Team TechVault has emerged overall winner of the Nigerian Inter-bank Settlement System, NIBSS Hackathon Challenge 2018.
Team Petram and Team PayBeans emerged second and third positions respectively out of the thirteen groups that participated in the challenge.
The grand finale, which held in Lagos had winners receiving ₦1 million, ₦2 million and ₦3 million for the 3rd, 2nd and 1st Prize respectively.
The Executive Director, NIBSS, Mrs. Christabel Onyejekwe who represented the Managing Director and Chief Executive Officer, Mr. Ade Shonubi stated that NIBSS is committed to advancing the payment system structure especially the adoption and application of the globally accepted biometrics technology to ensure a greater drive of financial inclusion and in response to the clamor of customers in the country.
She explained that the end results of the challenge if utilized would bring about greater ease in the conduct of business at all levels in the Nigerian ecosystem.
Mrs. Christabel Onyejekwe asserted that the initiative would make payments and fund transfers for both the banked and the unbanked relatively easy and seamless in the country.
The focus according to her, is on authentication, identification and validation with finger prints due to global adoption of biometrics as a means of accurate identification and accountability in payments .
Furthermore, she said that the use of biometrics will bring about a friendly system, ease, convenience and versatility in the sector.
Mrs. Christabel Onyejekwe maintained that the objective is to address unemployment and promote entrepreneurship through the discovery of local talents who will develop software or Apps that would identify and implement different fingerprint authentication, validation and payment innovations using fingerprints. It is also to promote valuable collaboration with banks, fintechs and other stakeholders.