FirstBank awards N29.5 million to 10 Nigerian fintech startups 

FirstBank Group, considered one of Nigeria’s main industrial banks, has reaffirmed its dedication to advancing fintech innovation by awarding N29.5 million to 10 distinctive startups at its First Bank Fintech Summit 6.0, themed Banking on Partnerships.

NearSwipe Restricted, a fintech startup providing NFC good ID playing cards with built-in cost options for college college students, emerged as the general winner, receiving the grand prize of N10 million.

• The 2-day occasion, held on Wednesday and Thursday, thirteenth and 14th November 2024, on the Lagos Continental Resort, Kofo Abayomi Avenue, Victoria Island, Lagos, introduced collectively fintech leaders, traders, and trade specialists.
• Out of 147 candidates, 10 startups had been shortlisted for his or her potential to make vital impacts on monetary inclusion and financial growth.
• These startups showcased options starting from digital thrift platforms to AI-powered enterprise automation instruments, aligning with the occasion’s theme of fostering collaboration within the monetary ecosystem.
• The FirstBank Group CEO/MD, Olusegun Alebiosu, highlighted the significance of partnerships in driving change.

He famous, “First Bank Fintech Summit 6.0 is greater than a convention. It’s a catalyst for change. We intention to foster partnership for change, spark creativity and drive progress.

“By working collectively, we will unlock new potentialities and create a extra inclusive, resilient, and modern monetary system.” 

On the primary day, the summit featured a pitching session the place the finalists offered their already-developed options to a distinguished panel.

After rigorous deliberation, NearSwipe Restricted claimed the highest prize, whereas Intermediary, a startup enabling seamless funds for African e-commerce companies to suppliers in China, and Esusu Africa Restricted, a digital thrift and credit score banking platform, gained N7.5 million and N5 million, respectively.

The seven different finalists every acquired N1 million to reinforce their options.

Extra insights 

Talking on the sidelines of the occasion, Lande Atere, Chief Buyer Expertise Officer at First Bank of Nigeria, highlighted the financial institution’s dedication to collaboration.

She defined, “We aren’t essentially competing with fintechs however somewhat on the lookout for methods to collaborate. By bringing startups into conversations, providing bootcamps, and connecting them with traders, we intention to assist them develop their companies whereas bettering the monetary panorama for Nigerians.” 

• The Head of Company Transformation, Olayinka Situ, additionally emphasised that FirstBank’s help for fintech goes past the summit.
• He disclosed that innovators can pitch their concepts on the financial institution’s web site, creating alternatives for ongoing partnerships.
• FirstBank’s proactive stance displays its dedication to empowering startups and driving digital transformation. With occasions just like the Fintech Summit 6.0, the financial institution continues to strengthen its function in fostering innovation, collaboration, and progress in Nigeria’s monetary ecosystem.