Kora supports talented innovators in payment hackathon

Payment infrastructure company Kora has empowered the next generation of talents to simplify and advance the payment ecosystem with innovative technology solutions.

The firm organised its second hackathon of the year at its Lagos office on Friday, a corporate social responsibility initiative that brought together young innovators to develop seamless payment solutions for Nigeria and Africa.

Kora structured Hackathon 2.0 as a 14-day programme to encourage those talents to break boundaries in business operations and develop financial solutions that cater to business needs in emerging markets.

“The selection process was highly competitive, starting with over 300 applications.  We shortlisted the top 70 for preliminary interviews and demos.
“After further screening, we narrowed it down to 30 participants, and today, we have the final 10 teams presenting their projects,” the Business Development Officer at Kora, Chukwuma Ukegbu, told The PUNCH.

Rural communities in Nigeria face significant challenges in accessing financial services, relying heavily on cash transactions.

Approximately 36.8 per cent of adults in these areas remain financially excluded, according to data from the Enhancing Financial Innovation & Access to Financial Services in Nigeria.
The Kora Business Lead said Nigeria, as an emerging market, offers vast opportunities in the financial services sector, although it has yet to reach its full potential.

“We need to take these solutions to underserved areas where cash is still largely dominant. Our goal is to make payment processes as seamless as possible, similar to sending a text message and tapping into the massive market opportunities in Africa,” Chukwuma enthused.
He explained that the hackathon was designed to be more than a competition, as it provided additional value for the participants.

The top three finalists received cash prizes, with the first-place winner receiving $1,200, the second-place winner $600, and the third $300.

Software Engineer at Kora, Olumayowa Kayode, told The PUNCH that beyond the cash prizes, all 10 finalists would have access to mentorship opportunities with industry-leading professionals in the payments sector.

In addition to mentorship, Kora may offer internship opportunities for developers, giving participants an opportunity to further develop their skills, he remarked.

Kayode said that the hackathon was part of Kora’s larger vision to revolutionise the payments landscape across Africa.
By promoting young talent and investing in new ideas, Kora hoped to lead the transformation of how businesses and individuals conduct payments in the continent’s largest markets, he said.

One of the talents, Semilogo Owoade, in an interview with The PUNCH, explained that they developed “Oja Mi”, an e-commerce platform that automatically onboards online vendors and enables safe and secure transactions.

The Covenant University graduate said the solution supported offline payments for physical storefronts and accommodated multiple currencies across Africa.