LaunchLab, NedBank launch Fintech & Big Data Challenge 

LaunchLab, a business incubator housed at Stellenbosch University, South Africa, and South African bank, Nedbank have launched the Fintech & Big Data Challenge.

The challenge seeks innovative ideas that will shape the future of banking in not just South Africa but across Africa.

These business ideas must address any of the following to be considered for seed funding and incubation support:

  • Enhancing client experiences using connected devices (IoT).
  • New ways to utilise mobile technology to further promote financial inclusion.
  • Innovative methods to on-board and activate new clients (e.g. remote client verification).
  • Platforms to promote money transfers or fundraising for small business e.g. crowd-funding and peer-to-peer lending.
  • New opportunities to leverage ATM devices for increased client activity.
  • Incorporate gamification to entice deeper client engagement with banking products.

The challenge will take place in three phases: Challenge Workshop, Entering Pitches and Pitching Platform Final.

Already, the workshop, which allowed the organizers engage with the Fintech & Big Data Startup Community, has taken place.

The next phase is for entering pitches – entrepreneurs are to submit their pitches here on the following dates – while the final phase is the pitching platform, where selected entrepreneurs pitch their business ideas.

The Pitching Platform Final will take place on October 20, 2016 at the Nedbank Stellenbosch University LaunchLab in South Africa. The winning entrepreneurs will share R80,000 (about US$6k) and get six months of incubation support.

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