AI Solutions of Horizon Clinch Payaza Fintech Competition 3.0, Offering AI-empowered Loans for Small and Medium Businesses

Payaza Fintech Hackathon 3.0 Showcases Innovative AI-Powered Financial Solutions

The Payaza Fintech Hackathon 3.0, held in November 2024, was a two-day event that brought together some of the brightest minds in the tech industry to develop innovative financial solutions for businesses. Hosted by the TechQuartier (TQ) in Frankfurt as part of its Digital Finance Accelerator program, the competition featured seven teams, each presenting unique ideas to drive financial inclusion for MSMEs.

The grand prize of $9,500 went to Horizon AI, led by Chidinma Ofoma. Their AI-powered solution simplified access to credit for small business owners, making it easier for them to manage their finances and grow their businesses. Horizon AI's innovative approach to financial inclusion was highly commended by the judges.

The first runner-up prize of $3,000 was awarded to OGpay, led by Blessing Umoren. OGpay developed an AI-powered smart PoS system for simplifying payments and data collection for small businesses. This solution aims to make financial transactions more efficient and secure for small businesses, helping them to focus on growing their businesses rather than managing their finances.

Innospace X, led by Abubakar, won the second runner-up prize for their voice-controlled banking app, Echopay. Echopay allows users to control their banking activities using voice commands, making it easier for those with visual impairments to manage their finances.

Collins Omokaro, Senior Investment Expert at UNIDO ITPO, described the teams in the Payaza Fintech Hackathon 3.0 as eager and full of intriguing innovations. The event, which focused on AI-powered financial inclusion for MSMEs, showcased various solutions, including voice-controlled banking, AI-powered lending, and smart PoS systems.

Ewere Diagboya, Africa's First AWS Community Hero, remarked that it is good to see young people trying to innovate and solve problems. Hackathons like these are more than just events; they are movements that inspire hope, foster collaboration, and ignite solutions to Africa's most pressing challenges.

Payaza, a global leader in innovative payment solutions, is committed to fostering the next wave of fintech innovations from Africa. With platforms like Payaza nurturing and spotlighting such talent, financial inclusion and empowerment for MSMEs is more attainable.

The Payaza Hackathon 3.0 was the second edition of the hackathons, which were launched in 2022 with the inaugural edition themed "Rethinking Payments: Driving Financial Innovations Towards Customer Satisfaction." As the competition continues to grow, it is clear that the potential within Africa's tech ecosystem is vast and untapped.

In conclusion, the Payaza Fintech Hackathon 3.0 was a successful event that brought together some of the brightest minds in the tech industry to develop innovative financial solutions for businesses. The solutions presented by the teams highlight the untapped potential within Africa's tech ecosystem and demonstrate the importance of fostering innovation and collaboration to drive financial inclusion and empowerment for MSMEs.

AI Solutions of Horizon Clinch Payaza Fintech Competition 3.0, Offering AI-empowered Loans for Small and Medium Businesses