A voice-activated banking app, an advanced PoS system, and an AI-driven lending platform emerged as winners at the Payaza Hackathon 3.0, collectively securing $9,500 in prizes. The event, held from November 20–21, 2024, was themed AI-powered financial inclusion for MSMEs. Seven teams competed, each presenting AI-enabled fintech solutions aimed at helping small and medium enterprises (MSMEs) overcome financial barriers and achieve business growth.
The winning team, Horizon AI, led by Chidinma Ofoma, created an innovative platform that simplifies access to loans for small businesses. By leveraging AI to provide relevant financial insights, the solution enhances credit accessibility. Their efforts earned them the top prize of $5,000, along with a place in Payaza’s 10-week incubation program.
The first runner-up, OGpay, designed a smart PoS system powered by AI. This solution not only facilitates seamless payment processes for small businesses but also gathers valuable data to support business scaling efforts. Meanwhile, the second runner-up, Innospace X, introduced Echopay, a voice-controlled banking application that allows users—especially those with limited literacy skills—to execute banking transactions using voice commands. Both solutions demonstrated the diverse possibilities AI offers in transforming financial services.
Other competing teams presented AI-driven solutions addressing areas such as inventory management and payment optimization for online vendors. These contributions underscored the creative potential of merging financial technology with artificial intelligence.
Payaza, a global leader in innovative payment solutions, launched its hackathons to address the challenges faced by MSMEs while promoting impactful solutions that drive growth and financial inclusion. Since its inception in 2022, the annual event has spotlighted transformative ideas, evolving into a platform for fostering innovation and empowering young African tech talent. The previous editions introduced groundbreaking solutions, including tools for financial literacy and savings management.
This year’s competition impressed the judges, despite minor gaps in presentation and scope. Collins Omokaro, a Senior Investment Expert at UNIDO ITPO, commended the participants for their innovative drive and technical expertise. Mentors from top organizations such as Microsoft and Innovest Afrika also provided guidance, enabling teams to refine their concepts and execution.
Payaza Hackathon 3.0 wasn’t just a competition—it was a celebration of the ingenuity and determination of African innovators. By addressing financial inclusion through creative AI applications, the event highlighted the untapped potential within Africa’s tech ecosystem. As the winners and participants move forward with their solutions, they exemplify the transformative power of purpose-driven innovation.
Looking ahead, Payaza’s vision for future hackathons aims to build on this momentum, inspiring solutions that tackle Africa’s pressing financial challenges while driving inclusion and growth. The future of fintech innovation in Africa is already taking shape, fueled by events like these that empower and nurture the next generation of tech leaders.
