Despite Nigeria’s growing fintech sector, cash transactions still dominate, leaving many without access to digital financial services. To bridge this gap, HabariPay Limited, the fintech arm of GTCO, launched the Take on Squad Hackathon, a platform designed to nurture young innovators and develop practical, homegrown payment solutions. In its second edition, the platform recently brought together students from across Nigeria, challenging them to create scalable technologies that can drive financial inclusion. Chiemelie Ezeobi writes that more than just a competition, the hackathon served as a launchpad for young tech talent, providing mentorship, training, and career opportunities to shape the future of Nigeria’s fintech ecosystem
The Nigerian fintech ecosystem is evolving rapidly, and at the heart of this transformation is the push for homegrown solutions that address the country’s unique financial challenges. Recognising the need to groom local tech talent and drive financial inclusion, HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company (GTCO), recently hosted the second edition of its flagship innovation event, Take on Squad Hackathon 2.0.
Held in Abeokuta, Ogun State, the hackathon brought together twenty teams from universities across Nigeria’s six geopolitical zones. These young innovators had the opportunity to showcase their skills, collaborate on digital payment solutions, and develop financial technologies tailored to the realities of Nigeria’s economy. With the theme “Finclusion Revolution: Unlocking Access, Empowering Communities,” the competition aimed to highlight how technology can bridge the financial divide, particularly for underserved populations.
Encouraging Homegrown Payment Solutions
Eduophon Japhet, Managing Director of HabariPay Limited, emphasised that the goal of the event extends far beyond awarding prizes. She explained that the hackathon serves as an incubator for young tech talent, equipping students with the technical and entrepreneurial skills they need to drive innovation within Nigeria’s financial technology sector.
She highlighted the urgent need for homegrown payment solutions, explaining that approximately eighty percent of transactions in Nigeria are still cash-based, noting that many existing digital payment systems, including point-of-sale terminals and card transactions, depend on costly, imported technologies.
The high cost of these systems, she said makes them inaccessible to many small and micro-businesses, exacerbating the financial exclusion of large segments of the population, which was why the hackathon encourages young developers to explore alternative, indigenous transaction methods that are both cost-effective and scalable.
Beyond the Hackathon: Nurturing Long-Term Growth
Reflecting on the impact of the first edition of the hackathon, Japhet revealed that while last year’s winning projects had yet to reach the market, HabariPay had absorbed about 10 participants into its Academy Programme.
The initiative provides mentorship, hands-on training, and internship opportunities, ensuring that young innovators can refine their ideas and gain real-world experience. The academy also covers educational fees, helping students balance their studies with their passion for fintech development.
“Our Academy is an extension of the hackathon,” Japhet explained. “We provide mentorship, training, and internships, and even cover educational fees to support these students. By integrating them into our team, we ensure they have the resources and guidance needed to refine their ideas and contribute meaningfully to the fintech ecosystem.”
Spotlighting Transformative Solutions
The hackathon showcased a range of groundbreaking ideas aimed at addressing Nigeria’s financial challenges. Among the standout projects was Houseify, as a platform that soimplifies the house-hunting process by eliminating agent fees and directly connecting tenants to landlords.
Others include Team Delishgo, an app service that uses drones to deliver food and drinks from restaurants to customers. Team Talk and Pay was an audio fintech app that enables the visually impaired to tap into the financial sector using voice commands.
Another one was Stockly, an all-in-one business management platform that empowers SMEs with seamless inventory tracking. This is just as Split Ease, developed by Team Sirius was showcased as a digital solution to enhance the security of group savings under the Ajo payment system.
With increased participation this year, HabariPay is poised to uncover even more innovative solutions that can drive digital and financial inclusion. By fostering young talent, the company is not only shaping the future of Nigeria’s fintech industry but also redefining how financial transactions are conducted across the continent.
Recognising Excellence: The Winning Teams
After intense competition, Team Savvy emerged as the overall winner, receiving a cash prize of five million naira. Their solution stood out for its practical application in financial inclusion, demonstrating a scalable and innovative approach to solving Nigeria’s payment challenges.
Team Farmceries secured second place, earning three million naira, while Team TBD came in third with a prize of two million naira.
Beyond the financial rewards, the hackathon provided participants with access to expert mentorship, real-world fintech challenges, and the opportunity to gain industry exposure.
Many of the participants will also have the chance to join HabariPay’s Squad Academy, where they will receive further training, networking opportunities, and access to potential job placements within GTCO’s fintech ecosystem.
As financial technology continues to transform economies across the continent, events like Take on Squad Hackathon 2.0 play a crucial role in bridging the digital divide and fostering technological self-sufficiency. By supporting young developers and encouraging the creation of indigenous fintech solutions, HabariPay is actively shaping the future of Nigeria’s digital economy.
