A competition to generate innovative business ideas among university students in South Africa elicited five winning ideas, all of which have the potential to succeed in the FinTech space.
The LaunchLab, a network of university campus-based business incubators, in partnership with Nedbank, recently conducted entrepreneurial challenge across partner university campuses in the Western Cape to foster innovation in banking.
More than 50 aspiring and practicing entrepreneurs and enthusiasts from the Fintech, Big Data, ICT and Financial Services industries attended the workshop.
Ideas were then either pitched at participating campuses or submitted online. The LaunchLab said it received a large number of sign-ups and pitch submissions, which were narrowed down to nine finalists.
The finalists then pitched their Fintech and Big Data innovation ideas during the final event held at the Nedbank Stellenbosch University LaunchLab in October 2016.
The judging panel consisted of five members selected from the innovation and business development teams from Nedbank.
1. Desmond Mongwe from MoWallet – Enables banks with a white label digital marketing solution to deliver incentives to customers with lower income
2. Njabulo Makathini from Airbuy – A solution to purchase goods using airtime
3. Conor Foley from Inku – A peer-to-peer digital lending platform
4. Sebastian Daniels from StokVella – A digital stokvel management and accountability tool
5. Yolisa Ncanda from Fingertips – Online payments done via a student card.
The winners will now participate in the LaunchLab Knowledge Acceleration and Countdown Programmes.
They will each won seed funding and incubation support from the LaunchLab which they will use for the next six months will to launch and grow their business ideas.