.As Shettima commends Bank’s support to economic devt
COMFORT EKELEME, Business Editor
A total sum of N77.5 million in prize money was won at the end of a keenly contested hackathon session at the Fourth Edition of the Zenith Tech Fair, themed “Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI “, which held on Thursday, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos.
The prize money was shared among ten finalists who emerged from the over 1,700 contestants that took part in the hackathon, with JumpnPass, a self-checkout technology solution reshaping the retail landscape in Africa emerging as the overall winner and taking home the grand prize of N25 million. This is in addition to a six-week mentorship and incubation programme designed to help them grow and scale effectively, which will run from December 2024 to February 2025.
The first runner-up, CreditChek , a credit and verification service provider which leverages AI and open banking to streamline income and credit history verification for financial institutions, won N20 million and a mentorship programme, while the second runner-up, Salad Africa, a start-up which offers seamless integration of credit products for digital platforms and software companies won N15 million as well as a mentorship programme.
Other finalists who took home N2.5million each include Regxta, CashAfrica, Middleman, Messenger, Pocketfood, Famasi Africa, Kitovu.
Earlier during the programme, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, in her welcome address expressed her appreciation to the Founder & Chairman, Dr Jim Ovia, CFR, for birthing the idea that led to the establishment of the Tech Fair initiative 5 years ago, and thanked him for his vision and foresight in utilizing technology to revolutionize the world of business and banking. Commenting on the Hackathon, she said, “This prestigious annual event was created to empower and nurture young fertile minds. We hope to produce the likes of Bill Gates, Mark Zuckerberg, Steve Jobs and Elon Musk from the Zenith Bank Hackathons in the nearest future.
“According to the Nigerian Bureau of Statistics, 70% of Nigeria’s population are youths which is an economic asset when properly harnessed. This is part of the reason why Zenith Bank is hosting this event to support the development of technology startups. Their success not only fosters innovation and growth in Nigeria, but it also plays a vital role in creating employment opportunities for our youth.”
She also stressed on the importance of innovation and embedded finance in ensuring strong and enduring institutions. According to her, “it is paramount that we adapt and adopt technology to stay ahead of the curve. We
have seen various cases of companies that failed because of their lack of innovation. It is quite obvious that when companies fail to innovate; they can easily be displaced, so this is not the time to be orthodox, innovation should be a top priority for us.”
Described as a huge success by participants, the Fair featured the launch of the bank’s digital wallet, EazyByZenith, which will help to support the bank’s retail and financial inclusion strategy.
The fair also included presentations on the leading technological innovations that cut across different aspects of life, such as Artificial Intelligence, Cybersecurity, Risk Management, Compliance, Financial Intelligence, Cloud Computing and Communication Technologies, with the keynote address, “Banking Transformation in a Digital World”, delivered by Robin Speculand, a renowned Strategy & Digital Implementation Specialist.
The event also featured goodwill messages by Jim Ovia, CFR, Founder and Chairman of Zenith Bank; His Excellency, Hon. Kashim Shettima, GCON, Vice President of the Federal Republic of Nigeria (represented by Dr. Tope Fasua, Special Adviser to the Presidency on Economic Matters).
Other eminent IT practitioners from top global brands who also made presentations include; Robin Speculand, renowned Strategy & Digital Implementation Specialist; Danilo McGarry, Global Expert on Digital Transformation and AI; Jania Okwechime, Partner, Africa, AI & Data Leader, Deloitte; Rupert Nicolay, Director, Microsoft Worldwide Financial Services.
The panel session had Wole Odeyele, Client Technology Lead for Microsoft Inc. as its host, and featured six discussants including Ada Jabaru, Founder & Director, Nistad Limited; Funke Opeke, Founder & Chief Executive Officer, MainOne; Guy Futi, Chief Executive Officer, Orda; Dr Auwal Adam Sa’ad, Founder, ZamzamPay; Kashifu Inuwa Abdullahi, Director General, National Information Technology Development Agency (NITDA), and Engr. Bisoye Coker-Odusote, Director General/Chief Executive Officer, National Identity Management Commission (NIMC).
