Team Bethel clinches EFInA/GIZ virtual Hackathon’s N3m prize
- Astra, Esusu emerge runners-up
The 2022 virtual hackathon challenge tagged: ‘MSME Finance… Breaking Barriers’ organised by Enhancing Financial Innovation and Access (EFInA) in partnership with GIZ, and facilitated by Financial Services Innovators (FSI), has produced winners with innovative solutions geared towards addressing some of the key challenges MSMEs’ hindering access to finance from formal financial services in Nigeria.
A total of 67 teams (209 participants) registered for the Ideathon-Hackathon, which included four pre-submission webinars by industry experts to support teams in developing relevant solutions. The participating teams took on the challenge of developing creative and innovative ideas, and MVPs that addressed one of the broad objectives and thematic areas such as Financial Management Skills Development, Digitised Credit Appraisal and Lending System, MSME Product Design Toolkit, and Alternative Collateral Options. The ideas developed by the teams were reviewed by a panel of six judges. Winners were selected based on the Quality of the MVPs, Innovativeness, Scalability, and Potential impact on the economy.
Following numerous evaluation rounds, the top 3 winning teams selected are:
- Team Bethel emerged as the winning team in the competition, comprised of Dara Olabampe and Ogheneakpobo Oghoro. The team won a cash prize of N3,000,000.
Team Bethel’s MVP, E-GET-DEBT is an app that enables microlending among MSMEs as lenders and merchants alike can digitally access the credit worthiness of potential borrowers using USSD. Also, MSMEs can log in loan requests through an online and offline modes.
- Team Astra finished in 2nd place, comprising Nnaemeka Eziamaka and Michael Eziamaka. The team won the sum of N2,000,000.
Team Astra’s MVP is an app that allows an individual or a group of farmers to use their produce/grain as a form of collateral- Grain-Receipt
- Team Esusu which included AbdulAzeez Oguntoyinbo, Emmanuel Asaolu, Joseph Ashogbon, Oluwaseun Omale, and Ifeanyi Maduagwu came 3rd. The team won the sum of N1,000,000.
Team Esusu’s MVP is a digital thrift and credit system designed for MSMEs to access microcredit leveraging regular thrift savings schemes to build their creditworthiness. The platform allows validation of KYC data towards enhancing the delivery of digital financial services to the last mile-
The MSME Finance…Breaking Barriers Ideathon-Hackathon showcased Nigeria’s potential for developing homegrown solutions that promote microbusiness financing from formal financial service providers in Nigeria. EFInA/GIZ acknowledges the efforts of all participants, particularly the top 16 teams – Sanwopay, Techmenders, Grader Tech, Pacify, Astra, GodhandX, Esusu, Lamuni, Windscope, Rootech Solutions, Sleek, Athens, Fleek, Bethel, and Include Me that developed interesting ideas and MVPs with the potential to enable microenterprises to thrive.