Union Bank, one of Nigeria’s leading financial institution, is hosting the fourth edition of it’s innovation challenge, UnionX, themed “A New Discovery.”
The challenge comes to consolidate the bank’s effort to spot, unveil and sponsor entrepreneurs with Innovative, technology-focused minimum viable products- MVPs.
The new challenge adds to the bank’s list of sponsored and hosted challenges including the Centenary Innovation Challenge in 2017, Campus Innovation Challenge in 2018, and 2019 Ed-tech Challenge.
Speaking on the development, Lola Cardoso, head of retail banking and digital at Union Bank, described the challenge as one of the bank’s initiatives of supporting Nigerians who has trusted them for many generations.
Who can apply?
The commercial bank is calling on early-stage startups registered in Nigeria to submit innovative Minimum Viable Products.
According to terms enumerated on the website, eligible startups must possess potentials to transform society in areas such as but not limited to Fintech, E-commerce, Health, Agriculture and Education.
What’s the catch?
The top 3 startups from the challenge will be jointly awarded USD 12,000 (NGN 4.5million) as well as a 2 month incubation programme with GreenHouse Capital, a leading fintech venture capital fund.
In ranks, the 1st, 2nd and 3rd position will receive cash prizes of 2 million Naira, 1.5 Million Naira, and 1 million Naira respectively.
Additionally, the winners will leverage Union Bank’s network and value chain to further develop their solutions vis a vis scaling for bigger Impact.
Winning startups will receive a range of services as support, focusing on product development, distribution and business modelling geared towards potential integration to the bank.
Notably, winners will enjoy access to partners and mentors, alongside access to Union Bank’s customer base and employee expertise.
- Applications are open for 4 weeks until March 14.
- Only 10 semi-finalists will be notified via mail, once selection has taken place.
- The 10 entrants will then proceed to a 3 week bootcamp.
- Afterwards, 1 day Pitch Competition will be hosted to select top 3.
- Cash prizes and a 2 month Incubator Program will follow for the top 3 startups.