Four teams have been selected to represent the Northern Zone at the National Demo Day in Accra after emerging as outstanding participants in the Mobile Money (MoMo) Fintech Lab competition held in Tamale.

The teams, Momo Covert, PayItBetta, MomoNeyo and Adaashi, were selected from about 12 groups that participated in the competition, which seeks to identify and nurture young innovators to develop financial technology solutions to address real-world problems.

Speaking in an interview with Radio Tamale News, the Chief Executive Officer of MoMo Fintech Limited, Shaibu Haruna, said the initiative was established to identify talented young people across Ghana and support them to turn their ideas into practical solutions.

He explained that the idea emerged after the organisation realised that most fintech companies were concentrated in Accra, despite the availability of talented young people in other parts of the country.

He said the MoMo Fintech Lab was designed to provide a platform for young innovators to develop ideas that address local needs and have the potential to expand across Ghana and beyond.

“This is a platform that we've created to discover new talents, new ideas, help them to refine the talent and build the next generation of fintech and innovators and entrepreneurs across Ghana,” he said.

Mr. Haruna said participants spent four days at the boot camp refining their ideas, testing them, conducting market research and improving their proposed solutions.

He observed that the participants' skills were still at a foundational level but said the programme provided an opportunity to help them improve.

“The general observation is that the skills are still very foundational, but this is a beginning for us to work with them to improve their skills,” he said.

He added that the four selected teams would proceed to Accra for the National Demo Day, where they would be paired with mentors to refine their work before showcasing their solutions.

According to him, the programme could also provide opportunities for some participants to undertake internships, while investors and other stakeholders would have the opportunity to explore possible partnerships to support the development of their ideas.

In his address at the event, Mr. Haruna stressed that innovation must begin with identifying a genuine problem rather than simply developing technology.

“A strong solution does not begin with technology. As a matter of fact, it begins with a clear understanding of the problem,” he said.

He also emphasised the importance of teamwork, explaining that developing a successful fintech solution requires people with different skills, including technology development, marketing, regulatory knowledge and an understanding of customer behaviour.

Members of the selected teams expressed excitement about their performance and readiness to improve their ideas ahead of the national event.

Seidu Lukman of Momo Covert said the competition had been challenging but described the team's achievement as exciting and memorable.

He said the team conducted research and analysis, consulted relevant people and reviewed its data to ensure thorough preparation.

A member of PayItBetta, which placed second in the Northern Zone competition, described the experience as an eye-opener.

The team member said they were determined to continue working hard and improve their solution, expressing hope that they would eventually emerge as overall winners.

Love-God Osei Sekyere of MomoNeyo described the programme as a valuable initiative that enabled participants to share ideas, learn from one another and improve their initial concepts.

He expressed hope that the team would perform well at the national event in Accra.

Sekyere said the team's idea could help people raise funds digitally if it received the necessary support and partnerships, including the possibility of integration with MTN.

Meanwhile, Abdul Aziz Mujahid of Adaashi said the team had made several changes to its system based on field research and lessons from an earlier pitch and the evaluation process.

He said the experience had taught them a great deal and that the team was ready to prepare for the next stage.

One of the audience members who witnessed the programme, Yeboah, described the event as insightful, saying it had broadened his understanding of innovation and the role of technology in easing financial transactions.

He said the programme had helped him appreciate how technological solutions could reduce the burden associated with financial transactions.

Yeboah expressed interest in joining the programme next year to further develop his knowledge and innovative skills.

The MoMo Fintech Lab forms part of efforts to identify and develop emerging fintech talent in Ghana by providing young innovators with opportunities to test ideas, receive guidance and explore ways of turning their concepts into practical solutions.

The programme is intended to encourage innovation beyond Accra by helping young people develop solutions relevant to their communities and the wider economy.

Story: Fuseini Kataali Issah