Union Bank, one of Nigeria’s foremost financial institutions, has unveiled the 2021 UnionX Innovation Challenge, as part of efforts to support young start-ups and boost innovation in the start-up ecosystem.
Tagged ‘A New Discovery’, the Challenge will discover, showcase, and support eligible entrepreneurs across Nigeria with innovative, technology-focused Minimum Viable Products (MVPs).
Speaking on the UnionX Challenge and Union Bank’s focus on innovation, the Bank’s Head, Retail Banking and Digital, Lola Cardoso said: “The UnionX Challenge highlights our focus on supporting innovation as 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.”
During the entry period which ends on March 14, 2021, early-stage start-ups registered in Nigeria are invited to submit innovative MVPs with the potential to transform society. These innovative MVPs should focus on sectors including, but not limited to Financial Technology, E-Commerce, Health, Education and Agriculture. Entries will be submitted on the Union Bank website – https://www.unionbankng.com/unionx-innovation-challenge/
The top 3 MVPs will attract cash prizes totalling N4.5million from Union Bank in addition to a 2-month incubation programme with GreenHouse Capital, a leading fintech venture capital fund collaborating with Union Bank on the initiative.
In addition, the winners will leverage Union Bank’s network and value chain to further develop their solutions and scale for greater impact. Start-ups will be supported with a range of services focused on product development, distribution and business modelling geared towards potential integration to the Bank.
The UnionX Challenge is the most recent in Union Bank’s Innovation Challenge series. Through the Centenary Innovation Challenge in 2017, the Campus Innovation Challenge in 2018, and the 2019 Edtech Challenge, Union Bank has discovered and supported innovative start-ups and solutions that with the potential to drive sustainable impact and development in Nigeria.