The FSI Innovation Showcase contest, which took place at University of Lagos on January 13, 2024, has produced winners.
The hackathon challenge was put together by Financial Services Innovators (FSI), a non-profit organisation committed to discovering tech talents and enabling start-ups within the technology and financial services space.
Sponsored by Branch International, Fintrak Software, SystemSpecs Technology Services Limited, Axa Mansard, Precise Financial System and Paddy Cover, the hackathon featured over 30 teams of young innovators and potential techpreneurs from five Nigerian tertiary institutions, who strived to create impactful solutions to address challenges in the health, financial and agricultural sectors.
At the hackathon contest moderated by Derek Nwafor and judged by Idowu Akinde, Olaoluwa Awojoodu and Salami Abolore, Farmceries defeated 12 other contestants to become the overall winner and went home with a grand prize of N800,000, while Goalgetters and SMEpay emerged as the 1st and 2nd runners-up, respectively getting N500,000 and N300,000.
Other finalists are Safemom, Skinnoo, Apere, Techsonic, Bit Lords, Handy, Coolex, Challengers, Fincare, and 404 Team Not Found. However, aside the cash prizes, FSI is offering all the finalists a slot each in its three-month business incubation programme.
Prior to the grand finale, there were extensive training sessions, webinars on problem statements and use of lean canvas for documenting ideas. All the teams were also taught how to pitch ideas effectively and build Minimum Viable Products (MVPs).
Speaking at the event, Dr Aituaz Kola-Oladejo, Executive Director, FSI, said: “Our goal is to identify challenges and create tailored investment products. This Innovation Showcase Contest specifically focused on SMEs, financial, agricultural and health sectors, as well as some of the challenges faced by women. Our vision is to build a pipeline of tech talents that can compete globally and create employment opportunities.”
She further noted that the participants own the rights to their apps. “FSI does not build or own the rights to apps. The contestants set up their companies, we just support them on their journeys and connect them to our network of partners to provide the requisite supports.”
Delivering his keynote speech, Mr. Bimbo Abioye, CEO, FinTrak Software and President, Institute of Software Practitioners of Nigeria (ISPON), lauded FSI, the organizer, for harnessing the potential of Nigerian youth.
“Through these efforts, FSI is not only celebrating its (4th) anniversary, but also shaping a new generation of tech innovators and entrepreneurs in Nigeria,” he said, adding. “Young people form about forty percent of our national population. If their energy is properly channeled, it can bring transformative investment in Nigeria and beyond.”
In her goodwill message, Prof. Folashade Ogunsola, Vice Chancellor, University of Lagos, who was represented by Dr. Victor Odumuyiwa, Director, NitHub and Senior Lecturer, Computer Science, University of Lagos, said the FSI vision aligns closely with the university’s several platforms for tech innovation and research development.
Lamenting the concentration of tech innovations in Lagos and Abuja, Odumuyiwa advocated for the extension of such opportunities to more regions in Nigeria, especially the rural areas.
“We must encourage innovation across the entire nation, reaching young people even in the most remote areas. Their inclusion is vital for addressing the diverse challenges Nigeria faces,” he stated.