The Zenith Bank startup pitch competition and incubation programme seeks to identify and fast-track the growth of high-potential Nigerian startups innovating in key sectors, including Embedded Finance, Cybersecurity, Fintech, HealthTech, Agritech, E-commerce, and more. The programme provides an ideal platform for startups to showcase their groundbreaking ideas and gain access to invaluable resources to scale their businesses.
Meanwhile, Vice President Kashim Shettima Thursday in Lagos commended Zenith Bank Plc’s support to the growth and development of the Nation’s economy.
He said that the federal government acknowledges Zenith Bank’s efforts and contributions of its board and management to the larger society.
Shettima who was represented by the Special Adviser on Economic Affairs in the office of the Vice President, Dr Tope Fasua, maintained that Zenith Bank has distinguished itself as an astute supporter of technological innovation, as one of Africa’s most capitalized and profitable bank.
He stated this at the 2024 Zenith Bank Tech Fair Future Forward 4.0, themed ‘Embedded Finance, Cyber security & Growth Imperative- The Impact of AI’.
According to him, the bank has carved a niche in the Nigerian financial services sector and beyond, adding that Zenith Bank has for long set the pace for other banks in terms service delivery, consistency, compliance and innovation, especially with the consistent investment in technology.
He said, “Today being the fourth edition of this Zenith brilliant exhibition, one could arguably conclude that of all the banks in Nigeria, Zenith has stood out head and shoulder under the guidance of its Chairman, Dr. Jim Ovia.
‘We look forward to the latest and best in an evolving world where Artificial Intelligence (AI), machine learning and robotics have already transformed the financial space.
“Nigeria as a country has also been recognized as one of the advanced for innovations in banking and finance in Africa, with some of our services being faster, more efficient and more innovative than obtains in many developed countries around the world.
“With innovatives like this, it is my firm believe that Nigeria will continue to maintain this status and also be at par with the best in the world. And must be challenged as a nation to continue to create more new ideas that are peculiar to our circumstances that could also serve similar nations in Africa and the world,” he said.
He noted that in today’s world that is driven by information and data sciences, we must all continue to explore new opportunities in e-commerce and retail banking that is enabled by innovation.
He said, “Today, we look forward to a new product offering that would span the scope of our banks and enable more financial and economic inclusion for millions under banked Nigerians.
Shettima however, said that the federal government recognizes the importance of AI and machine learning in today’s world, adding that Zenith Bank Group must keep up this engagement and do everything possible to continue to grow this niche.
He said that it is profitable to be known for something that benefits humanity and increases financial and economic inclusion.
To him, this initiative compliments the federal government’s efforts in reducing poverty and growing per capital income.
Also speaking at the event, Governor of Lagos State, Mr. Babagide Sanwo-Olu said there is no gainsaying that Zenith Bank’s impact on the financial landscape has been tremendous on this great nation.
Sanwo-Olu, who was represented by the Commissioner, Innovation, Science & Technology, Lagos State, Tubosun Alake said the bank’s growth and innovative contributions to the financial sector is only in parallel with Africa’s growth over the past three decades.
He said today’s gathering further exemplifies Zenith Bank’s unwavering commitment to driving technological innovation and collaboration, positioning itself as a trailblazer in shaping future finance and technology.
“This year’s theme could not be more timely as AI continues to redefine the global landscape and the opportunity to enhance embedded finance to fortify cyber security framework.
“In preparing for the future,it is important that platforms like this serve as a ralling point for joint collaborations for driving future forward strategies.
“AI’s impact will be felt whether we are prepared for it or not, and as such, platforms like this are very important.
“In Lagos State, we are at the front of preparing for the AI onslaught. Our digital initiatives such as our enterprise architecture projects are standardizing and harmonizing our digital data assets for appropriate learning model implementation,” he said.
