Grace Ashiru
A voice-controlled bank app, smart PoS, and AI-powered lending solution won $9,500 at the Payaza Hackathon 3.0, held from November 20 to 21, 2024. The event focused on AI-powered financial inclusion for MSMEs.
Seven teams competed to impress judges with fintech solutions that used AI to support MSMEs, helping them grow, scale, and thrive financially.
The winning team, Horizon AI, led by Chidinma Ofoma, developed a solution that simplified access to credit for small business owners. By leveraging AI, Horizon AI provided businesses with key data, making loans more accessible.
The Horizon AI team took home the grand prize of $5,000, while first runner-up OGpay won $3,000.
Similar to Horizon AI, OGpay’s solution also utilized AI to help small businesses access financial services and grow.
The OGpay team, led by Blessing Umoren, presented a smart PoS (AI-powered POS) system designed to simplify payments for small businesses while simultaneously collecting valuable data to support business growth.
The second runner-up, Innospace X, led by Abubakar, developed a voice-controlled banking app called Echopay. This app enables illiterate business owners to interact with their banking system verbally, allowing them to perform tasks like sending money through voice commands.
The remaining four teams in the competition also developed AI-powered financial solutions for businesses, ranging from inventory management to simplifying payment processes for online vendors. The competition highlighted the potential of integrating finance and AI to drive innovation.
The importance of the Payaza Hackathons.
Payaza, a global leader in innovative payment solutions, hosted its third annual Fintech Hackathon 3.0. The event was designed to tackle the challenges faced by MSMEs and inspire impactful solutions that foster growth and financial empowerment.
Beyond the prize money, the winner of the Payaza Fintech Hackathon 3.0, Horizon AI, will also join the 10-week Payaza incubation program.
Payaza CTO, Philip Akinyele, highlighted the company’s ambitious plans for its hackathons, emphasizing their importance and how they have led to the creation of successful companies like Zapier.
While Payaza is committed to helping businesses grow with its range of payment products, it is also leading the charge in fostering the next wave of fintech innovations emerging from Africa.
Payaza launched its hackathons in 2022 with the inaugural edition themed “Rethinking Payments: Driving Financial Innovations Towards Customer Satisfaction.”
Building on that success, the company has hosted the second and third editions of the hackathons.
The second edition, held in November 2023, featured several impressive teams, but it was Team Iya Finance that emerged victorious with their solution designed to help individuals manage their savings and financial goals while simultaneously building financial literacy.
This year, however, the Horizon AI team captivated the majority of the judges with their innovative solution.
One of the judges, Collins Omokaro, Senior Investment Expert at UNIDO ITPO, described the teams in Payaza’s Fintech Hackathon 3.0 as eager and full of intriguing innovations.
Although the teams had some shortcomings, such as presentation style and the number of solutions offered, Omokaro was particularly impressed by the level of experience they demonstrated.
This can likely be attributed to the exceptional lineup of mentors provided to the teams, including Oladele Oloruntoba, Regional Lead at Innovest Afrika; Ifeoluwa Oyeleke, MD at Rove VV; and Priyaranjan Midde, Principal Engineering Manager at Microsoft.
The mentors’ influence was also evident to Ewere Diagboya, Africa’s First AWS Community Hero, who remarked, “It is good to see young people trying to innovate and solve problems.”
The Payaza Fintech Hackathon 3.0 was more than just a competition; it was a celebration of the ingenuity, determination, and brilliance of young innovators poised to shape the future of African fintech. From voice-controlled banking to AI-powered lending and smart PoS systems, these solutions demonstrate that when creativity meets purpose, the possibilities are limitless.
As Horizon AI and the other teams embark on their journeys, their innovative ideas highlight the untapped potential within Africa’s tech ecosystem. With platforms like Payaza nurturing and spotlighting such talent, the dream of financial inclusion and empowerment for MSMEs is more attainable than ever.
Hackathons like these are more than just events—they are movements that inspire hope, foster collaboration, and ignite solutions to Africa’s most pressing challenges. As Payaza gears up for Hackathon 4.0, one thing is clear: the next wave of transformative fintech innovation is already underway.
