Global payments technology company, Visa, has announced a mobile application development challenge, geared at stimulating the development of innovative web and mobile applications and games, to teach money management skills and support the advancement of financial literacy in Nigeria.
The Financial Literacy Challenge is an innovation challenge sponsored by Visa and delivered by the Co-Creation Hub Nigeria, using their unique approach of involving stakeholders in the co-creation of new products and services.
The challenge will bring key financial services players like the Central Bank of Nigeria, commercial banks, personal finance NGOs and other stakeholders together with software developers and designers, to create interesting applications and games. These applications and games will advise Nigerians on how best to manage their money and financial affairs, and also educate them on the tools available to meet their financial needs.
Ade Ashaye, Country Manager for Visa in West Africa, said: “At Visa, we are dedicated to increasing financial literacy among the unbanked through strategic partnerships and educational programs. This is the motivation behind the Financial Literacy Challenge.”
The Financial Literacy Challenge kicked off at a session with key finance stakeholders and will culminate in a prototyping bootcamp from the 26th - 28th of July 2013 at the Co-Creation Hub (CcHub) in Lagos.
Six apps and games have been selected from a pool of eighteen submissions, and will be built to compete for the top three prizes of N1,200,000, N960,000 and N800,000 respectively. To view the six shortlisted ideas go to http://www.cchubnigeria.com/flc/ideas.
All six teams will present their completed prototypes at a public “Show and Tell” event starting at 4pm on the 28th of July, 2013 at the CcHub, 6th Floor, 294 Herbert Macaulay Way, Sabo, Yaba, Lagos.
Winners will be selected by a panel of judges consisting of representatives from Visa, the Central Bank of Nigeria, StanbicIBTC and Enhancing Financial Innovation & Access (EFInA).
The challenge comes on the heels of a recent study conducted by EFInA, which revealed that 34 million Nigerian adults have no access to formal or informal financial services and therefore, a chance for a better life.
“Of those with access to financial services, many are often not equipped to make the right financial decisions in the face of a challenging economic environment and the diversity of providers, platforms and services,” Ashaye said.
“Customers are weighed down by a mountain of financial jargon and decisions that make it hard for them to know what they are getting into. However, the proliferation of mobile phones and the growth of internet access in Nigeria provide a platform through which essential personal finance information can be delivered right to where the customers are,” Ashaye added.
Bosun Tijani, the CEO of Co-Creation Hub Nigeria, said: “Collaborating with Visa on the Financial Literacy Challenge creates room for Nigeria’s technology talent to turn their energy and skills to building apps that will boost the skills and confidence of Nigerians as they make financial decisions. We are pleased to be deploying our Open Living Labs approach to generate and develop truly innovative apps and games that are reflective of the Nigerian experience.”
Visa has educated millions of customers in more than 30 countries over the past decade on financial literacy through various programmes, which are free, localized and meet various cultural standards, educational needs and levels of economic development. The company pledged to reach 20 million people through financial literacy education by 2013, a goal surpassed one year ahead of schedule in May 2012. Over 26 million people have been reached as of January 2013.
For more information on the Financial Literacy Challenge go to www.cchubnigeria.com/flc