The Cashless Campus Innovation Challenge is a virtual Innovation Challenge organized by FSI that aims to proffer innovative solutions to digitize micropayments in tertiary institutions and their environs as far as communal living entails. This will include cashless transportation, cashless commerce, etc within the campus and its environs.
Problem Statement : Cashless Campus Innovation Challenge
Background:
In recent years, Nigeria has made notable strides in promoting financial inclusion and electronic payments. The Nigeria Inter-Bank Settlement System (NIBSS) has reported a 42% increase in the total value of electronic transactions processed through the NIP platform, rising to N387 trillion in 2022 from the N272 trillion recorded in 2021a. However, despite these advancements, cash still dominates most transactions used to transact economically especially for micro payments in every sector of our economy. This practice is also seen in communities where tertiary institutions are located.
Ideal:
An ideal scenario for Nigerian tertiary institution campuses would involve the complete transition to cashless transactions. This would entail conducting all transactions electronically, such as bill payments, remittances, trade on campus and within its environs. By adopting this approach, students would no longer need to carry cash around campus or within their communities, leading to an increase in digital transactions and a boost of the formal economy.
Reality:
The recent cash scarcity issue in Nigeria resulting from the redesigning of the Naira highlights the continued prevalence of cash as the primary mode of transaction in the country. Despite the potential benefits of cashless transactions, there are challenges with the current payment systems leading to long unresolved disputes, failure in transactions, high cost of transactions which also results in e-payment apathy among micro merchants and low-income earners and students in Nigerian tertiary institutions thereby making cash transactions a more attractive option for them.
Consequences:
The continued reliance on cash transactions leaving us with a huge informal economy. The potential of achieving cashless payments in Nigerian tertiary institutions and its environs also remain untapped and a huge number of that population remain underbanked due to limited payment/transactions options of which some are unreliable. The potential of digitizing micro payments in every sector seems to be a humongous task due to limited innovative solutions.
Proposal:
The Cashless Campus Innovation Challenge aims to proffer innovative solutions to digitize micro payments in tertiary institutions and its environs as far as communal living entails. This will include cashless transportation, cashless commerce, etc within the campus and its environs.
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- To discover tech. talents in tertiary institutions.
- To create a pipeline of innovative FinTech Companies.
- To enhance financial Inclusion within the campus and its environs.
Judges
Aituaz Kola-Oladejo
Executive Director, FSI
Uade Ahimie
Founder and Principal Consultant at Accounting Lab Limited.
Binta Moustafa
Founder, 100 women in Tech
Gbolahan Alli
Chief Technology Officer, Devos
Abolore Salami
Partner, BusinessLab Africa
Eniola Boluogun
Delivery Manager, Skipton Building Society
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Financial Services Innovators
FSI is a not-for-profit organization and a shared infrastructure for the financial services industry aimed at driving financial innovation across all frontiers
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