Accra, Ghana//-MobileMoney Fintech LTD (MMFL) today launched MoMo Fintech Lab, an innovative national initiative to first and foremost identify, develop and support financial technology (fintech) talents across all age groups, especially the young innovators in the country.
The game-changing initiative, according to senior officials of MMFL, would address the over-concentration of fintech startups, innovators, skills and entrepreneurs in Accra by creating meaningful opportunities for people living in other parts of the country.
To this end, the all-new programme would be organised in three zones, namely Accra, Kumasi, and Tamale. Applicants can apply by downloading the application form on the MoMo app.
Shortlisted applicants would participate in regional boot camps where they would receive comprehensive mentorship training from fintech industry experts and well-established fintech companies which are part of the programme.
The regional zonal winners would be moved to the capital, Accra, to join the national demo day, where their solutions would be exhibited in the national hackathon.
Also, all the applicants or participants in the MoMo Fintech Lab are going to win prizes on the demo day. From seventh to 12th positions would receive Ghc5,000 each, while 5th to 6th positions would receive Ghc10,000 each.
Whereas the 4th-place winner would receive Ghc20,000, while the third-place winner would walk away with Ghc30,000 and a brand-new smartphone.
Additionally, the second-place winner, according to the organisers, would win Ghc50,00 prize, a brand-new laptop and a smartphone, and the ultimate or overall winner would receive a whopping Ghc100,000, a laptop, smartphone, and a tablet.
Speaking at the launch in Accra, the CEO of MobileMoney Fintech LTD, Shaibu Haruna, said the initiative would democratise fintech innovation and skills and opportunities across the length and breadth of the country.
He noted: “A lot of us are all based in Accra, and we believe that there are a lot of skills sitting in the regions that need to be unearthed, and for us to build an exclusive digital economy. So, we need everybody and every talent to come on board”.
“As part of this programme, we will be visiting a lot of the incubator houses and the universities to let them know about this programme, and ensure that we build and encourage our young people to be part of this journey”, Mr Haruna added.
On the back of this, they would then do the regional engagements where they would look at the talents, and there would be almost like a speed-dating where applicants get to engage with the experts drawn from the fintech industry to look at some of the great ideas and select them, he explained.
On his part, Head of Fintech and Innovation Department at the Bank of Ghana (BoG), Elhanan Owureku Asare stated that MoMo Fintech Lab programme is a very important step towards developing the next generation of fintech leaders in Ghana and the rest of Africa.
He explained that the BoG is supporting the programme because of it’s the development of fintech talents and innovation is a paramount national priority.
According to Mr Asare, the country has moved beyond merely expanding financially inclusion and must focus on improving financial health through innovation and strong collaborations.
He was emphatic that the Central Bank’s regulatory sandbox and other key interventions are creating opportunities for innovators and startups to test and develop new financial solutions for solving the country’s challenges.
Performing the launch, Ghana’s Minister of Communications, Digital Technology and Innovations, Samuel Nartey George called on all the stakeholders in the fintech industry to support the brilliant programme beyond its launch.
The success of the programme, he indicated would depend on the ability of the country’s universities, tech companies, investors, startups, regulators and banks to actively take part in the three-month programme.
