AI Integration in Nigeria’s Financial Services Receives Boost

Michael Olugbode in Abuja

3line Limited, one of the trailblazers and creators of secure payments platforms in Nigeria, has organised a hackathon to explore the untapped opportunities for AI integration in the payment space.

The event, called Hack-It Challenge at Covenant University, is aimed to bring together tech-savvy youths to collaborate and develop innovative digital solutions that can address the challenges in the sector.

The participants were grouped into teams and guided to use an iterative product development method (Agile Scrum Framework) to enable digital dexterity, talent development, and team competition.

The hackathon resulted in various community-based solutions around wallets that made transactions easy and seamless, making it possible to transact with friends with ease

CEO of 3line Limited, Femi Omogbenigun, emphasised the importance of reaching out to young stars and mentoring them to become innovative and successful entrepreneurs.

Omogbenigun mentioned that the future of financial services would belong to the operators who leverage AI early and use it to solve problems in society.

According to him, the company organised a challenge with two objectives: to reach out to young stars and provide mentorship, and to showcase their commitment to innovation. The challenge aimed to engage with young people and gather insights into their perspectives on the future of payments and financial services.

Omogbenigun spoke about the potential for new technology to make payments easier and more seamless for consumers. He believed that the next game changer in payments will be a solution that solves these problems. Many of the students who participated in the challenge developed solutions around wallets to make transactions easier and more convenient, often with a community-based focus.

He said it was noticed that although the students demonstrated technical expertise, they lacked business pitch skills. He however said this was an area where mentorship could be particularly valuable, as it helps students to develop ideas that are bankable and could be built as a business with a structure in place.

Omogbenigun said while looking to the future of financial services, the importance of leveraging AI to solve problems in society needs to be emphasised, noting that: “While AI is not a new concept, the market is now ripe for its integration into financial services.”

He noted that AI could help businesses become more efficient, offer better customer service, and improve business processes overall.

He disclosed that 3line Limited takes pride in being innovative and providing secure payments platforms in Nigeria. They are committed to promoting and fostering innovation in the sector, which is why they organized the Hack-It Challenge. He revealed that the winners of the hackathon were KiwiPay, Team Owo, and Quasars, who were awarded N2 million, N1 million, and N500,000 prizes, respectively.

The Hack-It Challenge successfully brought together young innovators in Nigeria and provided them with the opportunity to collaborate and create solutions that can transform the payment space. 3line Limited remains committed to promoting innovation in the sector and providing secure payments platforms that meet the needs of Nigerians.