The Nigeria Sovereign Investment Authority (NSIA) has unveiled the winners of its second NSIA Prize for Innovation (NPI 2.0), distributing a total prize fund of $220,000 to three startups.
The competition concluded on July 19th with a high-profile Demo Day in Lagos, where 10 finalists displayed their innovative solutions.
Sycamore, a fintech platform specialising in peer-to-peer lending came first. Founded in 2019 by Babatunde Akin-Moses, Sycamore secured the top prize of $100,000.
The platform is focused on bridging the credit gap in Africa through technological solutions that facilitate connections between lenders and borrowers.
In second place, Kunda Kids, an edtech company offering engaging, African-themed digital content for children, parents, and libraries, was awarded $70,000.
Following closely, PaveHQ, a learning and career ecosystem designed to support students in achieving successful careers, received $50,000 as the third-place winner.
The NPI 2.0 programme, which attracted over 7,000 applications this year, aims to facilitate technological innovation within Nigeria. The initiative supports technology-enabled businesses across various sectors including financial services, agriculture, health, and education.
The competition is structured in four stages, ending with the Demo Day where finalists present their innovations to a panel of judges.
Beyond the cash prizes, winners will also benefit from a five-week, all-expenses-paid training at Draper University in Silicon Valley, aimed at broadening their global exposure.
NSIA’s managing director, Aminu Umar-Sadiq, spoke on the programme’s role in advancing Nigeria’s digital economy and enabling a solid startup industry.
He emphasised that the NSIA’s investment goes beyond just financial support, incorporating equity stakes in the winning companies to facilitate their growth and impact.
Kola Owodunni, NSIA’s executive director and chief investment officer, noted that the NPI programme is designed to stimulate the Nigerian startup industry and showcases promising companies to potential investors, thus facilitating their growth across Africa and beyond.
This year’s NSIA Prize for Innovation 2.0 has strengthened the NSIA’s focus in supporting early-stage innovations that promise to create sustainable economic benefits and enhance Nigeria’s global technological footprint.
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