In a bid towards enhancing an enabling environment for the Nigerian payment system, winners have emerged from the Nigerian Interbank Settlement System (NIBSS) 2018 Hackathon Challenge.
The grand finale, which held in Lagos recently saw winners going home with N1 million, N2 million and N3 million for the 3rd, 2nd, and 1st Prize respectively.
The Executive Director, NIBSS, Mrs. Christabel Onyejekwe who represented the Managing Director and Chief Executive Officer, Mr. Ade Shonubi stated that NIBSS is committed to advancing the payment system structure especially the adoption and application of the globally accepted biometrics technology to ensure a greater drive of financial inclusion and in response to the clamor of customers in the country.
She explained that the end results of the challenge if utilized would bring about greater ease in the conduct of business at all levels in the Nigerian ecosystem.
Onyejekwe pointed out at the event which saw winners emerge after developing various software, that the initiative would make payments and fund transfers for both the banked and the unbanked relatively easy and seamless.
The focus according to her, is on authentication, identification, and validation with fingerprints due to global adoption of biometrics as a means of accurate identification and accountability in payments.
Furthermore, she said that the use of biometrics will bring about a friendly system, ease, convenience and versatility in the sector.
Onyejekwe maintained that the objective is to address unemployment and promote entrepreneurship through the discovery of local talents who will develop software or Apps that would identify and implement different fingerprint authentication, validation and payment innovations using fingerprints. It is also to promote valuable collaboration with banks, fintechs, and other stakeholders.
“This laudable initiative which was opened to software developers of all ages and gender without restrictions would help to grow talents,” she said.
The programme was managed by Africa’s leading and award-winning information value chain consulting, GRC and Project management firm, Digital Jewels Nigeria Ltd At the final pitch which saw different teams competing for the coveted prize, Team TechVault, Team Petram, and Team PayBeans won first, second and third positions respectively out of the thirteen groups that participated in the challenge.
On the 26th of January, 2019, over 5000 SME and startup founders, investors and other industry stakeholders will convene at Techpoint Build West Africa. Register now to be a part of the movement.