The MobileMoney Fintech Lab Hackathon has attracted 1,719 applications nationwide, with 15 finalists selected to compete for a GH¢100,000 grand prize as MobileMoney Fintech Limited seeks to nurture innovative ideas into viable businesses.
Silvia Otuo Acheampong, Chief Products and Services Officer of MobileMoney Fintech Limited, disclosed this in an interview at the MobileMoney Fintech Lab Hackathon in Accra.
She said the 15 finalists were selected through zonal competitions held in Tamale, Kumasi and the Southern Zone, with five participants emerging from each zone.
According to her, the competition was designed to provide developers, entrepreneurs and startups with a platform to present technology-driven ideas that address practical challenges.
The initiative began with the involvement of partners across the financial technology ecosystem, including banks, fintech companies and the central bank.
Ms Acheampong said the Northern Zone competition in Tamale attracted 12 participants, from whom five finalists were selected. The Kumasi competition received 19 ideas, with another five participants progressing to the final.
The Southern Zone competition, held at the College of Physicians and Surgeons, featured 10 ideas covering small and medium-sized enterprises, savings, credit and waste management, including solutions that use the Mobile Money platform as a payment channel.
She said the judges were impressed by the quality of ideas presented, highlighting a solution designed to address language barriers in digital financial transactions.
The innovation uses voice technology and multiple local languages to enable people who may struggle with text-based applications to conduct transactions.
Although still at an early stage, Ms Acheampong said the solution demonstrated the potential of the competition to produce innovations that could improve access to digital financial services.
She explained that participants had received coaching from dedicated partners within the ecosystem to strengthen their ideas ahead of the zonal competitions.
The 15 finalists will continue to receive technical and business support as they prepare for the grand finale, with the company encouraging them to test their solutions with customers and incorporate feedback into product development.
Ms Acheampong said the objective was not merely to reward winning ideas but also to develop them into sustainable businesses and create opportunities for new startups.
”We will also harness them and really see how we can expand on them to become viable businesses,” she said.
She added that the company would provide continued support to participants, particularly in developing their technical capabilities and business acumen.
Ms Acheampong also indicated that the hackathon could become an annual event following a charge from the Minister at its launch for the initiative to be expanded beyond a one-off competition.
She said organising the competition required considerable resources but expressed confidence that the ecosystem partners would explore ways to sustain and expand it.
Having taken the competition nationwide, she said the next objective would be to open up participation further and encourage more people to develop the confidence to present their ideas.
Ms Acheampong described the 1,719 applications received as impressive, noting that it was the largest number recorded since the company began organising such competitions.
She thanked the participants who submitted ideas and acknowledged the media partners who had supported the initiative throughout the zonal competitions, expressing hope that they would continue their involvement through to the grand finale.
