Barclays Bank CEO Jeremy Awori during an investor briefing on the bank's
half-year performance on August 13, 2015. Barclays launched an
innovation hub for financial technology solutions developers in Nairobi
on September 24, 2015. PHOTO | DIANA NGILA | NATION MEDIA GROUP
Barclays Bank has joined a list of
multinationals scrambling to increase Kenya’s clout in innovation with a
new product development lab in Nairobi.
The lab set up on Thursday will provide a base for local developers to come up with game changing ideas that could change the future of the financial industry.
INCUBATION HUBS
The
bank now joins multinationals such as IBM Research Africa, Nairobi’s
technology innovation community iHub, Sub Saharan digital advertisement
firm Squad Digital which have incubation labs that provide space and
resources to upcoming developers.
“Our
innovation initiatives in Africa are a hugely important part of our aim
to create a network of strong innovators across the globe - connecting
and co-creating together to create the future of financial services,”
says Lubaina Manji, director of Barclays Open Innovation Programme.
The
lab is part of Barclays’ global initiative to accelerate development
and adoption of new technologies in the financial industry.
In
July, Barclays launched an initiative called ‘Rise’ which will enable
organisations to develop financial technology solutions to improve
interaction with customers.
PARTNERSHIP
The product lab is a partnership between Barclays Kenya, Moringa School and global start-up investment firm Nest.
Moringa
School will offer training on design thinking and user research while
Nest will manage the program and provide mentorship.
“The
launch of this program attests to our commitment as a company to invest
in youth-focused initiatives that accelerate access to new innovations
in the industry,” said Barclays Kenya marketing and corporate relations
director Caroline Ndung’u.
The first
phase kicks off October 19 and will incorporate a 10-week training
program of local developers. They will be tasked to come up with
superior innovations.
GLOBAL RISE INNOVATION HUBS
Barclays
will provide resources available in its Global Rise Innovation Hubs
across the world as well mentorship from the Barclays global open
innovation teams in London, Manchester, New York and other planned
locations in the Middle East, Africa and India.
“Throughout
the entire program, each developer will be tasked to conduct market
research, user research, building product prototypes and pitch their
solutions in front of Barclay’s senior executives and program partners,”
Ms Ndung’u added.
The best innovator will be awarded $1,000 and will continue working with Barclays on the innovation.
Barclays
Africa Supply Chain Challenge initiative also launched recently invites
technology enthusiasts aged between 18 and 35 years to innovate in
supply chain management using Blockchain technology.
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