Absa Bank-MEST Hackathon focuses on fintech and banking industry solutions
Absa Bank and Meltwater Entrepreneurial School of Technology (MEST) hosted a transformational Hackathon event focused on finding solutions to challenges in fintech and the banking space.
The three-day residential event was part of a partnership between the two companies to support start-up businesses in Ghana with skills training and insight into digital technology.
The aim is to unlock new opportunities by co-creating and producing the next generation of innovative entrepreneurs in Ghana and on the continent.
A total of 20 teams of five participants each (comprising thinkers, innovators and designers) came together to deliver innovative products and services that meet the needs of Absa’s customers.
Absa Bank’s digital transformation team selected key topics around SME financing, environmental and sustainable solutions in banking; mass market financial services and agribusiness value chain banking.
These topics were presented to the participating teams to choose the most appropriate ones and work to provide suitable solutions.
The winning team, Team Insyt, who took home a cash prize of ¢50,000, developed a solution to help banks make better data-driven credit decisions.
Their rationale was underscored by the fact that more than 80% of loan applications are rejected because traditional banks lack sufficient data to make better credit decisions.
Commenting on the competition, Absa Bank’s Head of Corporate Banking Grace Anim-Yeboah said:
“That’s what we mean by bringing possibilities to life. The relentless innovation displayed by the participating teams is a testament to the talent we have in the country.
“The solutions they have offered for the fintech and banking space are immense, and we are happy to be a part of them. Our partnership with MEST will provide many opportunities for startups and the use of next-gen ideas for the socio-economic growth of Ghana.
MEST Director of Programs, Femi Adewumi said, “It was inspiring to see the MEST campus filled with one hundred young creative minds from eleven African countries, tackling issues in the banking and finance space. .
“The excitement and energy was palpable. The Absa – MEST partnership has proven to be very progressive. We see a lot of opportunities available for many fintech and banking startups in Ghana and MEST is always happy to be a facilitator.
Beyond the competition, Absa Bank’s digital transformation team brings together all the solutions delivered by the teams to select a few that are commercially implementable for Absa’s clients and customers.
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