International bank Citi has announced the launch of its Mobile Challenge in Nairobi, Kenya, which it says is the latest part of its global Digital Acceleration effort to foster innovation within the banking industry.
The bank said the challenge – for which registration begins on February 23 – will see participants demonstrate their concepts at events in Nairobi on April 22, as well as Jerusalem, Israel on April 26, Warsaw, Poland on April 28, and London, United Kingdom (UK) on April 30.
The virtual competition invites developers from around the world to build innovative solutions based on Citi’s digital platform, giving developers an opportunity to have their ideas offered in markets all over the world.
A panel of industry experts and financial technology leaders will evaluate the solutions at each event, with finalists competing for the opportunity to take their technologies into production with Citi’s support. They will also win a share of US$100,000 in cash rewards and a suite of services from Citi Mobile Challenge sponsors.
“From credit cards to ATMs, Citi has a history of maximising the benefits of new technologies to transform how it serves clients. Now is the right time for the banking industry to focus its efforts on redefining itself amid rapid advancements in technology. One of the ways Citi is doing this is by tapping the creativity and expertise of top innovation hubs around the world and here in the region including our centres in Tel Aviv and Dublin,” said Jim Cowles, chief executive officer (CEO) of Citi for the Europe, the Middle East and Africa (EMEA) region.
“We anticipate that the Citi Mobile Challenge will help us to create a truly distinguished experience for our clients while uncovering fresh approaches for broader financial inclusion.”