Nigerian bank launches innovation challenge

One of Nigeria’s most prominent financial institutions, Union Bank, has launched the 2021 UnionX Innovation Challenge to support early-stage startups and promote innovation in the startup ecosystem in Nigeria. 

The 2021 UnionX Innovation Challenge supports early-stage tech startups in Nigeria

Titled ‘A New Discovery’, the innovation challenge will support and recognise eligible entrepreneurs with innovative, tech-focused Minimum Viable Products (MVPs) across the country. 

Lola Cardoso, head of Union Bank’s Retail Banking and Digital department comments on the launch of the innovation challenge. 

“The UnionX Challenge highlights our focus on supporting innovation as a key driver of sustainable development and growth of Nigeria’s vibrant start-up ecosystem, and the society at large. Union Bank has a rich heritage as a trusted partner to generations of Nigerians; providing the support they need to achieve their goals. This Challenge is one of the many ways we continue to build on this heritage.” 

The 2021 UnionX Innovation Challenge

Applicants are encouraged to submit innovative MVPs that have the potential to transform society and make an impact. 

The innovation challenge will focus on entrants in the following sectors; Financial Technology, E-Commerce, Health, Education, and Agriculture.

Applications close on 14 March 2021 and must be submitted online.

The top three selected MVPs will receive cash prizes of up to Nigerian naira 4.5-million from Union Bank along with taking part in a two-month incubation programme led by GreenHouse Capital, a leading fintech venture capital fund. 

In addition, the selected winners will leverage Union Bank’s network and value chain to further develop their solutions and scale for greater impact.

During the incubation programme, startups will be supported with a range of services focused on product development, distribution, and business modelling geared towards potential integration to the Bank. 

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