In recent years, there has been a frenzy around companies offering technology-driven, consumer-oriented financial products widely known as fintechs.
The buzz around fintech companies is based on the disruptions they have introduced and the threat they pose to established business models in the financial services industry. Fintechs have therefore gained recognition by revolutionizing access to credit and other financial services.
In Africa, fintech companies are also attracting a lot of attention given that they are creating innovative ways to offer financial services to the continent’s 1.2 billion people. Disrupt Africa reports that African fintech start-ups were the second most popular destination for venture capital (VC) investment, after the solar sector, in 2015, accounting for 30 percent of the $186 million in total VC funding received by all African tech start-ups, according to Disrupt Africa.
We reckon that providing platforms to stimulate rapid growth of this sub-financial industry is a way to diversify the national economy and economically empower the youths. This opportunity will prove to be the new socio-economic equator in this era; opening up opportunities to driven youths who will work at building smarter, inclusive African societies.
In light of the above trend, we conceptualized a mini-event to run on the sidelines of the CardExpo 2017 tagged Fintech Start-Up Challenge in partnership with Nigeria Interbank Settlement System (NIBSS), AfriLabs and Venture Garden Group.
FINTECH START-UP CHALLENGE: OBJECTIVE
Start-up challenge is a competitive route of identifying, evaluating and supporting innovative ideas relevant to enterprise, governance and social development in Nigeria. It is a call for start-ups and entrepreneurs to propose their innovative solutions with the aim of transforming enterprise and services in Nigeria.
FINTECH START-UP CHALLENGE: MISSION
To support digital innovative solutions that can be used to ease the operations of SMEs in Nigeria and help them increase efficiency, improve competitive edge and reduce cost.
UP FOR GRABS!
- A chance to pitch to an audience of strategic players in the financial industry at CardExpo.
- A 3-month incubation and mentorship worth ₦3,000,000 with Venture Garden Group.
- A prize money of ₦500,000 stipend for each of the 3 finalists.
- Opportunity to access and test-run your payment solution on NIBSS demo-pad interface.
COMPETE AT THE CHALLENGE
Do you have a fintech idea or solution? Visit www.cardatmandmobilexpo.com/challenge for more details.