ABOUT THE FINTECH CHALLENGE

As with the global trends, Nigeria has to embrace the exponential power of technology driven innovations to address human’s  socio-economic development across Africa

What’s the next market ready idea that we can’t wait to adopt for FinTech?

You tell us, at FinTech StartUp Challenge co-located with CardExpo2017.

We alongside a panel and anaudience of 5,000+ millennials lookout for the Next-Big-Thing in fintech.

It is our mission to support digital innovative solutions that can be used to ease the operations of SMEs in Nigeria and help them increase efficiency, improve competitive edge  and reduce cost.

 

OBJECTIVES

This is a competitive route of identifying, evaluating and supporting innovative ideas relevant to Enterprise, Governance and Social development in Nigeria.

It is a call to start-ups and entrepreneurs to propose innovative solutions capable of disrupting commercial transactions making better, faster and acceptable.

THE CHALLENGE BRIEF

Invitation:

Entry will be open to the general public to share fintech related ideas with relevant innovation to improve enterprise.

Shortlisting:

A jury of industry professionals shortlists ideas that satisfy predetermined criteria for the Pitch Day at the Digital PayExpo event.

Demo-Day:

Three Winners will emerge after the public pitch at Digital PayExpo2017. They will win N500,000 and a Three months incubation with Ventures Garden Group.

Incubation:

Ventures Garden Group prepares the three winners for eventual plug-in into the NIBSS Sandbox using a curriculum approved by NIBSS for Three Months.

Sandbox:

The winners proceed to plug into the sandbox and test run their innovations. At the end of satisfactory test run, they are licensed by the CBN as Payment Service Providers.

Commercialization:

The winners will then be exposed to investors who will take them to commercialisation. 

Timelines to Demo-Day
Campaign
Activity
Timeline
Opening to Public Registration Drive 20th April – 22nd May 2017
Setting up of Panel Responses to Invitation 22nd – 26th May 2017
Shortlisting Exercise Panel Shortlisting 29th May – 2nd June 2017
The Pitch Grand Finale 15th June 2017

 Shortlisted finalists will pitch for 10minutes each on the third day of CardExpo event. The winners will be announced at Industry Dinner and Awards night on the 15th June 2017; each of the final 3 winners will go home with Five Hundred Thousand Naira Only.

They will subsequently be incubated for a period of 3 months by Venture Garden Group in curriculum that will instruct them on how to key into the NIBSS Sandbox, the innovation playground for financial industry after which they will be launch into commercialization.

PARTNERSHIP ROLES

Nigeria InterBank Settlement Systems Ltd (NIBSS): will serve as the platform provider. They will provide the Fintech Solutions and Technology a demopad to test run their innovation during the incubation process. During the Challenge process, NIBSS will watch out for operability of pitching ideas with available regulated technologies and advise startups on technologies they could build on or improve. 

AfriLabs will serve as the Technical partner for this process, overseeing the process design, publicity within the hub network in Nigeria, liaising with Panel Judges and giving proactive advice on Demo Day demonstration. We hope to benefit from their vast experience in innovation networks across Africa in the last couple of years.

Venture Garden Group: will serve as the Incubator Partner looking out for the business and feasibility of the pitching Fintech Start-Up ideas. They will incubate the three winners at their GIBE for 3 months. At the end of the curriculum the participants would be ready to launch their solution and technology and position their business for profit.

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