22 May 2019

Ghana: kwidex Wins Maiden Betway Fintech Challenge

Kwidex, a start-up based in Accra has emerged winners of the maiden edition of the Betway Fintech Challenge which ended in Accra on Friday.

It walked away with GH₵20,000 which would be used to boost and expand the business.

In all, 10 start-ups made it to the grand finale of the event which was launched a couple of months ago with the aim of providing technical and financial assistance to small businesses in the country.

The finalists competed across two rounds with teams pitching their proposals to a three-person expert panel during each round.

The three-person team from Kwidex led by Seyram Kofi Mantey impressed the panel who awarded the company the grand prize.

Nocofio and Pennysmart were the first and second runners-up and received cash prizes of GHȻ 15,000 and GHȻ10,000 respectively.

Kwidex is a crowd-funding platform. Product owners get to source funds from the public to support the running of their businesses. People who invest in these businesses receive returns on their investment after an agreed period.

Nocofio is an application that allows people to invest into or own part of a farm by connecting the individual to a farm.

The platform connect farmers with finance and investors experience owning a farm through the website platform with updates of the whole farming cycle from planting or rearing to off-loading with pictures and videos.

The farmers are able to expand their farms with the funds raised while they make income from the interest paid by the farmer when the full farming cycle is over.

Pennysmart offers a platform that enables individuals and businesses to save towards their goals at their own pace and schedule.

It is a financial inclusion platform that helps people save anytime and anywhere at no cost.

Country Manager (Operations),Betway,Magnus Rex Danquah Junior, congratulated all the finalists and encouraged the teams to utilise the skills they had acquired over the three-month competition.

"The Betway Fintech Challenge was set up to create an environment for entrepreneurs to build solutions that help address challenges in the delivery of financial services to a broader range of Ghana's population. Over the last few months, all participants have shown a keenness to do so," he stated.

During the period he said, participants received training on pitching, branding, marketing, organisational structuring, and investor relations from seasoned professionals.

"All the participants have been very brilliant and we look forward to a bigger competition next year to ensure that start-ups benefit from the challenge," he stated.

Other start-ups that competed in the challenge include, Covenants, Pivot Finance, Stash, Digisave, Thrive, Bace and Akamilas

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