Absa Bank - MEST Hackathon Event Produces Thrills | Technology

Absa Bank and Meltwater Entrepreneurial School of Technology (MEST) have delivered a transformational Hackathon occasion that targeted on discovering options to challenges within the fintech and banking house.

The 3-day residential occasion shaped a part of a partnership between the 2 firms to assist startup enterprise enterprises in Ghana with abilities coaching and insights in digital expertise. The objective is to unlock new alternatives by co-creating and producing the following technology of modern entrepreneurs in Ghana and on the continent.

A complete of 20 groups with 5 individuals every (comprising thinkers, innovators and designers) huddled collectively to ship modern services to satisfy the wants of Absa prospects.

The digital transformation staff at Absa Bank chosen key subjects round funding for SME companies, environmental and sustainable options in banking; monetary providers to the mass market and worth chain banking within the agribusiness sector. These subjects have been introduced to the collaborating groups to decide on essentially the most appropriate and work to offer acceptable options.

The profitable staff, Team Insyt, which bagged a money prize of GHS50,000, developed an answer to assist banks in making higher data-driven credit score choices. Their rationale was underlined by the truth that greater than 80% of mortgage purposes get rejected as a result of conventional banks lack adequate information to make higher credit score choices.

Commenting on the competitors, Director of Business Banking at Absa Bank, Grace Anim-Yeboah mentioned:
“This is what we mean by bringing possibilities to life. The relentless innovation displayed by the participating teams are 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 happy to be a part of this. Our partnership with MEST will provide lots of opportunities for startup companies and the utilization of next-generation ideas for Ghana's socio-economic growth.”

Programs Director at MEST, Femi Adewumi mentioned: “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 were palpable. The Absa - MEST partnership has proven to be very progressive. We see a lot of opportunities available for many startups in the fintech and banking space in Ghana and MEST is always happy to be an enabler.”

Beyond the competitors, Absa Bank's digital transformation staff are collating all of the options delivered by the groups to pick a number of which might be commercially implementable for Absa's prospects and purchasers.