MTN’s MoMo platform is inviting tech developers and innovators to participate in its online application programming interface (API) hackathon.
According to a statement, the hackathon will focus on producing solutions that shape the future of demand-driven financial services and to drive financial inclusion.
It will span across 15 countries, including Nigeria, South Africa, Ghana, Uganda, Ivory Coast, Cameroon and Rwanda. Each country will have its own prize pool.
The collective prize money is $10 000. First prize will receive $5 000, second place will win $3 000, and $2 000 will be won by the third-placed team.
A maximum of four members is allowed for each team. According to the hackathon website, there are currently 3 990 registered participants.
“The MTN MoMo platform offers consumers and businesses easy access to various innovative digital financial services,” says Bradwin Roper, chief financial services officer at MTN SA.
“This massive user base makes it ideal for local talent, developers, companies and entrepreneurs to unlock economic growth through financial and digital solutions in their communities.”
Developers competing in the hackathon will be required to design and develop a solution that goes beyond processing payments, to incorporate additional features and functionalities that promote financial inclusion and literacy.
Participants have to submit innovative ideas for financial and transactional applications incorporating MTN Mobile Money APIs, targeting consumers, merchants or businesses.
The judging panels from each participating country will select the top 12 applicants to advance to the prototyping phase. Selected participants will have from 17 September until 9 October to submit their prototypes online.
According to Roper, as newly-developed solutions are introduced and adopted, they will help advance MTN’s drive to build a Pan-African fintech platform that is enabling millions of Africans, previously excluded from the financial mainstream, to take control of their financial future.
“We aim to encourage and bring to the fore the talent and creativity of Africa’s developers, enabling them to showcase their capabilities by leveraging the MoMo platform and creating opportunities for their growth.
“Bridging the financial services gap requires wide-ranging partnerships. By working with partners across the spectrum, from regulators to financial service providers and merchants, MTN can help improve millions of Africans’ economic and social well-being. Encouraging the participation of local talent, familiar with local needs, is an important facet of the partnership process,” concluded Roper.