An intelligent PoS, a voice-command banking app, and an AI-powered lending solution won 9,500 USD at the Payaza Hackathon 3.0. The event, which was open to programming enthusiasts and focused on AI-driven financial inclusion for MSMEs, took place from November 20 to 21, 2024.

Fintech solutions for MSMEs

Seven teams competed to impress the judges with fintech solutions leveraging AI to :

• Support MSMEs
• Drive their growth
• Help them thrive financially

The winning team, Horizon AI, led by Chidinma Ofoma, developed a solution that simplifies access to credit for startup leaders. Using AI, Horizon AI provides businesses with key data, making loans more accessible. The team won the grand prize of 5,000 USD, while the first runner-up, OGpay, took home 3,000 USD.

Like Horizon AI, OGpay’s solution also uses AI to help small businesses access financial services and grow.

Merging finance and AI to drive innovation

The OGpay team, led by Blessing Umoren, presented an intelligent PoS system (AI-powered PoS). This solution is designed to simplify payments for small businesses while simultaneously collecting valuable data to support their growth.

The second runner-up, Innospace X, led by Abubakar, developed a voice-command banking application called Echopay. This app enables illiterate business owners to interact verbally with their banking system, allowing them to perform tasks such as sending money via voice commands.

The remaining four teams in the competition also developed AI-based financial solutions for businesses, ranging from inventory management to streamlining payment processes for e-commerce. The competition highlighted the potential of combining finance and AI to drive innovation.

Payaza Hackathons : Launchpad for emerging startups

Payaza, a global leader in innovative payment solutions, recently hosted its third annual Fintech Hackathon 3.0. The event is designed to tackle the challenges MSMEs face and inspire effective solutions that foster growth and financial empowerment. Beyond the prizes, the winner of the Payaza Fintech Hackathon 3.0, Horizon AI, will also join the 10-week Payaza incubation program.

Payaza launched its hackathons in 2022 with the inaugural edition themed « Rethinking Payments : Driving Financial Innovations for Customer Satisfaction ». Building on this success, the company hosted the second and third editions of the hackathons.

While Payaza is committed to helping businesses grow through its range of payment products, it is also spearheading efforts to nurture the next wave of emerging fintech innovations from Africa.

Untapped potential of Africa’s tech ecosystem

As Horizon AI and the other teams embark on their journey, their innovative ideas underscore the untapped potential of Africa’s tech ecosystem. With platforms like Payaza encouraging and showcasing this talent, the dream of financial inclusion and MSME empowerment is more achievable than ever.

Hackathons like this are far more than mere events. They are platforms that spark hope, foster collaboration, and provide solutions to Africa’s most pressing challenges.

As Payaza prepares for Hackathon 4.0, one thing is certain: the next wave of transformative innovation in fintech is already underway.