The ten participants in the hackathon segment of the fourth edition of the Zenith Tech Fair have collectively been awarded N77.5 million in prize money. The winners were announced during the tech fair, which focused on the theme ‘Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI', held on Thursday in Lagos.
The prize pool was distributed among the ten finalists who were selected from over 1,700 competitors in the hackathon. The top prize of N25 million, along with a six-week mentorship and incubation program aimed at fostering their growth and scalability, was awarded to JumpnPass, a self-checkout technology solution. This program is scheduled to take place from December 2024 to February 2025.
The first runner-up, CreditChek, a service that utilizes AI and open banking to enhance income and credit history verification for financial institutions, received N20 million and a mentorship program. The second runner-up, Salad Africa, a startup that facilitates the integration of credit products for digital platforms and software companies, was awarded N15 million along with a mentorship program.
Other finalists, including Regxta, CashAfrica, Middleman, Messenger, Pocketfood, Famasi Africa, and Kitovu, each received N2.5 million.
In her opening address at the tech fair, Adaora Umeoji, Group Managing Director/CEO of Zenith Bank Plc, expressed gratitude to the founder and Chairman, Dr. Jim Ovia, for initiating the Tech Fair initiative five years ago. She acknowledged his vision and foresight in leveraging technology to transform the business and banking landscape.
She stated, "This annual event was established to empower and cultivate the potential of young, innovative minds. Our aspiration is to nurture future leaders akin to Bill Gates, Mark Zuckerberg, Steve Jobs, and Elon Musk through the Zenith Bank Hackathons in the coming years.
The Nigerian Bureau of Statistics indicates that 70 percent of Nigeria's population consists of youths, representing a significant economic asset when effectively utilized. This is one of the key motivations behind Zenith Bank's decision to host this event, aimed at fostering the growth of technology startups. Their achievements not only drive innovation and progress in Nigeria but also play a crucial role in generating job opportunities for our young people."
She further emphasized the critical role of innovation in building robust and sustainable institutions.
Umeoji remarked, "It is essential that we embrace and integrate technology to maintain a competitive edge. Numerous companies have faced failure due to their inability to innovate. It is clear that a lack of innovation can lead to displacement, making it imperative for us to prioritize innovation rather than adhere to traditional methods."
In his goodwill message, Lagos State Governor Mr. Babajide Sanwo-Olu emphasized the necessity for a global perspective in conducting business within the country. He stated, "To enhance our products and services for global competitiveness, we must shift our mindset from local to global. Our current initiatives should not only cater to the local market but aim to reach a global audience. This is why I have consistently supported the Zenith Tech Fair over the past four years."
He expressed confidence that the upcoming edition, 5.0, would surpass previous iterations. He reiterated the government's commitment to fostering an environment conducive to innovation and creativity through such platforms.
The tech fair also marked the introduction of the bank's digital wallet, EazyByZenith, designed to bolster the bank's retail and financial inclusion efforts.
The event showcased various presentations on cutting-edge technological advancements spanning areas such as Artificial Intelligence, cybersecurity, risk management, compliance, financial intelligence, cloud computing, and communication technologies. The keynote address, titled "Banking Transformation in a Digital World," was delivered by esteemed Strategy & Digital Implementation Specialist, Lord Robin Speculand.
Goodwill messages were also shared by Jim Ovia, Founder and Chairman of Zenith Bank, and Vice President Kashim Shettima, represented by Dr. Tope Fasua, Special Adviser to the Presidency on Economic Matters.