SWIFT Hackathon Aims to Create Cost-Effective Financial Services in Africa

SWIFT, a provider of global financial messaging services, is set to host a two-day hackathon at its annual African Regional Conference (ARC). The hackathon, which will take place on April 21st - 23rd in Cape Town, South Africa, will focus on developing solutions for cross-border financial services in Africa.

The two-day event will pit teams of Fintech developers against one another, working with the latest financial APIs in an attempt to lower the cost of payment transfers in Africa. All resulting applications will be open-sourced and a winner will be selected by a panel of judged. The winning team will receive complimentary tickets to Sibos, SWIFT’s global financial conference in Boston, USA.

East African Business Week (EABW) noted in their coverage of the event that the current ecosystem of financial applications in Africa lags behind global averages in terms of the cost of cross-border remittance payments. This hackathon provides an opportunity for developers to be involved in solving this problem. Nkiruka Uwaje, innovation manager at SWIFT, told (EABW):

“There is a huge opportunity for financial institutions, fintechs, and telcos operating across Africa to innovate with other ecosystem players and create new and ground-breaking solutions for the African market.”

The annual conference is being held at the Cape Town International Convention Centre and SWIFT expects over 600 attendees. 

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