In celebration of Nigeria’s vibrant tech ecosystem, the Nigeria Sovereign Investment Authority (NSIA) recently concluded its highly anticipated Prize for Innovation (NPI) program. This multi-year initiative is aimed at recognizing and supporting innovative technology solutions developed by Nigerian tech entrepreneurs. According to its organizers, the core objective of the NPI program was to identify, build, and finance early-stage innovative solutions that would catalyze economic growth, enhance the nation’s productive capacity, and create jobs.
This year’s edition of the prize comprised a three-stage competition which produced ten finalists who made it to the NPI demo day on June 24, 2023. They were;
1. Apace Technology Solution
2. Capsa Technology
3. CreditChek
4. Extension Africa
5. Kobo Pay
6. LegitCar Africa
7. Money Africa
8. TruQ
9. Vella Finance
10.Yalo Technologies
Having scaled the earlier stages and making it to the demo day, the finalists were given the opportunity to present their ideas to a distinguished panel of judges. This panel consisted of renowned industry leaders, including Iyinoluwa Aboyeji (CEO and General Partner, Future Africa), Juliet Ehimuan (Director, Google Nigeria), Amal Hassan (Founder/CEO, Outsource Global), Tosin Eniolorunda (Founder, Moniepoint Inc), and Dr. Bosun Tijani (Co-Founder and CEO, Co-Creation Hub).
After 10 compelling pitches and careful deliberation, the judges announced Money Africa, a financial services solution founded by Oluwatosin Olaseinde as the overall winner. Money Africa’s impactful solution addresses financial literacy in Nigeria, empowering individuals and communities with the knowledge and tools to make informed financial decisions. Olaseinde’s enterprise secured the top position and received a well-earned prize of $25,000.
In second place and winning $17,500 was Extension Africa, a groundbreaking AgriTech company focused on providing sustainable extension services to smallholder farmers in Africa. Founded by Tajudeen Yahaya, Extension Africa demonstrated a clear commitment to addressing the challenges faced by farmers and promoting sustainable agriculture practices.
LegitCar Africa emerged third, securing a prize of $12,500. LegitCar Africa aims to establish Africa’s largest vehicle data service, catering to the needs of vehicle insurance businesses in Africa and emerging markets. Founded by Vincent Okeke, LegitCar Africa impressed the judges with its vision for revolutionizing the logistics and mobility sector.
The remaining seven participants were recognized for their exceptional efforts and received a consolation prize of $5,000 each. This gesture, the NSIA says, highlights their commitment to supporting and nurturing the entire tech ecosystem in Nigeria.
The Nigeria Sovereign Investment Authority’s (NSIA) Prize for Innovation not only celebrates the achievements of remarkable tech entrepreneurs but also serves as a testament to the immense potential of Nigeria’s tech landscape. Through initiatives like the NPI program, the NSIA is playing a crucial role in driving economic growth, job creation, and technological advancement in the nation.