Stanbic organises IT competition to resolve financial challenges
Stanbic Bank Ghana Limited is aiming at using its applications development competition, the Stanbic Money App Challenge, to develop creative solutions to financial challenges facing the country.
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The bank is hopeful that the competition, which was launched in March, this year, will help inspire young developers to come out with finance sector-specific solutions to some of the pertinent problems facing businesses and people.
The competition, which forms part of the bank’s corporate social responsibility (CSR), has so far led to the development of some 25 financial literacy App prototypes that were built specifically for Android and IOS platforms.
Ten of the total submissions were subsequently selected by the team judges selected for the competition.
“Each submission was evaluated and the ten finalists were determined based on conformity with financial literacy, creativity and originality of solution, viability of the concept, and thoroughness of the submitted materials in compliance with contest requirements,” the Director of Communications and Marketing at Stanbic Bank Ghana, Mr Mawuko Afadzinu, said.
The ten finalists included Easy Finance, Finance Now, FinTimes, Kasanoma and Kudify. The rest were Money Matrix, Sikapong, Stanbic Saver, Y2K and Zealous.
Impact on businesses
Speaking at an event in Accra for the selected developers to demonstrate their projects to the judges, Mr Afadzinu said the prototypes that were submitted for the App Challenge had various ingenious tools designed to help people better understand how to manage their money and achieve their financial goals.
He explained that although the event looked small in nature, it had the potential to launch lives and transform small scale enterprises into giants.
“What we are doing is to give access to people and make it possible for people to live fuller and more complete lives using technology,” he said.
He explained that the competition was part of the bank’s larger digital banking offering that helps at bettering the lives and businesses of people.
“The competition’s aim was to create an opportunity and a kind of certain for the best brains in this country to come together, apply their creativity to challenges and issues in the financial knowdlege space,” he said.
He was confident the competition will help birth innovative applications that can then be applied throughout the country.
A final announcement on winners is expected later this month to allow for the presentation of prizes to take place in September 9.
