Yemisi Izuora
The Nigerian Stock Exchange, NSE, has named winners of its maiden edition of X-Kathon after a thorough review of entries received for the competition on Thursday, October 24, 2019.
X-Kathon is NSE’s first Hackathon designed to encourage Tech enthusiasts to develop innovative Fintech solution to drive up millennials participation in the capital market.
The competition received over 100 applications from which the top 10 teams (Echo Trade; Requid; Koin-Jar; King; Finfit; Fantasy Stock Exchange; Stritbid; Trove; Investors Masterclass and Nigeria Learn) were selected.
Team Requid emerged the overall winner of the competition and went home with the grand prize of Five Million Naira (N5,000,000) while Teams Trove and Investors Masterclass were first and second runners up, winning the sum of Three Million (N3,000,000) and Two Million (N2,000,000) Naira respectively.
In his opening remarks, Mr. Oscar N. Onyema, OON, Chief Executive Officer, NSE said, “the Exchange is fully aware of the tectonic shifts in the global business environment occasioned by the 4th Industrial Revolution and how smart, nimble tech start-ups have become global economic catalysts. We are poised to actively engage the massive potential of creative enterprise in our nation and provide a template for corporate venture capitalism that is much needed in our business environment. A cursory look at the entries received for the X-Kathon has revealed that our young people are blessed with amazing ideas and entrepreneurial hacks that can positively shape the Nigerian business clime”.
“The hackathon would be climaxed by the deployment of the solutions hashed from it over the next couple of months to drive our retail participation agenda. Working closely with our Enterprise Innovation Hub, we will on-board these ventures into our world class incubation and acceleration programs and groom them for local success and global relevance”, added Onyema.
Mr. Nsikak John, Head, Enterprise Innovation Hub of The Exchange said, “We are very impressed with the depth and quality of entries received. This is proof that Fintechs are indeed critical to the growth of the capital market and we are excited about the emerging possibilities. The X-Kathon is just one of the several initiatives that we are leveraging to unlock the disruptive potential of the capital market by identifying solutions that steer the interest and eventual participation of millennials in trading and investment”.
Application for the X-kathon was opened on September 20, 2019 and closed on October 8, 2019. Out of the 100 applications received, 10 most innovative solutions were selected by subject matter experts in the Fintech space. A 2-day bootcamp was held for the top 10 applicants in preparation for the grand finale.