SG NewTech wins prize at Finastra Global Hackathon
SG NewTech, a technology services company and a subsidiary of Software Group based in Kenya, won the Best in MEA award at Finastra’s Global Hackathon for its latest project, Banking4U. The project is designed to provide quick and easy access to bank loans.
The project was created by SG NewTech employees Faith Kangichu and Yonah Ochieng. The winner Banking4U The app uses customers’ mobile money transaction data to determine loan eligibility. The app assesses and rates potential loan applicants using simple, easy-to-use scoring models to determine how much they are eligible to borrow. If the system certifies the client’s eligibility for a loan, then they have quick and easy access to financial services without the need for a bank account.
Hack into the future is Finastra’s second annual global hackathon. This year’s virtual event saw over 4,500 entries from over 100 countries around the world. More than 230 ideas, POCs and applications have been submitted by different companies and educational institutions on the themes of reducing systemic inequalities, hacking via COVID-19 and adopting technological change.
Faith and Yonah’s project was selected on the basis of three criteria; the ability of a submission to meet a real and urgent need, its feasibility and use of technology, and its commercial potential. In addition to winning the Best in MEA award, Banking4U was also recognized as a finalist in the “Best Fintech” category.
“We were inspired to develop a solution that will provide users with a convenient way to borrow money and get loans without having to go to a physical bank, and for people without a bank account. The idea behind Banking4U is simple but very effective, and even more relevant in the era of COVID-19, as virtual banking is becoming more and more popular for consumers, ”commented Tunde Oladele, CEO of SG NewTech.
Chirine BenZaied, Head of Innovation at Finastra, said: “Finastra was delighted to host our second global virtual event this year and to see the quality and breadth of submissions, all focused on hacking for good. Congratulations to all the winners and thank you to organizations such as SG NewTech, whose excellent presentation helped us create such an amazing and impactful event.