HabariPay Limited organized the second edition of the Take on Squad Hackathon to promote financial inclusion in Nigeria. Focused on creating scalable technology solutions, the event brought together diverse teams of students to address the financial challenges faced by underserved communities. The hackathon also highlights the importance of mentorship and local talent development within the fintech ecosystem.
Despite the rapid expansion of Nigeria’s fintech industry, cash transactions dominate, limiting access to digital financial services for many individuals. To address this issue, HabariPay Limited, the fintech arm of Guaranty Trust Holding Company, initiated the Take on Squad Hackathon. This platform nurtures young innovators, enabling them to create practical payment solutions and furthering financial inclusion in Nigeria.
The second edition of this hackathon brought together twenty teams of students from various universities across Nigeria, focusing on creating scalable technologies to tackle financial challenges. Held in Abeokuta, Ogun State, the event featured the theme “Finclusion Revolution: Unlocking Access, Empowering Communities,” emphasizing technology’s role in bridging financial gaps, particularly for underserved groups.
Eduophon Japhet, Managing Director of HabariPay, clarified that the hackathon’s purpose surpasses merely awarding prizes. It acts as an incubator for young talent, imparting necessary entrepreneurial and technical skills to drive innovation within the country’s financial sector. Japhet underscored the need for indigenous payment solutions, given that around 80% of transactions remain cash-based.
She stated that the reliance on expensive imported technology for existing digital payment systems hampers accessibility, particularly for small businesses facing financial exclusion. This initiative encourages young developers to discover innovative, homegrown methods for transactions that are both cost-effective and scalable.
Reflecting on the outcomes from the first hackathon edition, Japhet shared that although last year’s winning solutions are still in development, the programme has already integrated about ten participants into the HabariPay Academy. This initiative offers mentorship and training, covering educational fees to support aspiring fintech developers in balancing their studies and project commitments.
The hackathon highlighted groundbreaking projects such as Houseify, which simplifies the renting process by connecting tenants directly with landlords, eliminating agent fees. Other notable projects included a drone-based food delivery service, an audio app for the visually impaired to access financial services, and an all-in-one business management platform for SMEs. This year’s increased participation indicates that HabariPay is set to discover even more innovative solutions.
After rigorous competition, Team Savvy emerged victorious, receiving five million naira for their exemplary solution aimed at promoting financial inclusion. Team Farmceries secured second place with a reward of three million naira, while Team TBD took third place with two million naira. Besides financial benefits, participants also gain mentorship and may join HabariPay’s Squad Academy for further training and job opportunities.
Events like the Take on Squad Hackathon 2.0 play a significant role in bridging the digital divide, fostering innovation, and ensuring technological self-sufficiency. HabariPay’s initiatives demonstrate its commitment to shaping Nigeria’s fintech landscape and enhancing the country’s digital economy.
The Take on Squad Hackathon 2.0 represents a vital effort in driving financial inclusion in Nigeria. By nurturing young talent and promoting the development of homegrown payment solutions, HabariPay is actively bridging the gap in digital financial services. The event not only showcases innovative projects but also fosters long-term growth through mentorship and training opportunities, ensuring the future of Nigeria’s fintech sector is bright and accessible.
Original Source: www.thisdaylive.com
