Zenith Bank boosts Nigerian tech space with N77.5m funding
Joy Agwunobi
L-R: Ada Jabaru, founder/director, Nistad Limited; Bisoye Coker-Odusote, director-general/CEO, NIMC; Tope Fasua, special adviser to the president on economic matters; , Jania Okwechime, partner, Africa, AI & data leader, Deloitte; Jim Ovia, founder & chairman, Zenith Bank Plc; Adaora Umeoji, group managing director/ chief executive, Zenith Bank Plc; Robin Speculand, global expert on AI; Danilo McGarry, strategy & digital implementation specialist; and Olatunbosun Alake; the commissioner for science, innovation & technology, Lagos State, during the Zenith Tech Fair 4.0 held at Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos.
Zenith Bank has awarded a total sum of N77.5 million to outstanding startups at the 2024 Zenith Bank TechFair, held under the theme “Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI.”
The event, which took place in Lagos, gathered a diverse group of stakeholders from the financial sector, renowned tech experts, government officials, and young entrepreneurs to explore the vital role of technology in shaping Nigeria’s future economy.
The TechFair 2024 featured cutting-edge innovations across multiple domains, including Artificial Intelligence (AI), Cybersecurity, Risk Management, Compliance, Financial Intelligence, Cloud Computing, and Communications Technologies. These technologies are critical to the ongoing digital transformation of Nigeria’s financial landscape.
However, the highlight of the event was the Zecathon, a highly competitive startup pitch competition that provided a platform for Nigerian entrepreneurs to showcase their innovative ideas.
The Zecathon competition, which is part of Zenith Bank’s startup incubation programme, saw more than 1,700 contestants from across the country vying for the top prize. The competition focused on high-potential startups working in key sectors such as embedded finance, cybersecurity, fintech, health tech, agritech, e-commerce, and more, with a total of N77.5 million in prize money up for grabs.
After a highly competitive hackathon session, the grand prize of N25 million was awarded to JumpnPass, a self-checkout technology solution that is reshaping the retail landscape in Africa. The innovation, which helps streamline the shopping experience, stood out as the most promising and disruptive solution among the numerous entries.
In addition to the cash prize, JumpnPass will benefit from a six-week mentorship and incubation program designed to help them scale their business and refine their technology.
The first runner-up position was claimed by CreditChek, a startup that leverages AI and open banking to provide real-time income and credit history verification for financial institutions. CreditChek was awarded N20 million along with a mentorship programme to further develop their innovative solution. The second runner-up, Salad Africa, a company that offers seamless integration of credit products for digital platforms and software companies, took home N15 million and a mentorship programme of its own.
In addition to the top three winners, several other finalists received recognition for their groundbreaking ideas. Regxta, CashAfrica, Middleman, Messenger, Pocketfood, Famasi Africa, and Kitovu each received N2.5 million for their contributions to sectors like Fintech, Agritech, and HealthTech, bringing the total prize pool to N77.5 million.
In her address, Adaora Umeoji, the group managing director/CEO of Zenith Bank Plc, expressed her gratitude to Jim Ovia, the bank’s Founder and Chairman, for the vision that led to the creation of the TechFair initiative five years ago.
She noted that the event is a vital platform for empowering young minds and fostering technology innovation, emphasising the critical role of youth in Nigeria’s economic future. According to Umeoji, 70 per cent of Nigeria’s population consists of youths, which represents a vast untapped economic potential. Zenith Bank believes that investing in the tech community, particularly the youth, will not only stimulate economic growth but also reduce unemployment and foster social inclusion,” Umeoji said.
She also emphasised the critical role of embedded finance and technology in ensuring the resilience of financial institutions, pointing out that companies must prioritise innovation to remain competitive in today’s rapidly evolving market.
“It is paramount that we adapt and adopt technology to stay ahead of the curve. Companies that fail to innovate risk becoming obsolete,” Umeoji warned. She stressed that events like the TechFair are essential for nurturing the next generation of tech entrepreneurs who will drive Nigeria’s digital transformation.
Jim Ovia, Zenith Bank’s founder and chairman, also addressed the audience, emphasising the bank’s commitment to supporting disruptive technologies and innovative startups in Nigeria. Ovia highlighted that while the bank had previously hosted technology summits, the 2024 TechFair stood out due to its focus on the growing digital landscape and the potential of Nigerian youth to create world-changing innovations.
“We believe that the future of Nigeria’s economy lies in the hands of its youth. These young innovators are not just creating solutions for local markets, but are poised to compete on the global stage. At Zenith Bank, we are committed to supporting them by providing the resources, mentorship, and funding they need to thrive,” Ovia said.
He also expressed optimism that, with continued support, Nigeria could eventually develop its own “Silicon Valley” for digital and technological innovations.
“We do believe the years to come we will build our robust Silicon Valley there’s no doubt about that as we continue to sponsor and support our youth in the area of digital technologies, in the area of innovation in the area of creative creativity.”
On his part, Babajide Sanwo-Olu, the governor of Lagos State, who was represented by Alake Olatubosun, the commissioner for innovation, science & technology, commended Zenith Bank for its contributions to driving technological innovation in Nigeria.
He acknowledged the bank’s substantial role in fostering growth and innovation in the sector, noting that its progress aligns closely with Africa’s development over the past three decades.
The Governor further highlighted that the event demonstrated Zenith Bank’s dedication to driving technological innovation and fostering collaboration, cementing its position as a leader in shaping the future of finance and technology.
“Zenith Bank’s impact on the financial landscape of Nigeria has been tremendous. This TechFair exemplifies the bank’s forward-thinking approach to embracing technological innovation and its support for young entrepreneurs who will shape the future of finance,” Sanwo-olu noted.
Sanwo-Olu also called for a global approach to business, urging Nigerian startups to think beyond local markets and create solutions with global applicability. According to him, “In preparing for the future, it is important that platforms like this Tech Fair serve as a rallying point for collaborations in driving future-forward strategies, AI’s impact will be felt whether we are prepared for it or not and as such platforms like this are very important in design thinking, collaborating and driving a future that we would like to see.