Financial Services Innovators (FSI) has partnered with Startup Arewa to launch a fintech challenge tagged Arewa Femtech Fest.
The programme is aimed at promoting and boosting financial inclusion for female entrepreneurs in northern Nigeria.
According to a report from PWC in April 2020, 41% of micro-businesses in Nigeria are owned by women.
In another report by EFInA, more than 55% of financially excluded adults in Nigeria are women and of the 25.1million financially excluded in the north, 13.1 million are women.
In many parts of Nigeria including the Northern region, business transactions are largely denominated in cash within the informal channels.
Additionally, business funds are kept at home because financial institutions are concentrated in the state capital and few distant towns. Poor record keeping as a result of transacting through informal channels which in turn hampers their eligibility for credit.
Mohammed Ibrahim Jega, Founder Startup Arewa said: “Poverty is known to affect more women than men due to disparities in education, employment and economic growth opportunities.
“This is why Startup Arewa is excited to have this partnership with FSI to encourage financial inclusion amongst female entrepreneur within the northern region by proffering a simple and easy to use fintech solution to increase more of their participation in setting up businesses, which we believe will reduce poverty in the north. When you empower a woman you have empowered a community”.
Mrs. Aituaz Kola-Oladejo, Executive Director, FSI also said: “Africa needs to be deliberate about building enduring businesses leveraging on tech-enabled services. Hence the reason we at FSI have chosen to partner with Startup Arewa to proffer fintech solutions to female entrepreneurs in the north whom we believe can contribute more to GDP growth when they become financially included.”
The virtual event hash tagged “Hack4DFuture” is designed to proffer simple, unique and easy to use Fintech solutions: innovating payment, savings and credit, suitable for female MSMEs in Northern Nigeria as practical solutions to daily business challenges they encounter.
Registration for the event commences on the 18th of January 2021 and will end on the 4th of March, 2021. The first, second and third placed teams will be awarded N3m, N2m and N1m respectively.