FirstBank awards N29.5m to 10 Nigerian fintech startups
FirstBank Group, one of Nigeria’s leading commercial banks, has reaffirmed its commitment to advancing fintech innovation by awarding N29.5 million to 10 exceptional startups at its First Bank Fintech Summit 6.0, themed Banking on Partnerships.
NearSwipe Limited, a fintech startup offering NFC smart ID cards with integrated payment solutions for university students, emerged as the overall winner, receiving the grand prize of N10 million.
The two-day event, held on Wednesday and Thursday, 13th and 14th November 2024, at the Lagos Continental Hotel, Kofo Abayomi Street, Victoria Island, Lagos, brought together fintech leaders, investors, and industry experts.
Out of 147 applicants, 10 startups were shortlisted for their potential to make significant impacts on financial inclusion and economic development.
These startups showcased solutions ranging from digital thrift platforms to AI-powered business automation tools, aligning with the event’s theme of fostering collaboration in the financial ecosystem.
The FirstBank Group CEO/MD, Olusegun Alebiosu, highlighted the importance of partnerships in driving change.
He noted, “First Bank Fintech Summit 6.0 is more than a conference. It is a catalyst for change. We aim to foster partnership for change, spark creativity and drive progress.
“By working together, we can unlock new possibilities and create a more inclusive, resilient, and innovative financial system.”
On the first day, the summit featured a pitching session where the finalists presented their already-developed solutions to a distinguished panel.
After rigorous deliberation, NearSwipe Limited claimed the top prize, while Middleman, a startup enabling seamless payments for African e-commerce businesses to suppliers in China, and Esusu Africa Limited, a digital thrift and credit banking platform, won N7.5 million and N5 million, respectively.
The seven other finalists each received N1 million to enhance their solutions.
Speaking on the sidelines of the event, Chief Customer Experience Officer at First Bank of Nigeria, Lande Atere, highlighted the bank’s commitment to collaboration.
She explained, “We are not necessarily competing with fintechs but rather looking for ways to collaborate. By bringing startups into conversations, offering bootcamps, and connecting them with investors, we aim to help them grow their businesses while improving the financial landscape for Nigerians.”
The Head of Corporate Transformation, Olayinka Situ, also emphasised that FirstBank’s support for fintech goes beyond the summit.
He disclosed that innovators can pitch their ideas on the bank’s website, creating opportunities for ongoing partnerships.
FirstBank’s proactive stance reflects its dedication to empowering startups and driving digital transformation. With events like the Fintech Summit 6.0, the bank continues to strengthen its role in fostering innovation, collaboration, and growth in Nigeria’s financial ecosystem.
