Despite the efforts to integrate digital payments to mitigate the impacts of the crisis, cash remains a vital component of the national payments system, especially in most emerging and developing communities. Since the outbreak of COVID-19 pandemic, and digital payment platforms have played an essential role in maintaining business and sustaining a functional lifestyle.
From schools, syndicates, government offices to clubs, food outlets and closed communities there are those that do not see the benefits of going digital and do not know how digital tools can fit within their model to create more seamless and efficient overall experiences. How can we design digital tools that incentivize underserved segments by catering to their unique needs?
AUC Venture Lab Fintech Accelerator launched PayHack virtual hackathon powered by the Commercial International Bank (CIB) and in partnership with the International Finance Corporation (IFC). Calling on developers, coders, and bankers, participants will get the chance to dive deep into the digital payments landscape in Egypt, explore essential tools and work with seasoned entrepreneurs as they build relevant and functional solutions to solve a Digital Payments challenge and encourage financial inclusion.
This five-day hackathon will include workshops delivered by subject matter experts, business mentorship offered by seasoned professionals, technical coaching delivered by tech gurus and more. All individuals and teams with relevant backgrounds are welcome to apply. To ensure diversity of expertise and knowledge, each team (consists of 4-5 members) will include a developer/coder, an entrepreneur / Fintech professional, and a banker / Finance professional. Places are limited and participants will be selected based on their applications.
First place winner will get EGP 50,000 to help you bring your idea to life in addition to free integration setup and waiving subscription fees for 3 months from PayTabs. Second place winner will get a cash prize of EGP 20,000, adding to the free integration setup from PayTabs.
The top three finalists will receive Business and Operations mentorship session by AUC Venture Lab Senior Advisor Mohamed Younis, Business Modeling session by AUC Venture Lab Associate Director Mohamed Hamza, as well as fast-tracking to the AUC Venture Lab Bootcamp bringing you one step closer to joining the AUC Venture Lab Fintech Accelerator.