The Moniepoint Inc. and HSBC-sponsored Financial Alliance for Women hackathon has produced three winners.
A recent announcement from Moniepoint disclosed that the Alliance Hackathon’s objective was to create scalable solutions that address significant economic difficulties faced by women.
The company claims that Pilou, a by-women, for-women platform, was the winner. providing affordable, diversified investment portfolios, individualised financial education, and investment tools to women in Latin America; DREX, a platform for financing small-to-medium-sized renewable energy projects and connecting women-owned businesses in Ecuador; and Futa, which assists small businesses in Francophone Africa by using payroll data to give their employees equitable and quick access to financing.
The largest and fastest-growing market in the world, according to reports available to BrandSpur National News Desk, is made up primarily of women, and both the incumbent and fintech industries have mostly ignored this market.
The Financial Alliance for Women recognised the fintech sector as a significant business opportunity to address key issues in the financial inclusion of women globally, which the traditional sector has struggled with, and established the Alliance Hackathon to develop scalable solutions that address important challenges facing the female economy.
The goal of this initiative is to accelerate the financial power of all women by working to champion the female economy.
The hackathon’s theme for 2024 was “Shaping Economies through Gender-Intelligent Fintech.” The competition’s contestants presented innovative approaches to promote financial inclusion and empowerment.
According to Inez Murray, the CEO of the Financial Alliance for Women: “We make the business case for women’s economic advancement and help them drive profits and grow their programs through key platforms. We received a record number of entries to our annual Alliance Hackathon this year, with more than 200 fintechs from around the world applying to take part.
“After pouring over the applications, the field narrowed to 15 exceptional finalists selected to compete in the hack throughout early August, fine-tuning their tech-based solutions to facilitate women’s financial inclusion,” Murray added.
A highly experienced mentor cohort, including executives such as Edidiong Uwemakpan, Vice President of Corporate Affairs at Moniepoint, provided one-on-one mentorship to the fintechs who made the shortlist. Additionally, they participated in peer learning clinics aimed at developing a successful strategy orientated around women and were allowed to present their ideas to a panel of influential executives from international financial services organizations.
Tosin Eniolorunda, the CEO of Moniepoint Inc., stated that women’s financial inclusion was a significant driver of economic growth and social advancement in addition to being an issue of equality.
Eniolorunda stated: “At Moniepoint, we are committed to playing our part in unlocking the full potential of the female economy. This is why we chose to sponsor the Alliance Hackathon. We believe that by fostering innovation in fintech, we can accelerate the development of solutions that address the unique financial needs and challenges faced by women around the world.
“From expanding access to finance for women entrepreneurs to providing tools for wealth building and climate action, the challenges tackled in this hackathon align perfectly with our vision for a more inclusive future where societies can experience financial happiness and their dreams are powered,” Eniolorunda added.
He informed the winners, who were also a judge for the Hackathon: “You have shown us that with the right tools and support, we can make significant strides in bridging the gender gap in financial services and making a real difference to improve women’s lives across the globe.
“Moniepoint remains committed to supporting this journey, and we look forward to seeing the impact these solutions will have in the years to come,” he further stated.
