RegTech, NayaOne Organize Competition to Boost Homegrown Innovations

The RegTech Media Group, Africa’s leading regulatory innovation hub in partnership with NayaOne, a global digital innovative sandbox provider, has launched the inaugural RegTech4Good Challenge,a three-day hackathon event. This RegTech Africa hackathon enables innovators to collaborate intensively in solving real-life challenges. The registered participants, who were split into teams, used creativity, technology, and mentoring, resulting in prototypes, fresh new concepts, and innovative solutions.

With the growing demand for digital services across Africa, where financial inclusion is badly lacking, weak consumer protection and data privacy frustrate socio-economic development. Therefore, this widespread uptake of digital services has heightened consumer risks and raised new policy concerns for the regulators.

The hackathon aims to develop viable outcomes for inclusive innovation and boost homegrown solutions that would disrupt and tackle the industry’s fundamental challenges. The challenge is mainly to protect vulnerable financial service consumers in Africa.

Open to teams globally, the RegTech4Good challenge saw over 300 registered participants above 18 years from 32 locations across four continents of Africa, Europe, Asia, and North America.

The participants split into teams and were required to work together ahead of a 3-day intensive booth camp, brainstorming and ideating new concepts leveraging the NayaOne integrated Digital Sandbox platform.