Payaza, a global leader in payment solutions, has once again reinforced its dedication to empowering micro, small, and medium enterprises (MSMEs) across Africa through the successful Payaza FinTech Hackathon 3.0. Held from November 20–21, 2024, at the Admiralty Conference Center, Victoria Island, Lagos, this year’s event focused on the theme "AI-Powered Financial Inclusion for MSMEs: Empowering Small Businesses through AI-Driven Financial Solutions."
Bringing together some of the brightest minds in the FinTech space, the hackathon highlighted the transformative potential of artificial intelligence (AI) in addressing critical challenges faced by MSMEs, such as access to financing and operational efficiency. With over 40 million MSMEs contributing approximately 58% of Nigeria’s GDP, yet 90% operating in the informal sector, the event aimed to bridge these gaps with innovative solutions tailored to their needs.
The two-day hackathon featured mentorship sessions, collaborative problem-solving, and solution pitches, with entries evaluated for scalability, impact, and alignment with the theme. The standout winners were:
Grand Prize Winner: Horizon AI
– An AI-driven platform simplifying financial data management for MSMEs, enabling easier access to loans and improved financial oversight. The team received $5,000 and a coveted spot in the 10-week Payaza Incubator Program.
1st Runner-Up: OG Pay
– A data intelligence platform designed to help MSMEs optimize operations and track performance, earning the team $3,000.
2nd Runner-Up: Innospace X
– An interactive voice banking system enhancing financial inclusion for underserved MSMEs, securing $1,500.
The hackathon also featured an impressive lineup of mentors, judges, and speakers, including Mustapha Garba (VP of Engineering, Shara Inc.), Anuoluwapo Olayinka (CEO, Ignition Travels), Ekefre David (CRO, CloudPlexo), and Priyaranjan Midde (Principal Engineering Manager, Microsoft). Their guidance and insights were instrumental in helping participants develop practical, AI-driven solutions.
Horizon AI’s platform was a key highlight, offering actionable insights and bridging the gap between MSMEs and credit providers. Judge Mustapha Garba remarked, "This platform bridges a critical gap, providing mutual benefits to MSMEs and financial institutions alike."
In his closing address, Seyi Ebenezer, CEO of Payaza, emphasized the company’s commitment to financial inclusion:
“Payaza FinTech Hackathon 3.0 demonstrates our dedication to revolutionizing financial solutions for MSMEs. AI has immense potential to drive growth and efficiency, and we’re proud to lead this transformation.”
With the winning teams set to further develop their solutions in the Payaza Incubator Program, the future looks promising for MSMEs seeking smarter financial tools. The Payaza FinTech Hackathon continues to drive meaningful innovation, solidifying its reputation as a premier platform in Africa’s FinTech ecosystem.
To relive the event highlights and hear from participants, visit Payaza’s YouTube channel.
