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20.02.2019 Career & Money

Betway Fintech Challenge Seeks Digital Innovators To Boost Financial Services

By Kobina Makuom
Betway Fintech Challenge Seeks Digital Innovators To Boost Financial Services
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Innovative online sports betting enterprise Betway, announced a three-phase competition that they will be running dubbed the Betway Fintech Challenge. Betway, whose success can be attributed to the ease-of-access they have introduced for sports betting fans using digital platforms in everything from banking and security to betting, announced the competition today at the Accra Digital Center.

Betway has an intrinsic interest in furthering the cause for those in digital development (especially as they themselves introduced mobile money deposits and withdrawals) for those in the financial services industry.

The contest is open to legal Ghanaian residents aged 18 and above and will accept applications from 19th February 2019 to 8th March 2019 in the following categories;

  • Customer Connection & Experience Innovation – Solutions that enable merchants and customers to make payments in new ways. Any product that meets the need for cheaper, faster and easier payment processing, capable of engaging and activating the under-served and under-banked populations.
  • Data-driven Design – Solutions that are characterized by their capacity to leverage the data gathered in a primary business into financial services, and may reduce transaction costs and improve decision-making, including using analytics to enhance risk and customer segmentation decisions.
  • Investment & Wealth Management – Solutions that will enable the provision of wealth management/investment services in new and unique ways.
  • Blockchain – Solutions that will use the concept and principles of blockchain technology to build trust and transparency in financial services that will promote greater financial inclusion.
  • Organizational or Process Transformation – Solutions that focus on disrupting a traditional process in any industry that requires payments and new ways to enhance service delivery.

Shortlisted finalists will be taken through training and workshops designed to equip them with knowledge on raising funds, pitching, branding and marketing amongst others, as well as new models and applications in the financial services space. To enter into the Betway Fintech Challenge, interested persons should visit or pick up a form from the Concept Stores at Adabraka in Accra and Amakom in Kumasi.

The five (5) finalists will be invited to pitch their start-up vision to a panel of judges. At the end of each pitch the judges will evaluate finalists based on problems addressed, market size and growth potential, differentiated solution and performance and traction with customers. Three winners will be announced on 17th May 2019. The Grand winner, first runner-up and second runner up will take home GHC 20,000, GHC 15,000 and GHC 10,000 respectively. All shortlisted finalist for the final round (5) will receive GHC 1,000.

Speaking at the launch, Betway Country Manager of Operations, Magnus Rex Danquah Jnr. stated that the main objective of the challenge was to create a competing environment for entrepreneurs to come up with solutions to help address challenges in bringing Ghanaian society to adopt digital mediums when it comes to banking, transacting, personal finance and investing. “The Betway Fintech Challenge will offer developers in Ghana an opportunity to design applications which will help address some of these problems identified in our society.”