Betting company, Betway Ghana, has officially launched a Fintech Challenge competition in the country. The official launching of the competition took place with the week at the Accra Digital Centre.
The objective of the Betway Fintech Challenge is to forge a competing atmosphere for financial app developers in Ghana. Betway Ghana Manager of Operations, Magnus Rex Danquah Jnr., speaking at the launch said the challenge will push entrepreneurs to create solutions to address challenges in Ghana.
“The Betway Fintech Challenge will offer developers in Ghana an opportunity to design applications which will help address some of these problems identified in our society.”
Thus, this will encourage the Ghanaian society to accept digital mediums in terms of banking, personal finance, investments and other financial transactions.
Currently, the Betway Fintech Challenge Competition is taking applications from interested people (and their teams). The admissions are opened from February 19 to March 8, 2019.
Focus categories of the Betway Fintech Challenge
Interested teams would need to draw their solution focus on the following categories:
- Customer Connection & Experience Innovation – Solutions that enable merchants and customers to make payments in new ways. Any product that meets the need for cheaper, faster and easier payment processing, capable of engaging and activating the under-served and under-banked populations.
- Data-driven Design – Solutions that are characterized by their capacity to leverage the data gathered in a primary business into financial services, and may reduce transaction costs and improve decision-making, including using analytics to enhance risk and customer segmentation decisions.
- Investment & Wealth Management – Solutions that will enable the provision of wealth management/investment services in new and unique ways.
- Blockchain – Solutions that will use the concept and principles of blockchain technology to build trust and transparency in financial services that will promote greater financial inclusion.
- Organizational or Process Transformation – Solutions that focus on disrupting a traditional process in any industry that requires payments and new ways to enhance service delivery.
The shortlisted finalists will be trained and workshops will be organised for them as well. They will be trained and educated on branding, marketing, raising funds and pitching. Five finalists will be selected and these finalists will be invited to pitch their final product to a panel of judges.
After the presentations of final products to the judges, the top three teams will be announced winners on May 17, 2019.
Winners take home the following cash prizes:
- Grand winner – GH ₵20,000
- first runner-up – GH ₵15,000
- Second runner up – GH ₵10,000.
NB: All shortlisted finalists for the final round will receive GH ₵1,000.
How to enter the competition
Persons or teams who have interest to enter the Betway Fintech Challenge should visit the Betway Fintech Challenge page. Yet still, you can pick up forms at the Concept Stores in Adabraka (Accra) and Amakom (Kumasi).
Good luck to all the challengers!