FUT Minna, FSI To Promote Financial Inclusion For 15 Million Businesses

The Financial Services Innovators and the Federal University of Technology, Minna, will host a hackathon to promote financial inclusion for northern businesses.

This was made known in a statement released by the organisers on Wednesday.

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The theme of the contest is ‘Include Me’ and it will run both virtually and physically, from March 9 to 11, 2022 at the FUTMINNA campus.

“The FSI and FUTMINNA innovation challenge is aimed at proffering simple and seamless inclusive financial solutions for Micro, Small, and Medium Enterprises, focusing on the banking and insurance services sectors,” said FSI.

Micro-enterprises in the North are over 15 million, but many of the businesses are digitally and financially excluded.

FSI said, “Transacting daily in cash, as some of the existing solutions in the market are either too sophisticated for their needs or there are huge barriers to access the solutions.

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“This hackathon will create employment and entrepreneurial opportunities for tech talents in Nigeria. The challenge is also open to students in any tertiary institution.”

“Registration is open to participants from Wednesday, February 16, at noon, till Friday, March 11 at 11:59p.m.

“The barriers MSMEs have in accessing financial services and transacting in the same digital environment should be reduced to the barest minimum, given the level of growth of the digital economy in Nigeria.

“Hence, financial services providers should begin to deploy innovative solutions adaptable to the peculiarities of this customer segment,” FSI said.

Aituaz Kola-Oladejo, the Executive Director, FSI, said, “The Nigerian digital economy will flourish when providers of financial services create innovative and inclusive products for MSMEs and retailers. Social and economic problems will also be solved, as they are inter-connected.

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“Hence, we decided to partner with FUTMINNA to proffer solutions to these challenges through students who see these challenges daily.”

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