By Yussif Ibrahim
Kumasi, Oct. 31, GNA – The MoMo Fintech Lab initiative is seeking to nurture young Ghanaian innovators into entrepreneurs capable of developing sustainable financial technology (fintech) businesses to address challenges in the financial services sector.
Mr. Paapa Osei, Chief Legal, Regulatory Affairs and Reputation Management Officer of MobileMoney Fintech Limited (MMFL), said the initiative was designed to bridge the gap between innovative ideas and the marketplace through mentorship, industry partnerships and business development support.
He said the programme went beyond identifying contestants with impressive technological ideas to nurturing viable businesses that could improve financial services, address practical challenges and create employment opportunities.
Mr. Osei was speaking at the Middle Belt Zonal Hackathon and Pitching Event of the MoMo Fintech Lab held at the Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi.
The five-day event brought together young innovators to develop and pitch technology-driven solutions to challenges facing individuals and businesses.
He disclosed that the programme received 1,791 applications from all 16 regions of the country, reflecting growing interest among young people in financial technology, entrepreneurship and innovation.
Of the applications, 415 came from the Kumasi hub, with 19 qualifying entries selected following a rigorous assessment process.
Mr. Osei said the Middle Belt competition had particularly highlighted innovations targeting small and medium-sized enterprises (SMEs) and merchants, with solutions aimed at improving business operations, facilitating digital payments and supporting business growth.
He said fintech solutions must go beyond demonstrating technological capabilities to deliver practical benefits to customers and businesses.
He urged the young innovators to embrace collaboration, explaining that building sustainable businesses required more than technical expertise, but also business knowledge, marketing skills and an understanding of regulatory requirements.
“In fintech, trust is not an extra feature. It is the foundation,” he stressed.
Mr. Osei encouraged contestants who did not qualify for the national grand finale not to abandon their ideas, noting that failure to progress in a competition should not determine their future potential.
Meanwhile, Welfare Hub, led by Mohammed Salifu, emerged as the overall winner of the Middle Belt Zonal Hackathon and Pitching Event.
Susu Vault, led by Jeffrey Owusu Peprah, placed first runner-up, while EaziPay, represented by Fosu Boateng Klinsman and his team, secured the second runner-up position.
Merchant ShiftBook, led by Alberta Kissiwaa, finished fourth, completing the four teams selected to represent the Middle Belt Zone at the national grand finale in Accra.
The other teams among the top seven finalists were Athena Techne, led by Sackey Melchizedek; Quebe, led by Atta Junior Agyapong; and Famek Campus, led by Prince Charles Appiah Gyamrah.
The Kumasi competition followed the Northern Zone event in Tamale, where 12 teams pitched their innovations at the University for Development Studies, with four qualifying for the national phase.
GNA
Edited by Kenneth Odeng Adade
Reporter: Yussif Ibrahim
Email: [email protected]