Four teams have qualified for the finals of the MoMo Fintech Lab competition after emerging as the top performers at the Northern Belt Zonal Pitch Competition.
Momo Covert, presented by Fatimata Abubakar and Lukman Seidu, emerged as the overall winner while Payitbetta, presented by Fakii Ajaasuma Tagra Shaida, Seidu Cyril Caleb and Ahmed Yakubu, took the second position.
Momoneyo, presented by LoveGod Osie-Sekyere, came third while Adaashi Save, presented by Abdul-Aziz Mujajid and Awal Muhammad, took the fourth place.
Each of the four winning teams received GH¢5,000 and qualified for the National Demo Day, scheduled for December in Accra.
The Northern Belt Zonal Pitch Competition, held in Tamale, featured 12 fintech ideas, which included Adaashi Save, BPOS Paysnc, My Pesewas Health, Momo Covert, Credi Pay, Harvest Gold, Crop Vault, Momo Biz, Payitbetta, Momoneyo, L3xi and Momo Susu Circle.
It was organised by MobileMoney Fintech Ltd under its MoMo Fintech Lab initiative providing a platform for young innovators to pitch their ideas to a panel of judges.
It formed part of the company’s efforts to identify and nurture emerging fintech talents, especially those outside Accra, and help young innovators develop their ideas into practical solutions to local problems.
The ceremony was attended by representatives from the Bank of Ghana and industry partners including Hubtel, GCB Bank, AppsNMobile Solutions, Zenith Bank, Fidelity Bank, JUMO, Korba and Va-Mijo.
Mr Shaibu Haruna, the Chief Executive Officer of MobileMoney Fintech Ltd, speaking during the event, said the nationwide call for applications attracted 1,791 submissions from students, developers, entrepreneurs and early-stage founders across all 16 regions with 249 applications coming from the Northern Zone.
He said 20 teams, comprising 36 participants, progressed to the zonal bootcamp where they refined their ideas, conducted market research and prepared their pitches.
He said innovation should not be concentrated in Accra but encouraged across the country, adding that the competition provided young innovators with opportunities to develop their ideas and connect with mentors and potential partners.
Mr Haruna said the four finalists would advance to the National Demo Day where they would have opportunities to engage with potential investors and other stakeholders.
He urged participants to understand their customers’ needs, conduct thorough research, and remain persistent in developing their ideas.
Lukman Seidu, a Member of Momo Covert, said the team was excited about its victory attributing its success to extensive research, analysis, consultations and careful preparation for the competition.
He said the team was determined to perform well at the finals and hoped to emerge as the overall winner.
Fakii Ajaasuma Tagra Shaida of Payitbetta said the team was determined to give its best at the National Demo Day and hoped to win the overall competition.
LoveGod Osie-Sekyere of Momoneyo said the bootcamp provided an opportunity for participants to share ideas, learn from one another, and improve their initial concepts.
He said the team hoped its fundraising platform would attract partners to enable people to raise funds digitally and fulfil their fundraising goals.
GNA
