NIBSS, Global Tech Giants Partner on Cashless Policy

Nigeria’s cashless policy agenda received a boost recently as the Nigeria Inter-Bank Settlement Systems PLC (NIBSS), in conjunction with two global technology giants, Samsung and International Business Machine (IBM), renewed commitment to the project.

Specifically, 10 Nigerians emerged winners in the 2015 eNNovation Challenge, organised by the collaborating organisations.

The eNNovation Challenge is an online crowd sourcing contest open to members of the public.

“The contest seeks to promote the spirit of innovation, and showcase the depth and variety of talent available for cognitive cultivation in the national economy,” says Ade Shonubi, Managing Director/CEO, NIBSS.

NIBSS conceptualised this pan-Nigeria, multi-disciplinary contest, collaborating effectively with IBM and Samsung to ensure that the initiative benefitted from the global best practices and benchmarking standards of these two technology companies.

According to NIBSS, the entries were assessed using several parameters, including creativity, uniqueness, practical application/impact and potential for commercial viability.

“The contest was borne out of our proactive measure to solve some of the challenges posed by the nation’s cashless policy programmes,”  Shonubi explained.

Slightly over 1,800 entries were received at the initial stage of the competition earlier this year. The screening and judging panel comprising of top industry executives from Central Bank of Nigeria, NIBSS, eTransact, Microsoft, Paga, Konga, Samsung, IBM, TEP, Dudu Mobile, and the immediate past managing director of CitiServe Ltd.

The best 30 entries were shortlisted, from which the top 10 ideas were selected. Eventually, only four of the entries in this top 10 group met the project/judges’ pre-defined standards for ‘outstanding innovation’, earning each of them the top prize of N350, 000 in addition to other gift items. All the top 10 finalists also received Samsung tablets, printers, notebooks and T-shirts.

The prizes were presented to the finalists during the grand finale event, an ideas and prize presentation ceremony of the eNNovation Challenge held at the IBM Client and Innovation Center in Lagos. Expectedly, this maiden edition of the competition succeeded in harvesting innovative ideas that tackle and resolve some of the salient obstacles against electronic payments systems whilst deepening and fomenting the culture of electronic cum digital payment channels in Africa’s largest economy.

“A cash-based economy poses many challenges. It is an increasingly expensive and insecure way to transact business,” said Charles Chukwuemeka, Mobility Manager, Samsung Nigeria Ltd.

“Mobile money is the future of retail and commerce. Soon, almost everybody will be using one type of mobile device and this eNNovation challenge offers us a good platform to promote mobile innovation. Samsung believes in innovation and we invest a lot in young people,” he added.

Odimayo Adesokan, a bio-chemistry graduate of Ladoke Akintola University, was one of the top four prize winners. His “Cashless Campus” idea conceptualised a nation-wide ecosystem of university campuses devoid of cash.

Another outstanding winner, Rukevwe Onoge, a freelance web developer and graphic artist, showcased a “Mobility Monitoring and Payment” system. She hopes to fine-tune her idea into a commercially viable solution in the near future.

“The 2015 eNNovate challenge has been a mind opening experience for me,” she said.

 “IBM is proud to be associated with this laudable initiative which aligns superbly with our focus on promoting technology innovation and talent,” said Taiwo Otiti, Country General Manager, IBM West Africa.

“Competitions like this help to expose home grown applications and software solutions to the rest of the world. We look forward to supporting all the winners of this eNNovate challenge with IBM’s suite of software solutions and platforms in the very near future.”