Advancing financial inclusion through data innovation

Published by Théophile Niyitegeka
On 23 November 2016 saa 02:33
Views :
47 2

Insight2Impact (i2i) in partnership with Access to Finance Rwanda (AFR) and Rwanda ICT Chamber have organized a data innovation competition dubbed #DataHacks4Fi to be launched in Kigali at kLab, running from Friday 25/11/16 to 25/01/17.

The competition brings together data specialists (analysts and software developers) and Financial Service Providers (FSPs) to leverage tools and technologies for crowd sourcing data-driven solutions to real-world problems.

It targets Fintechs, Financial Service Providers and Academia supported community, which aims to promote Data Science and Business Analytics as a key driver of Financial Inclusion deepening.

The competition seeks to promote collaboration between innovators in Africa and FSPs. It is open to many innovative minds across Africa and in the process teaches the young innovators to learn the art of engaging and telling the story about their initiatives as they present them to various FSPs.

#DataHacks4Fi is open to College or University Students, young innovators, Software developers, Data Scientists, Statisticians and other institutions that may be interested in Data and new Data trends leading to development of Financial Inclusion.

Participation is twofold both for those with existing solutions and those coming in with new solutions specifically looking at solutions that enhance financial inclusion.

The competition, which aims to be continental, will be piloted in Rwanda with plans of scaling it to other parts of Africa, according to i2i a partner organizer of the event.

The benefit to the competition participants will be getting a platform to grow their skill set through being given an opportunity to attend major data science “Master Classes/workshops”, be attached in a willing FSP for them to practically implement their solutions and expertise and network with other like minded enthusiasts across the continent for knowledge exchange.

The winners of this competition will receive a seed capital that will boost their innovative solutions. A number of partners and sponsors are preparing prize packages to sponsor the Final awards and the latter will be announced in the near future.

Through this competition the objective is to ensure we build capacity and empower the data innovators and developers. With this concept, the expectation is to ultimately serve the financially excluded customer through innovative data analytics.

Big data and alternative sources of data will be a key basis of this competition, underpinning new waves of decision-making, innovation, and client insights analytics in the development of new financial services products that appeal to the underserved/poor.

In order to ensure sustainability of the project, organizers are inviting financial service providers and other financial sector stakeholders to partner with the innovators but also to submit problem sets or challenges whose hackers can take a crack at.

The teams are also encouraged to approach FSPs and work with them in developing their solutions and proposals. Those who can demonstrate existing relationship and buy in from Financial Services Providers (FSPs) will receive preference.

Finalists from Rwanda will be pitched with those from other focus countries mainly Kenya, Tanzania, Uganda, Ghana, Senegal, Zambia and Mozambique.
Organizers planto launch the competition on 01/03/17for participants originating from the above focus countries.

JPEG - 136.3 kb
A bank customer withdraws money using his ATM card