The Absa Bank-MEST Hackathon focuses on fintech and banking industry solutions
Absa Bank and Meltwater Entrepreneurial School of Technology (MEST) delivered a transformative Hackathon event that focused on finding solutions to challenges in the fintech and banking space.
The three-day residential event was part of a partnership between the two companies to support start-ups in Ghana with skills training and insights 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 (consisting of thinkers, innovators and designers) came together to deliver innovative products and services to meet the needs of Absa customers.
The digital transformation team at Absa Bank chose key themes around financing for SMEs, environmental and sustainable solutions in banking; financial services to the mass market and value chain banks in the agricultural industry.
These themes were presented to the participating teams to choose the most suitable and work to find appropriate solutions.
The winning team, Team Insyt, which won a cash prize of ¢50,000, developed a solution to support banks in making 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, the director of commercial banking at Absa Bank, Grace Anim-Yeboah, said:
“This is what we mean by bringing opportunity to life. The relentless innovation displayed by the participating teams is testament to the talent we have in the country.
“The solutions they have come up with for the fintech and banking space are immense and we are excited to be a part of this. Our partnership with MEST will provide many opportunities for start-ups and harnessing next generation ideas for Ghana’s socio-economic growth.”
Program Director at MEST, Femi Adewumi said: “It was inspiring to see the MEST campus filled with a hundred young creative minds from eleven African countries, hacking away at problems in the banking and finance space.
“The excitement and energy was palpable. The Absa – MEST partnership has proven to be very progressive. We see many opportunities available for many startups in the fintech and banking space in Ghana and MEST is always happy to be an enabler.”
Beyond the competition, Absa Bank’s digital transformation team aggregates all the solutions the teams deliver to select a few that are commercially implementable for Absa’s clients and customers.
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