclusion, the Take on Squad Hackathon 2.0 exemplifies HabariPay’s dedication to cultivating local tech talent and fostering financial inclusion in Nigeria. By providing a platform for young innovators to showcase their skills and develop practical solutions, HabariPay is addressing the financial challenges faced by underserved populations. This initiative not only empowers participants through mentorship and training but also contributes to the sustainable growth of the fintech sector in Nigeria.

Original Source: www.thisdaylive.com