Financial Services Innovators (FSI) just collaborated with Startup Arewa for the “ArewaFemtechFest” powered by the theme of “FINANCIAL INCLUSION FOR FEMALE ENTREPRENEURS IN NORTHERN NIGERIA”. The event is open to software engineers and those who want to develop innovative solutions tackling problems facing unbanked female entrepreneurs in Nothern Nigeria.
According to a report published by PWC in April 2020, that classified 40% of micro-businesses across Nigeria being women-owned. Reports by EFInA narrow the 55.1% of adults who are excluded from financial services to be women. In Northern Nigeria, 25.1million are financially excluded of which 13.1 million are women.
Most business transactions are cash-based and pass in through informal channels. Business funds are concentrated at home as financial institutions concentrate on the state capital and few distant towns. Poor record-keeping is prevalent in such communities due to transacting through informal channels affecting their credit eligibility.
According to Mohammed Ibrahim Jega, the founder of Startup Arewa, poverty tends to affect more women than men resulting in disparities in the sector of employment, education, and economic growth. That’s why Startup Arewa is eager on the new partnership with FSI to enhance financial inclusion among female entrepreneurs.
This virtual event is dabbed “Hack4DFuture” and plans to offer simple, unique, and easy-to-use solutions in Fintech such as savings and credit, innovating payment, and other MSME favorable solutions for female entrepreneurs operating in Northern Nigeria.
Registration to this event will run from January 18, 2021, to March 4, 2021. The first, second, and third teams will be awarded ₦3m, ₦2m, and ₦1m in that order. More on the event and how to participate can be viewed at https://fsi.ng/events/arewa-hackathon