Barclays Bank has launched a product development lab in Nairobi, Kenya, in partnership with Moringa School and global start-up investment firm Nest.
The lab forms part of Barclays’ Rise program, which is an initiative launched by Barclays to speed up fintech innovation across the globe.
For the new hub, Moringa School will provide training on design thinking as well as user research. Nest will be responsible for managing the program and offering mentorship.
The first phase, slated to start on 19 October, will include a 10-week training program of local developers, where they will be tasked with creating superior innovations.
Participants will receive access to resources available in Barclays’ Global Rise Innovation Hubs worldwide and mentorship from the Barclays global open innovation teams in London, Manchester, New York and other planned locations in the Middle East, Africa and India.
Each developer will be asked to carry out market research, user research, building product prototypes and pitch their solutions in front of Barclay’s senior executives and program partners.
The best innovator will receive $1,000 as cash prize, as well as will get the chance to continue working with Barclays on the innovation.
Barclays Open Innovation Programme director Lubaina Manji said: "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."