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Libyan Fintech, Masarat's MobiCash wins third prize at Virtual Africa Hackathon

Ola Olaoluwa
Ola Olaoluwa

Libya’s financial services technology company, Masarat for IT and Finance won third place for its MobiCash mobile app at the Virtual Africa Hackathon on 31 August 2020.

The pan-African competition was held in Kenya and was organized by the Central Bank of Kenya, Singapore Fintech Festival and AfroAsia Fintech Festival.

Masarat CEO Khaled Bibas told Libya Herald that the electronic payment programme used by customers of Libya’s Al Wahda Bank was developed entirely by his company.

The company said that it had also participated in creating another free application that it will be launched soon. The soon-to-be-announced app helps identify if the downloader of the App has mixed with carriers of the Coronavirus.

The MobiCash App was among the 15 programmes short listed at the African competition.

Libya In Focus:

Population - 6.769 million (Compared to South Africa's 59.6 million)

GDP: $79.595 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $12,100 (Compared to South Africa's $6,193)

Digital inclusionFinancial inclusion

Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur