The Nigeria Sovereign Investment Trust Fund (NSIA) has Awarded $225,000 to MoneyAfrica and nine other Nigerian Start-Ups that emerged as Winners of the NSIA Price for Innovation.
The Top three Winners received a Combination of Cash and equity to Support their Start-Ups, with a Disbursement ratio of 75:25 for equity and Cash, respectively, in exchange for a stake in their Companies.
The remaining seven winners received Cash Prizes.
MoneyAfrica emerged as the overall Winner, securing a Cash prize of $25,000.
Extension Africa (Exaf) Claimed second place, receiving a Cash prize of $17,500, while LegitCar came in third, with a Cash prize of $12,500.
The seven Start-Ups that shared the fourth Position each received a cash prize of $5,000.
These Start-Ups include Apace Tech Solutions, Capsa Technology, CreditCheck, Kobopay, TrueQ, Vela Finance, and Ya-Lo Technologies.
The selection process began with the Review of 2,000 entries, followed by six months of Developing and refining Ideas, and two rounds of eliminations.
To determine the Top Three Winners, the NSIA Organized a Demo Day in Lagos, where the ten selected Start-Ups pitched their Ideas to a panel of Judges, as well as an Audience comprising Banking Executives and Venture Capital Company Executives.
During the Demo Day, the Managing Director/Chief Executive of NSIA highlighted the NSIA Prize for Innovation as a long-term Commitment to Empowering aspiring Nigerian Innovators, aiming to foster the Growth of the Digital Economy.
He emphasized that Digital Technology is the new Avenue for Wealth creation, Serving as a leveler without barriers to entry.
The NSIA Prize for Innovation received Numerous Entries showcasing the boundless Spirit of Innovation prevalent throughout Nigeria.
The Entries spanned Various niches and facets.
While the Program Awards a total sum of $255,000 to the Winners, the true impact extends beyond the Monetary rewards and the Event Itself.
