Winners Emerge in NIBSS’ Competition

Winners have emerged in the Nigeria Inter-Bank Settlement System Plc (NIBSS) Competition tagged: ‘Ennovate Naija’.

The grand finale of the NIBSS Ennovation Challenge which held in Lagos recently, powered and managed by DigitalJewels Limited saw winners going home with various cash prizes.

The Managing Director, NIBSS, Mr. Adebisi Shonubi said that the initiative came as a result of the Central Bank of Nigeria’s (CBN) policy on cash-based transactions which stipulated a cash handling charge on daily cash withdrawals.

“The policy is aimed at reduc- ing the amount of physical cash circulating, encouraging more electronic-based transactions (payments for goods, services, transfers, etc.) and to drive financial inclusion by providing more efficient transaction options and greater reach.

“It is also aimed at developing and modernising the Nigerian payment system, “he said.

He further explained that as a proactive measure to solve some of the challenge, NIBSS conceived the idea of organising an online crowd sourced contest aimed at generating innovative ideas to drive the policy and generate solutions to overcome the present challenges.

Shonubi also pointed out that the initiative is an online contest to stimulate innovation amongst Nigerians and generate ideas on ways to enhance e-payment in Nigeria.

He further added that the contest is open to Nigerians with no age restrictions, and winners will be rewarded with cash prizes for the best 5 ideas.

“The winners, in addition will be given exposure to investors who could help move their ideas forward, “Shonubi said.

Meanwhile, the eight contestants that made the grand finale were tested on originality, feasibility, innovation, articulation, self-confidence, intellectual capacity and stage of development of idea and saw Mr. Charles Atere winning the top prize of N350,000.