Group partners FSI on tech-enabled empowerment for female entrepreneurs

NEWS DIGEST – Tech-support group, Startup Arewa, has partnered with Financial Services Innovators (FSI) on a virtual hackathon event targeted at female entrepreneurs.

The event is a product of a challenge, themed “ArewaFemtechFest”, which seeks financial inclusion for female entrepreneurs in Northern Nigeria.

It is reasoned that poverty affects more ladies than men in Northern Nigeria because of their inability to access credits. According to reports from Enhancing Financial Innovation & Access (EFInA), 13.1million of the 25.1 million financially excluded adults in Nigeria are women. A lack of proper record keeping is said to hamper the chances of many females when seeking credit for their businesses.

Mohammed Jega, founder Startup Arewa, said the prevalence of poverty in females is due to disparities in education, employment and economic growth opportunities.

Startup Arewa’s partnership will proffer easy-to-use Fintech solution to increase the participation of females in setting up businesses, which is expected to reduce poverty in Northern Nigeria.

“When you empower a woman you have empowered a community,” Jega said.

FSI’s Executive Director, Mrs. Aituaz Kola-Oladejo, added that female entrepreneurs can contribute to the GDP growth of Northern Nigeria should they become financially included.

“Africa needs to be deliberate about building enduring businesses leveraging in tech-enabled services,” she noted.

The virtual event “Hack4DFuture” will establish Fintech solutions that include innovating payment, savings and credit that are suitable for female MSMEs. The first, second and third placed teams at the event will be awarded N3 million, N2 million and N1 million respectively.

Registration for “Hack4DFuture” commenced Monday, 18th of January 2021 and will run until Thursday, 4th of March, 2021.

The virtual event is sponsored by FSI, Startup Arewa and EFInA. Visit http://bit.ly/AREWA-FEMTECH-FEST for more information on the event.