The Christopher Kolade Centre for Research in Leadership and Ethics (CKCRLE) at the Lagos Business School on Tuesday, 14th of March 2023, organized a pioneer hackathon for emerging and beta-tested fintech ideas with the goal of identifying sustainable and innovative solutions to the current challenges within the digital public financial intermediation ecosystem in Nigeria.
The event attracted several teams, such as OfficeAjo, Ansvel, SubPal, CreditHub, ErrandPay, and Cashfog. The different teams offered thought-provoking and notable projects and the panel of judges led by Professor Bongo Adi adjudged their pitches using the following criteria: proposed theory of change, feasibility and viability, scalability/interoperability, and their expertise cum track record. Other panellists included – Dr. Olayode Agboola, Mr. Dayo Otokiti, Mr. Chinedu Okoro and Mr. Muhammad Akanji
After a thoughtful evaluation of the pitches, ErrandPay emerged as the winner of the hackathon. The team presented a solution that was quite exciting, scalable and interoperable across boundaries. They provide plug-and-play digital solutions that are B2B-driven targeted at aiding collections and receivables by Micro-Finance Banks (MFBs) from any part of the world. In the near future, they intend to integrate their solutions to the Pan-African Payment and Settlement System (PAPSS) to foster intra-African trade.
The first runner-up was CreditHub. Their solution addresses the twin problems of financial exclusion through the provision of digital infrastructure to create many more neo banks; and reducing unemployment through their affiliate banker’s model.
The CKCLRE is committed to playing a leading role in supporting the growth of financial inclusion in Nigeria, and this hackathon highlighted the potentials of fintech startups in Nigeria. More so, the event highlights the role they can play in improving financial inclusion and access to finance in the country. The event was a huge success, and the Center looks forward to supporting ErrandPay, CreditHub and other fintech teams as they continue to develop their solutions.
