Last week, BucksTrybe was one of the participants in a Techsprint which is an initiative of the Financial Conduct Authority (FCA). The Techsprint focuses on leveraging technological solutions to foster financial inclusion, which is a necessary step towards an equitable financial landscape in the UK. The goal is create tech solutions that help individuals with thin credit files.
Being a participant at the FCA’s Techsprint helped the BucksTrybe team engage with experts, regulators, and business-to-business tech solutions to develop and prototype our product to address barriers to financial inclusion amidst immigrants and young British adults in the UK.
Our product, the BucksTrybe App, which is presently available in Nigeria is addressing financial inclusion by formalising informal transactions that goes unrecorded in the immigrant and young British communities. These transactions will be formalised, validated and track to take immigrants and young British adults from being invisible (having thin credit files) to visible (having robust credit files).
BucksTrybe was also given a Special Recognition Award for The Eureka Solution of the Most Original Adaptation or Development of a Financial Technology. Tope Akande, CEO of BucksTrybe, said: “We are thrilled to have been part of the FCA’s Techsprint. Financial inclusion is a critical issue, especially among immigrants. Most immigrants have had more than one experience of being financially excluded, mostly at a pressing time. We believe that many a time the people should not go to the solution, but the solution should go to the people. This is why we are committed to formalising, validating and reporting existing financial practices to empower and financially include immigrants and young British adults.”
BucksTrybe’s participation in the FCA Techsprint underscores its commitment to leveraging technology for positive financial change. The company’s ongoing efforts to promote financial inclusion align with the FCA’s regulatory objectives and hold promise for empowering individuals across the UK.