Padi4Life: Hi-Tech Wins FCMB's 60-Team Hackathon Challenge

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November 13, 2023
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4 min read

The inaugural FCMB Hackathon Challenge sawTeam Hi-Tech, led by Afolabi Ayanfe and Sophia Ezeh, win the top prize of N3 million for the creation of the digital financial solution,Padi4Life. A partnership with Ingressive For Good (I4G), the hackathon launched a new cohort of techies and fostered innovation and creative problem-solving.

With over 2,900 entries and 60 competing teams participating in a 72-hour hackathon, Team Hi-Tech's Padi4Life made the final shortlist. It stood out for its peer-to-peer lending, asset tokenisation, and blockchain-based investment and engagement features. 

Rita Onwudiwe and Augustus Shaminga of Team KoloPadi secured the N1 million first runner-up prize for their KoloPadi solution. The second runner-up prize of N500,000 went to Victor Tochukwu of Team Xperia for its Money Minder solution. The total prize allocation was N4.5 million. Initially, each competing Team had five members, with some dropping off and reducing the Team. Yet, resilient members like Victor of Team Xperia were undeterred and made the final shortlist as a one-person team. 

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From left: Chief Digital Officer, First City Monument Bank (FCMB), Mr. Bipul Deka; Chief Information Officer of the Bank, Mr. Rotimi Famuwagun; Divisional Head, Personal Banking, Mr. Shamsideen Fashola; Winners of the FCMB Hackathon Challenge, Afolabi Ayanfe and Sophia Ezeh of Team Hi-Tech Innovation; Divisional Head, Transaction Banking of FCMB, Mrs. Rolayo Akhigbe; Group Head, Corporate Affairs of the Bank, Mr. Diran Olojo and Chief Executive Officer of Ingressive For Good (I4G), Mr. Sean Burrowes, during the prize presentation ceremony on November 9, 2023, in Lagos. (ThisDay, BusinessDay, Daily Trust).

Afolabi Ayanfe, the Team Lead of Hi-Tech, expressed gratitude to FCMB, saying, "Padi4Life is designed to build a community of trusted financial partners, meeting the needs of Nigerians." The Team affirmed its commitment to building a robust platform that meets the needs of Nigerians. They thanked First City Monument Bank for providing them a platform to launch themselves. 

Rolayo Akhigbe, Divisional Head of Transaction Banking at FCMB, stressed the bank's commitment to innovation through Open Banking. She urged FinTechs, developers, and start-ups to utilise First City Monument Bank's Application Programming Interface (API) to develop inclusive and sustainable solutions.

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From left: First runner-up of the First City Monument Bank (FCMB) organised Hackathon Challenge, Augustus Shaminga and Rita Onwudiwe of Team Kolopadi; winners of the competition, Afolabi Ayanfe and Sophia Ezeh of Team Hi-Tech Innovation and Second runner-up, Victor Tochukwu of Xperia, during the prize presentation ceremony to the winners of the Challenge, an initiative of FCMB in partnership with Ingressive For Good (I4G), held on November 9, 2023, in Lagos. (Punch, Vanguard).

Diran Olojo, Group Head of Corporate Affairs at FCMB, encouraged winners and participants to collaborate with the bank, saying that Open Banking is the future. "The future is connected, and open banking is key to unlocking this potential. With our APIs and more in development, we are addressing challenges and creating a more inclusive and sustainable financial system for everyone. We are ready to work with innovators and call on new-generation techies to join us on this journey of building the connected future of finance."

The hackathon judges, led by Rolayo Akhigbe, included Diran Olojo, Shamsideen Fashola, Divisional Head of Personal Banking, Bipul Deka, Chief Digital Officer, Rotimi Famuwagun, Chief Information Officer, all of FCMB and the Ingressive for Good CEO, Sean Burrowes.

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Finalists of the First City Monument Bank (FCMB) Hackathon Challenge flanked by officials of the Bank and partner, Ingressive For Good (I4G), during the prize presentation ceremony to the winners of the Challenge, an initiative of FCMB in partnership with I4G, held on November 9, 2023, in Lagos.(Guardian, The Nation).

The FCMB and I4G Hackathon showcased inventive concepts and technical skills. It fostered collaboration and networking among participants, creating an interactive ecosystem for knowledge exchange. First City Monument Bank, a member of the FCMB Group Plc, remains dedicated to fostering inclusive and sustainable growth within its communities. 

This article is a Brand Press post. Brand Press is a paid service for brands that want to reach Techpoint Africa’s audience directly. Techpoint Africa’s editorial team doesn’t write Brand Press content. To promote your brand via Brand Press, please email [email protected]

This Brand Press article was not written by Techpoint Africa’s editorial team. To promote your brand via Brand Press, please email [email protected].

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