The World Bank defines “Financial inclusion as the ability of individuals and businesses to access useful and affordable financial products and services that meet their needs — transactions, payments, savings, credit and insurance — delivered in a responsible and sustainable way.”
As part of MTN Group’s vision 2025 to bridge the financial services gap in the markets where MTN operates, companies, entrepreneurs, and developers from across the continent were invited to participate in the 3rd MoMo API Hackathon under the theme “Innovative financial and transactional applications.”
In Uganda, the initiative was implemented in partnership with Outbox and attracted an impressive 265 applications, from which the top 12 teams were shortlisted to participate. Out of the top 12 participating teams, 3 teams with the most outstanding innovations were selected by an independent panel of judges to receive prizes amounting to $10,000. This years’ top 3 innovations include;
- Kabokisi, the triumphant team, presented a comprehensive financial ecosystem encompassing personal and group savings, along with community initiatives. Their visionary approach earned them the top spot, with an award of $5,000.
- EchoKash, another noteworthy project, received $3,000 for its commitment to creating a secure, efficient, and inclusive financial application. Leveraging artificial intelligence and voice recognition technology, EchoKash aims to redefine the landscape of financial accessibility.
- SharePay, the third winning team, secured a cash prize of $2,000 for its innovative application designed to streamline shared expenses. Users can now effortlessly manage shared bills, including school fees, restaurant bills, and hospital bills, fostering a more collaborative and financially inclusive environment.
While giving his remarks at the Pitch Day, Steven Mutana, MTN MoMo’s Chief Strategy & Stakeholder Manager, emphasized that;
The MoMo Hackathon is not just a competition; it’s a platform for talented individuals to showcase their creativity and make a positive impact. We believe in the transformative power of technology and the ability of innovation to drive financial inclusion. The solutions presented here reflect our commitment to making a real difference in the lives of people.
At Outbox, we believe opportunities like the MTN MoMo Hackathon 2023 are a testament to the power of innovation in fostering financial inclusion. With young people leading the charge, these groundbreaking solutions have the potential to reshape the landscape of financial services, making them more accessible and inclusive for individuals and businesses alike.
Event in pictures:
