Innovators Compete at PayAza 2.0 Hackathon in Lagos
On November 22nd and 23rd, the Wheatbaker Hotel in Lagos became a hub of innovation as five teams vied for the $5,000 grand prize at the PayAza 2.0 hackathon. Organized by PayAza Africa Limited, a leader in innovative and cost-effective payment solutions, this event aimed to advance the African payment industry. Themed “Empowering Africa – Leveraging Generative AI For a Tailored Financial Journey,” the hackathon provided a platform for creative problem solvers to develop cutting-edge payment solutions using Generative AI.
Participants were divided into five teams, each paired with mentors, and tasked with building fintech solutions. The esteemed panel of judges included Adeoluwa Akomolafe, Chief Information Officer of Wema Bank; Tife Akeju, Country Manager at Obsidian Achernar; Seun Alley, CEO and founder of Fez Delivery Co.; Barong Asiodu, Head of Transformation Western Africa at Pernod Ricard; Jacqueline Aby, CEO and Founder of MagmaTech; Kayode Fadahunsi, CEO of Prosperis Holdings; Adetayo Bamiduro, Co-founder of MAX; and Edwin Enwegbara, Executive Director of Eauxwell Nigeria Limited. Distinguished guests, including Tolani Sule Akibu, the commissioner for tertiary education in Lagos state, highlighted the importance of collaboration between the tech industry and educational institutions.
Team Iya Finance Secures Victory
The event concluded with Team Iya Finance emerging as the winners. This innovative trio created an AI-driven financial tool designed to enhance financial literacy and decision-making. The app uses Generative AI to automate financial decisions, such as savings, by analyzing users’ spending habits and financial history to predict and achieve their financial goals. The winning team, composed of Chinwendu Nweje (Product Manager), Ogechukwu Ata (Frontend Developer), and Francis Okocha Ojeah (Backend Developer), was mentored by Unyime Tommy and Kehinde Omotoso and took home the $5,000 grand prize.
Other Innovative Solutions
The hackathon featured strong competition, with each team presenting their solutions to the judges. The first runner-up, Team NaYa, received a $3,000 prize for their robust AI-based data privacy solution for tailored financial services. Team members included Victor Agwa, Gideon Onyewuenyi (Best performing team member), and Increase Chima.
The second runner-up, Team Enigma, earned a $1,500 prize for their web app, AfriAid, which leverages generative AI to help businesses manage financial data and gain insights. Team members were Mkpouto Inyang (Best performing team member), Sophia Ezeh, Youdiowei Oyineteimorde, and Anameti Umoh.
Other participating teams included Team Peerloom with their AI-based solution CreditCheq for instant financial checks for loans, and Team Payverdict with Ada, an AI marketplace assistant to improve customer service.
Celebrating Success and Innovation
The PayAza 2.0 hackathon celebrated all participants, awarding the best-performing team members $200 each, and every participant received $100 and a certificate of participation. PayAza Africa Limited plans to support the winning idea and may recruit standout participants, emphasizing their commitment to fostering innovation in Africa’s payment industry.