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Payaza – a global payment service provider known for creating seamless and secure transactions, has once again demonstrated its commitment to empowering micro, small, and medium enterprises (MSMEs) across Africa by hosting the highly anticipated Payaza FinTech Hackathon 3.0. This year’s edition brought together some of the brightest minds in the FinTech space under the theme: “AI-Powered Financial Inclusion for MSMEs: Empowering Small Businesses through AI-Driven Financial Solutions.”Held from November 20–21, 2024, at the Admiralty Conference Center in Victoria Island, Lagos, the event was a resounding success. It showcased the power of artificial intelligence (AI) in addressing critical challenges faced by MSMEs, including access to financing and operational efficiency.
With over 40 million MSMEs in Nigeria contributing approximately 58% of the nation’s GDP, they form the backbone of the economy. However, 90% of these businesses operate in the informal sector, struggling with limited access to credit and infrastructure challenges. This year’s hackathon aimed to solve these issues by fostering innovative, AI-driven solutions to boost MSME growth and profitability.
Highlights of the Competition
The two-day hackathon featured hands-on mentorship, team collaboration, and solution pitching. Judges evaluated the entries based on their scalability, impact, and alignment with the theme.
The standout winners were:
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● Grand Prize Winner: Horizon AI
Their AI solution streamlines financial data for MSMEs, helping them access loans and manage finances more effectively. They received $5,000 and a coveted spot in the Payaza Incubator Program for 10 weeks. -
● 1st Runner-Up: OG Pay
Awarded $3,000, this team developed a data intelligence platform to help MSMEs optimize operations and track performance. -
● 2nd Runner-Up: Innospace X
Their interactive voice banking system, which enhances financial inclusion for MSMEs, earned them $1,500.
Mentors, Judges and Speakers: Shaping the Future of FinTech
The event featured an impressive panel of mentors, and judges, including industry leaders like Mustapha Garba (VP of Engineering, Shara Inc.), Anuoluwapo Olayinka (CEO, Ignition Travels), and Temitope Alabi (CEO, Afriex). Teams also benefitted from expert guidance provided by mentors such as Evioghene Osifo-Whiskey (COO, Bank78), and Tunde Adewole (Co-Founder, BridgeCards). The participants and guests at the Payaza FinTech Hackathon 3.0 were also addressed by a variety of notable speakers which included Ekefre David the Chief Revenue Officer at CloudPlexo, Priyaranjan Midde the Principal Engineering Manager at Microsoft, Daniel Meke the Chief of Staff at AMD, Oscar Onyema an Independent Non-Executive Director at Capital Market Expert and Dumebi Chienye Okeke the Founder of UDOHBÈ London.
This year’s solutions highlighted the untapped potential of AI in FinTech. For instance, Horizon AI’s solution not only aggregates financial data for MSMEs but also offers actionable insights and financing recommendations. As Judge Mustapha Garba noted, “This innovation bridges the gap between MSMEs and credit providers, providing a win-win for both.”
In his closing remarks, Seyi Ebenezer, CEO of Payaza, reaffirmed the company’s mission to drive financial inclusion:
“Hosting the Payaza FinTech Hackathon 3.0 underlines our dedication to revolutionizing financial solutions for MSMEs. We’re proud to champion AI’s transformative power in this space.”
The Payaza FinTech Hackathon continues to solidify its reputation as a premier platform for driving meaningful innovation in Africa’s FinTech ecosystem. With the winning team set to further develop their solution in the Payaza Incubator Program, the future looks bright for MSMEs seeking smarter financial tools.
To relive the event highlights and gain insights from participants, visit their YouTube channel.
