Innovative online sports betting company Betway, has launched a three-phase competition, titled the Betway Fintech Challenge, with the winner taking home GHS 20,000.
Betway, whose success can be attributed to the ease-of-access, have introduced for sports betting fans using digital platforms from banking and security to betting, announced the competition today at the Accra Digital Centre.
The contest, is open to legal Ghanaian residents aged 18 and above and would accept applications from 19th February to 8th March this year.
This competition consists of five (5) entry categories:
- Customer Connection & Experience Innovation – Solutions that enable merchants and customers to make payments in new ways. Any product that meets the need for cheaper, faster and easier payments processing capable of engaging and activating the under-served and under-banked populations.
- Data-driven Design – Solutions that are characterized by their capacity to leverage the data gathered in a primary business into financial services and may reduce transaction costs and improve decision-making, including using analytics to enhance risk and customer segmentation decisions.
- Investment & Wealth Management – Solutions that will enable the provision of wealth management/investment services in new and unique ways.
- Blockchain – Solutions that will use the concept and principles of blockchain technology to build trust and transparency in financial services that will promote greater financial inclusion.
- Organizational or Process Transformation – Solutions that focus on disrupting a traditional process in any industry that requires payments and new ways to enhance service delivery.
Shortlisted finalists would be taken through training and workshops designed to equip them with knowledge on raising funds, pitching, branding and marketing amongst others, as well as new models and applications in the financial services space.
To enter into the Betway Fintech Challenge, interested persons should visit the challenge page or pick up a form from the Concept Stores at Adabraka in Accra and Amakom in Kumasi.
The five finalists will be invited to pitch their start-up vision to a panel of judges. At the end of each pitch, the judges will evaluate finalists based on problems addressed, market size and growth potential, differentiated solution and performance and traction with customers.
Three winners will be announced on May 17 where the grand winner, first runner-up and second runner up will take home GHS 20,000, GHS 15,000 and GHS 10,000 respectively and all the final five will receive GHS 1,000.
Speaking at the launch, Betway Country Manager of Operations, Magnus Rex Danquah Jnr. stated that the main objective of the challenge was to create a competitive environment for entrepreneurs to come up with solutions to help address challenges in bringing Ghanaian society to adopt digital mediums when it comes to banking, transacting, personal finance and investing.
“The Betway Fintech Challenge will offer developers in Ghana an opportunity to design applications which will help address some of these problems identified in our society,” he said.