Financial Services Innovators (FSI) collaborates with Startup Arewa to implement a Fintech challenge tagged “Arewa Femtech Fest” with the theme “FINANCIAL INCLUSION FOR FEMALE ENTREPRENEURS IN NORTHERN NIGERIA”, a virtual Hackathon event to proffer and develop innovative solutions to tackle the challenges faced by unbanked and underbanked female entrepreneurs in Northern Nigeria.
“Poverty is known to affect more women than men due to disparities in education, employment and economic growth opportunities.
This is why Startup Arewa is excited to have this partnership with FSI to encourage financial inclusion amongst female entrepreneur within the northern region by proffering simple and easy to use fintech solutions to increase more of their participation in setting up businesses, which we believe will reduce poverty in the north. When you empower a woman you have empowered a community,” Mohammed I Jega (Founder Startup Arewa).
Going by a report from PWC in April 2020, 41% of micro-businesses in Nigeria are owned by women. According to reports from EFInA, more than 55% of financially excluded adults in Nigeria are women and of the 25.1million financially excluded in the north, 13.1 million are women. Business transactions are largely denominated in cash within the informal channels. Business funds are kept at home because financial institutions are concentrated in the state capital and few distant towns. Poor record keeping as a result of transacting through informal channels which in turn hampers their eligibility for credit.
“Africa needs to be deliberate about building enduring businesses leveraging on tech-enabled services. Hence the reason we at FSI have chosen to partner with Startup Arewa to proffer fintech solutions to female entrepreneurs in the north whom we believe can contribute more to GDP growth when they become financially included.” Mrs. Aituaz Kola-Oladejo (Executive Director, FSI).
The virtual event hash tagged “Hack4DFuture” is designed to proffer simple, unique and easy to use Fintech solutions: innovating payment, savings and credit, suitable for female MSMEs in Northern Nigeria as practical solutions to daily business challenges they encounter. And the event is open to innovators, software engineers, developers and others who are willing to proffer innovative solutions to tackle these challenges.
Whilst registration for the event commenced on the 18th of January 2021 and ends on the 1st of February 2021, the event ends on the 4th of March, 2021 with the announcement of winners. The first, second and third placed teams will be awarded N3m, N2m and N1m respectively.
Registration closes on the 1ST of February.