The Need for Collaboration
Lagos State, the most populous and economically vibrant state in Nigeria, has recognised the importance of collaborating with technology companies to enhance the quality and relevance of tertiary education. The Commissioner for Tertiary Education, Hon. Tolani Sule, stated that the state government is committed to fostering partnerships between tech firms and academic institutions, as a way of exposing students to the latest trends, tools and methodologies in the tech industry. He said that such collaborations would also enable students to acquire practical skills that are directly applicable in the workforce, as well as tap into the vast pool of research talent that exists within the institutions.
The Payaza Fintech Hackathon 2.0
One of the initiatives that the state government has supported is the Payaza Fintech Hackathon 2.0, which was held in Lagos on December 4, 2023. The hackathon, themed “Empowering Africa: Leveraging Generative AI for a Tailored Financial Journey”, aimed to bridge the gap between young talents and an ecosystem that can incubate, grow and establish them. The hackathon challenged participants to use generative artificial intelligence (AI) to create innovative solutions for the financial sector, such as personalised banking, credit scoring, fraud detection and financial inclusion.
The Product Marketing Manager of Payaza, Margaret Cole, explained that the hackathon was designed to provide an opportunity for young nascent talents with so much potential and hunger to showcase their skills in the right environment. She said that the tech industry is always interested in established, experienced and ready to use talent, but there is little or no room for nurturing and growing new talents. She added that the future of AI is today, and that AI will soon become the new way of life transcending across all sectors and industries. She said that Payaza, as a company that provides payment solutions using up to date technologies and infrastructure, is keen to seek solutions that are AI embedded to meet its customers’ needs.
The Winners and Prizes
The hackathon attracted over 100 participants from various tertiary institutions in Lagos State, who formed teams and worked on their projects for 48 hours. The projects were judged by a panel of experts from the tech and financial sectors, based on criteria such as originality, feasibility, scalability, impact and presentation. The winning team, Iya Finance, created a solution that uses generative AI to create personalised financial plans for customers, based on their income, expenses, goals and preferences. The team received a cash prize of $5,000, as well as mentorship and support from Payaza.
The first runner-up, Naya, created a solution that uses generative AI to generate credit scores for customers, based on their financial and social data. The team received a cash prize of $3,000, as well as mentorship and support from Payaza. The second runner-up, Enigma, created a solution that uses generative AI to detect and prevent fraud in online transactions, based on the behaviour and patterns of customers. The team received a cash prize of $1,500, as well as mentorship and support from Payaza. All the teams present at the finale received a participation prize of $100, as well as other cash gifts.
The Benefits and Opportunities
The hackathon was not only a competition, but also a learning and networking platform for the participants, who had the chance to interact with mentors, judges, sponsors and peers from the tech and financial sectors. The participants also received feedback, advice and guidance from the experts, as well as exposure to the latest technologies and tools in the field of generative AI. The hackathon also created opportunities for the participants to showcase their talents and potential to potential employers, investors and partners, as well as to contribute to the development of the fintech sector in Africa.
The Commissioner for Tertiary Education, Hon. Tolani Sule, congratulated the winners and participants of the hackathon, and commended Payaza for organising the event. He said that the state government is proud to support such initiatives that promote innovation, creativity and entrepreneurship among the youths. He said that the state government will continue to partner with tech companies and tertiary institutions to create more platforms and opportunities for the students to learn, grow and excel in the tech industry.
