Aimed at mobilizing excess funds in the system and empower the youth, Stanbic Bank Ghana has launched a new product known as the Stanbic Money App Challenge.
The Stanbic Money App Challenge is a national mobile app development competition aimed at engaging talented mobile app developers and teams all over Ghana, with the intention of creating innovative financial education tools that can help users better understand how to manage their money and achieve their financial goals.
Speaking in an interview with Citi Business News, the Managing Director of Stanbic Bank Ghana, Alhassan Andani said the bank is hoping to use technology to promote financial freedom among Ghanaians, while raising financial literacy awareness.
“Ultimately, our objective is to encourage people to do the right thing so far as their finances are concerned while we make sure that technology is used to enable banks to become technology banks. What we seek to do is to throw a challenge to all the very clever and brilliant people we have in Ghana. All the young men and women who are so talented, we are asking them to enter this challenge. It’s an opportunity and it could be the path to greatness for so many people”, he said.
The Stanbic Money App Challenge submissions would be opened on March 28, 2016 for only apps related to the challenge verticals.
Each submission shall be evaluated and winners would be determined by some criteria that include ; Conformity with Financial Literacy, Creativity and originality of solution, viability of the concept to be built and published as a usable mobile app, and thoroughness of the submitted materials in compliance with contest rules, as well as guidelines and requirements.
The duration of the Challenge is four months, after which the judges will pick ten finalists to complete the ultimate.
The prizes for the winners include; GH¢ 10,000, for the 1st 1st Prize, GH¢ 5,000, for the 2nd Prize , GH¢ 3,000 for the 3rd Prize while the 4th to 10th Prize wineers receive GH¢ 1,000. In addition to the cash prizes, all ten finalists will receive goodies from Stanbic.
By: Norvan Acquah-Hayford/citibusinessnews.com/Ghana