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First Bank of Nigeria Limited (FirstBank) is hosting a three-day fintech summit, tagged: The Future of Banking – The role of AI and Big Data. The event kicked off with a two-day coding competition, called Hackathon, on October 11-12, while the summit will hold on October 17 with over 700 people expected to attend.

According to a statement by FirstBank, released on Wednesday, 10 teams will be contesting for the grand prize of N3 million as they showcase their technological and artificial intelligence capabilities. The second and third-best teams will receive the sum of N1.5 million and N750, 000, respectively.

The Group Head of Marketing and Corporate Communications, Folake Ani-Mumuney, said, “The event is convened to increase technological support and collaboration with tech community, while deepening the Bank’s technological inclusion framework to improve its product offerings and services delivery experience.”

She added that the 10 teams will also showcase their solutions at the Fintech summit on October 17.

This event, according to the statement, has been designed as an avenue to showcase innovations developed by indigenous Nigerian companies as well as provide a platform for networking and partnership opportunities between FirstBank and the tech community.

The speakers lined up for the summit include Olayinka David-West, Academic Director at Lagos Business School; Akin Banuso, Country General Manager at Microsoft; Khadija Abu, Product Partnerships Lead at Paystack; and Adia Sowho, Managing Director of Nigeria for Mines.

Founded in 1894 as the Bank for British West Africa, FirstBank is considered Nigeria’s premier commercial bank with over 10 million active customer accounts and more than 750 business locations across Africa, Europe, Middle East and Asia.