Hi-Tech Wins FCMB’s 60-team Hackathon Challenge

The inaugural FCMB Hackathon Challenge saw Team Hi-Tech, led by Afolabi Ayanfe and Sophia Ezeh, win the top prize of N3 million for the creation of the digital financial solution, Padi4Life. 

A partnership with Ingressive For Good (I4G), the hackathon launched a new cohort of techies and fostered innovation and creative problem-solving. 

With over 2,900 entries and 60 competing teams participating in a 72-hour hackathon, Team Hi-Tech’s Padi4Life made the final shortlist. It stood out for its peer-to-peer lending, asset tokenisation, and blockchain-based investment and engagement features. 

Rita Onwudiwe and Augustus Shaminga of Team KoloPadi secured the N1 million first runner-up prize for their KoloPadi solution. The second runner-up prize of N500,000 went to Victor Tochukwu of Team Xperia for its Money Minder solution.

 The total prize allocation was N4.5 million. Initially, each competing Team had five members, with some dropping off and reducing the Team. Yet, resilient members like Victor of Team Xperia were undeterred and made the final shortlist as a one-person team.

Afolabi Ayanfe, the Team Lead of Hi-Tech, expressed gratitude to FCMB, saying, “Padi4Life is designed to build a community of trusted financial partners, meeting the needs of Nigerians. The Team affirmed its commitment to building a robust platform that meets the needs of Nigerians. They thanked First City Monument Bank for providing them a platform to launch themselves.”

Divisional head of Transaction Banking at FCMB, Rolayo Akhigbe, stressed the bank’s commitment to innovation through Open Banking. She urged FinTechs, developers, and start-ups to utilise First City Monument Bank’s Application Programming Interface (API) to develop inclusive and sustainable solutions.

Group head of Corporate Affairs at FCMB, Diran Olojo, encouraged winners and participants to collaborate with the bank, saying, Open Banking is the future. To him, “the future is connected, and open banking is key to unlocking this potential. With our APIs and more in development, we are addressing challenges and creating a more inclusive and sustainable financial system for everyone. We are ready to work with innovators and call on new-generation techies to join us on this journey of building the connected future of finance.”

The hackathon judges, led by Rolayo Akhigbe, included Diran Olojo, Shamsideen Fashola, Divisional Head of Personal Banking, Bipul Deka, Chief Digital Officer, Rotimi Famuwagun, Chief Information Officer, all of FCMB and the Ingressive for Good CEO, Sean Burrowes.

The FCMB and I4G Hackathon showcased inventive concepts and technical skills. It fostered collaboration and networking among participants, creating an interactive ecosystem for knowledge exchange. First City Monument Bank, a member of the FCMB Group Plc, remains dedicated to fostering inclusive and sustainable growth within its communities.