Driving Financial Inclusion Through Innovation: HabariPay’s…

HabariPay’s Take on Squad Hackathon focuses on fostering young innovators to create homegrown financial solutions, addressing Nigeria’s reliance on cash transactions. This initiative aims to drive financial inclusion, enhance local talent, and promote affordable technology. The recent event saw innovative projects and awarded significant cash prizes to outstanding teams, positioning HabariPay as a key player in shaping Nigeria’s fintech landscape.

In Nigeria, cash transactions still dominate despite a burgeoning fintech sector, leaving a significant portion of the population without access to digital financial services. To address this issue, HabariPay Limited, the fintech division of GTCO, launched the Take on Squad Hackathon. The event aims to foster young innovators and encourage the development of practical homegrown payment solutions, thereby facilitating financial inclusion in the country.

The recently held second edition of the hackathon gathered teams from universities across Nigeria, inviting them to create scalable financial technologies. Hosted in Abeokuta, Ogun State, the event featured twenty teams from Nigeria’s six geopolitical zones, all tasked with creating innovations that bridge the financial divide for underserved populations. Themed “Finclusion Revolution: Unlocking Access, Empowering Communities,” the competition emphasized the role of technology in enhancing financial accessibility.

Eduophon Japhet, Managing Director of HabariPay Limited, stated that the hackathon’s purpose extends beyond merely awarding prizes; its true aim is to nurture young tech talent. By equipping participants with essential technical and entrepreneurial skills, the event strives to promote homegrown solutions. Japhet identified a critical gap, noting that approximately 80% of transactions in Nigeria remain cash-based, highlighting a pressing need for affordable, indigenous technologies.

The long-term growth vision is apparent following previous hackathon iterations, as Japhet shared that 10 participants from the inaugural event were invited to join HabariPay’s Academy Programme. This initiative focuses on mentorship, hands-on training, and internship opportunities that refine ideas and promote real-world experience for young innovators. Furthermore, the Academy assists with educational fees, facilitating a balance between academic pursuits and fintech aspirations.

Innovative ideas emerged during the hackathon, with standout projects such as Houseify, which streamlines the house-hunting process, and Delishgo, an app utilizing drones for food delivery. Additional creative solutions included Team Talk and Pay, an audio fintech app for the visually impaired, and Stockly, which serves as a comprehensive business management tool for SMEs. Projects like Split Ease further enhance group savings security under Ajo payment systems.

Following intense competition, Team Savvy emerged as the winner, receiving a cash prize of five million naira. Their focus on practical applications in financial inclusion distinguished their approach. Team Farmceries and Team TBD secured second and third places, respectively, with financial prizes of three million and two million naira. Beyond the monetary rewards, participants gained invaluable access to mentorship and potential job placements within GTCO’s fintech ecosystem.

The Take on Squad Hackathon 2.0 plays a vital role in enhancing technological self-sufficiency and bridging the digital divide in Nigeria. By promoting homegrown fintech innovations and supporting young developers, HabariPay significantly impacts the trajectory of Nigeria’s digital economy, suggesting a brighter future for financial inclusion across Africa.

The Take on Squad Hackathon 2.0 demonstrates a focused effort to drive financial inclusion in Nigeria by engaging young innovators in developing local fintech solutions. Through mentorship and training, HabariPay is not only nurturing talent but also fostering practical technologies that directly address the challenges of financial exclusion. The success of the event signals a promising shift towards a more inclusive digital economy in Nigeria.

Original Source: www.thisdaylive.com