Through its digital innovation competition – which is designed to identify and support digital payment innovators – Absa recently honoured students from selected universities who took part in the competition.
As part of Absa’s inaugural commercial payments competition awards ceremony, the group of student finalists convened at the Sandton Convention Centre on Tuesday, 16 April. They received recognition for their outstanding interventions in the field of digital payments.
Onkabetse Moleko, a third-year student at the North-West University (NWU), pursuing a Bachelor of Arts (BA) in Communications, won the second prize for the innovative concept, “Enhancing financial inclusion and security through digital systems”.
“As a competitive person and a former debater, entering competitions has always been about expanding the knowledge I have. Knowledge and wisdom are things no one can take away from me, so I constantly want to improve them,” said Onkabetse, referring to the reason she entered the competition.
Onkabetse said she never imagined she would receive a prize, because Phase 1, the competition’s research, was extremely difficult. “I did not think I had the ability to understand the research phase of the competition, but Prof Leenta Grobler helped me make it through the phase. Her intellect and knowledge are out of this world – this win goes to both of us,” Onkabetse added.
Her reaction upon receiving the news: “I received a call from the ABSA team during a guest lecture in the middle of a class assessment and they wanted to see me, and I requested to see them after thirty minutes. When we met after thirty minutes, they disclosed the news. I waited for my class to end, and I started screaming as I walked from the classroom to the location of my transport. I was overwhelmed, happy and I was crying – everything came gushing down, I could not believe it,” she said.
Onkabetse’s project explored crucial steps towards advancing responsible digital payments in South Africa. Her strategic framework discussed noteworthy topics like good practices in responsible digital payments, strengthening data collection, building inclusive digital ecosystems, and alternative payment methods.
She said her innovative methods of improving digital payment systems through technology included using new kinds of biometric authentication methods that business owners can have full access to when they accept or decline transactions.
“They can use voice authentication, fingerprint identification or eye-contact lenses,” Onkabetse stated. She added: “This will cater to everyone, including those living with disabilities. Rural residents could have a helpline to assist them when they do transactions, and this can eliminate the need for people to travel to banks.”
As the sole female innovator among the top five award-winning participants, Onkabetse continues to be bold in her pursuits. We at the NWU extend our sincere congratulations to her.
Onkabetse received an amount of R30 000, and said that 2% of her winnings will go towards financing the paperwork for her soon-to-be-launched cosmetic line. She will invest the remaining funds and grow the investment until she needs it for a specific reason.
