Innovation, Digital Transformation Key To Expanding Access To Finance

Ecobank Nigeria has identified innovation and digital transformation as key to expanding access to financial services and creating economic value, as it awarded N22 million to 20 teams of undergraduate innovators at the grand finale of its InnovateX Hackathon in Lagos.

The competition, had attracted 168 teams comprising 672 students from 90 universities across the country, with 20 finalist teams from Lagos, Port Harcourt and Abuja pitching solutions to challenges across different sectors.

Team Vhorde emerged overall winner, receiving N5 million, while E-Nation came first runner-up with N4 million. Konvoy placed second with N3.5 million, Kredo emerged third runner-up, while Aselabs took the fourth runner-up position.

Speaking at the event, Executive Director, Commercial and Consumer Banking, Ecobank Nigeria, Kola Adeleke, said innovation was important to improving access to financial services and supporting economic growth.

“At Ecobank, we recognise that young people are not merely the leaders of tomorrow; they are innovators, entrepreneurs and contributors to economic growth today. As a pan-African bank, we believe that digital transformation and innovation are essential to expanding opportunities, improving access to financial services and creating sustainable economic value.”

He said the hackathon was established to provide young Nigerians with a platform to develop practical solutions to challenges across banking, technology, business and society.

“InnovateX was created to give young Nigerians a platform to transform ideas into practical solutions to real-world challenges across banking, technology, business and society. The diversity of ideas emerging in areas such as financial technology, artificial intelligence, sustainability, digital services, education and enterprise solutions demonstrates the breadth of innovation taking place among our young people.”

According to him, the initiative also seeks to develop entrepreneurial capabilities and connect young innovators with resources, mentorship and networks to advance their ideas.

“Our objective goes beyond identifying winners. We want to help nurture ideas, develop entrepreneurial capabilities and connect promising innovators with the resources, mentorship and networks they need to succeed.”

Also speaking, Head, Products and Analytics, Ecobank Nigeria, Victor Yalokwu, said the hackathon was driven by Blaze, the bank’s youth proposition.

“The InnovateX Hackathon is driven by Blaze, our youth proposition that serves as a vehicle for young people to express their talents, ideas and abilities to drive economic growth.

Speaking on behalf of the winning team, Henry Uti of Team Vhorde said the competition provided an opportunity for young Nigerians to demonstrate their capacity to develop solutions to industry challenges.

“Winning the InnovateX Hackathon is both an honour and a huge motivation for our team. This platform has shown us that young Nigerians have the creativity and capacity to build solutions that can transform industries and improve lives. We are grateful to Ecobank, Blaze, Heave Ventures and Verve for believing in young innovators and providing an opportunity to showcase our ideas.”