Kwidex emerge winners at maiden Fintech Challenge

An agriculture technology solutions company, Kwidex, has been adjudged winner of the first edition of the Fintech Challenge held at the Accra Digital Center. The Accra-based tech start-up, which provides crowd-funding for farmers, won a GHȻ 20,000 grand prize and six months free service delivery from Empower and ISpace Ghana. Nocofio and Pennysmart were the first and second runners-up respectively, receiving cash prizes of GHȻ 15,000 and GHȻ10,000 respectively. Pennysmart offers a platform for individuals and businesses to save towards their goal at their own pace and Nocofio is a firm which provides innovative means of funding for farmers through an application that connects farmers to investors. Fintech, a merger of the words ‘finance’ and ‘technology’, seeks to capitalize on technology to eradicate poverty as well as meet some of the UN Sustainable Development Goals. The aim of the Fintech Challenge is to inspire smart Ghanaian youths to come up with social solutions through information technology. Kwidex offers crowd-source fund to agricultural farmers to run their businesses. People who invest in these farms receive returns on their investments within an agreed period. The team leader of Kwidex, Seyeram Kofi Mantey, speaking to editors.3news.com after winning, could not hide his excitement. “All the ideas that came, all the businesses came with really solid product. As to how we emerged the winners, I could say we have a functioning platform that is easy,” he said. Ten finalists competed across two rounds in the teams, pitching their proposal to a three-member panel of experts. Organizers of the competition Betway encouraged the winners to use the skills they acquired throughout the six-month period prior to the pitch session to help make society a better place. “The Betway Fintech Challenge was set up to create an environment for entrepreneurs to build solutions that help address the delivery of financial services to a broader range of Ghana’s population,” Country Director of Betway Magnus Rex Danquah said. Online money exchange platform, Stash, was not able to finish in the top five; however they were optimistic their next try will be successful. By Paul Selorm Agbo | editors.3news.com | Ghana