A voice-controlled bank app, a smart PoS, and an AI-powered lending solution have won a total of $9,500 at the Payaza Hackathon 3.0. The intensive hackathon programme which ran from Wednesday, November 20 to Thursday, November 21, 2024, was themed AI-powered financial inclusion for MSMEs.
A total number of seven teams competed to dazzle judges with a fintech solution that leveraged AI to help MSMEs not just financially but also help them scale and thrive as a business.
The winning team, Horizon AI, led by Chidinma Ofoma built a solution that made access to credit easy for small business owners. Horizon AI leveraged AI to create a solution that provided businesses with relevant data that would make loans accessible to them.
The Horizon AI team went home with the grand prize of $5,000, while the first runner-up, OGpay won $3,000.
Like Horizon AI, OGpay's solution also leveraged AI to help small businesses get access to financial services and scale.
The OGpay team led by Blessing Umoren, proposed a smart PoS or AI-powered POS system that will help small businesses ease payments and at the same time- collect valuable data that could help their business.
The second runner-up, Innospace X, led by Abubakar, created a voice-controlled banking application called Echopay. This application would help business owners who aren't literate communicate verbally with their banking application; using their voice to complete actions like sending money.
The four other teams in the competition also created AI-powered financial solutions for businesses. From using AI to manage inventory to helping online vendors receive payment easily, the competition showcased what is possible when finance and AI are merged.
The importance of the Payaza Hackathons
Payaza is a global company, specialising in innovative payment solutions and the fintech hackathon 3.0 is the third edition of its annual hackathon. The company created hackathons to address the challenges MSMEs face and inspire impactful solutions supporting their growth and financial empowerment.
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This is why beyond the prize money, the winner of the Payaza Fintech Hackathon 3.0 — Horizon AI — will also be part of the 10-week Payaza incubation program.
The fintech company also has big plans for its hackathons. Payaza CTO, Philip Akinyele indicated this when he spoke about the importance of hackathons and how they have birthed companies like Zapier.
While Payaza is focused on helping businesses grow with its suite of payment products, it is also at the forefront of inspiring the next fintech innovations out of Africa.
Payaza started its hackathons in 2022 with the maiden edition themed Rethinking Payments: Driving Financial Innovations Towards Customer Satisfaction.
The company has built on that success to create the second and third editions of the hackathons.
The second edition, which happened in November 2023 also included outstanding teams with good ideas, but team Iya Finance won the competition with their solution which helped individuals better manage their savings and financial goals while building financial literacy skills on the go.
This year, however, the Horizon AI team won the hearts of most of the judges.
One of the judges, Collins Omokaro, Senior Investment Expert, UNIDO ITPO described the teams in Payaza's Fintech Hackathon 3.0 as hungry with interesting innovations.
While the teams had some shortcomings from presentation style to the number of solutions they proffered, he was particularly impressed with the level of experience they displayed.
This is likely due to the amazing line-up of mentors provided to teams. They include Oladele Oloruntoba the Regional Lead at Innovest Afrika, Ifeoluwa Oyeleke the MD at Rove VV, and Priyaranjan Midde the Principal Engineering Manager at Microsoft.
The mentor's influence was also visible to Ewere Diagboya the First AWS Community Hero in Africa who said "It is good to see young people trying to innovate and solve problems."
The Payaza Fintech Hackathon 3.0 was not just a competition; it was a celebration of the ingenuity, determination, and brilliance of young innovators determined to shape the future of African fintech. From voice-controlled banking to AI-powered lending and smart PoS systems, these solutions show that when creativity meets purpose, the possibilities are endless.
As Horizon AI and the other teams embark on their journeys, their innovative ideas remind us of the untapped potential within Africa’s tech ecosystem. With platforms like Payaza nurturing and spotlighting such talent, the dream of financial inclusion and empowerment for MSMEs is closer than ever.
Hackathons like these are more than a moment—they are a movement. A movement that inspires hope, fosters collaboration and ignites solutions to Africa’s most pressing challenges. As Payaza prepares for Hackathon 4.0, one thing is clear- the next wave of transformative fintech innovation is already in the making.
