{"id":1238518,"date":"2022-10-30T10:00:57","date_gmt":"2022-10-30T10:00:57","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/30\/absa-bank-mest-hackathon-focuses-on-fintech-and-banking-industry-solutions\/"},"modified":"2022-10-30T10:00:57","modified_gmt":"2022-10-30T10:00:57","slug":"absa-bank-mest-hackathon-focuses-on-fintech-and-banking-industry-solutions","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/30\/absa-bank-mest-hackathon-focuses-on-fintech-and-banking-industry-solutions\/","title":{"rendered":"Absa Bank-MEST Hackathon focuses on fintech and banking industry solutions"},"content":{"rendered":"

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Absa Bank and Meltwater Entrepreneurial School of Technology (MEST) have delivered a transformational Hackathon event that focused on finding solutions to challenges in the fintech and banking space.\u00a0<\/p>\n

The three-day residential event formed part of a partnership between the two companies to support startup business enterprises in Ghana with skills training and insights into digital technology.<\/p>\n

The goal is to unlock new opportunities by co-creating and producing the next generation of innovative entrepreneurs in Ghana and on the continent.<\/p>\n

A total of 20 teams with five participants each (comprising thinkers, innovators and designers) huddled together to deliver innovative products and services to meet the needs of Absa customers.\u00a0<\/p>\n

\"Absa<\/figure>\n

The digital transformation team at Absa Bank selected key topics around funding for SME businesses, environmental and sustainable solutions in banking; financial services to the mass market and value chain banking in the agribusiness sector.<\/p>\n

These topics were presented to the participating teams to choose the most suitable and work to provide appropriate solutions.<\/p>\n

The winning team, Team Insyt, which bagged a cash prize of \u00a250,000, developed a solution to support banks in making better data-driven credit decisions.<\/p>\n

Their rationale was underlined by the fact that more than 80% of loan applications get rejected because traditional banks lack sufficient data to make better credit decisions.\u00a0<\/p>\n

Commenting on the competition, the Director of Business Banking at Absa Bank, Grace Anim-Yeboah said:<\/p>\n

\u201cThis is what we mean by bringing possibilities to life. The relentless innovation displayed by the participating teams are testament to the talent we have in the country.<\/p>\n

\u201cThe solutions they have come up with for the fintech and banking space are immense, and we are happy to be a part of this. Our partnership with MEST will provide lots of opportunities for startup companies and the utilization of next-generation ideas for Ghana\u2019s socio-economic growth.\u201d<\/p>\n

Programmes Director at MEST, Femi Adewumi said, \u201cIt was inspiring to see the MEST campus filled with a hundred young creative minds from eleven African countries, hacking away at problems in the banking and finance space.<\/p>\n

\u201cThe excitement and energy were palpable. The Absa \u2013 MEST partnership has proven to be very progressive. We see a lot of opportunities available for many startups in the fintech and banking space in Ghana and MEST is always happy to be an enabler.\u201d\u00a0<\/p>\n

Beyond the competition, Absa Bank\u2019s digital transformation team are collating all the solutions delivered by the teams to select a few that are commercially implementable for Absa\u2019s customers and clients.<\/p>\n

DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Absa Bank and Meltwater Entrepreneurial School of Technology (MEST) have delivered a transformational Hackathon event that focused on finding solutions to challenges in the fintech and banking space.\u00a0 The three-day residential event formed part of a partnership between the two companies to support startup business enterprises in Ghana with skills training and insights into digital […]<\/p>\n","protected":false},"author":1,"featured_media":1238520,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[6113,2408,28230,8705,1322,9382,709,3743],"class_list":["post-1238518","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-absa","tag-banking","tag-bankmest","tag-fintech","tag-focuses","tag-hackathon","tag-industry","tag-solutions"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1238518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1238518"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1238518\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1238518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1238518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1238518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}