At its Fintech Summit 6.0, with the theme “Banking on Partnerships”, FirstBank Group, one of Nigeria’s top commercial banks, reaffirmed its commitment to promoting fintech innovation by giving N29.5 million to 10 outstanding entrepreneurs.
The ultimate winner, NearSwipe Limited, a fintech business that provides university students with NFC smart ID cards with integrated payment solutions, took home the N10 million grand prize.
Fintech executives, investors, and industry experts gathered for the two-day event, which took place on November 13 and 14, 2024, at the Lagos Continental Hotel in Lagos.
10 startups were selected from 147 applications because of their potential to significantly influence economic development and financial inclusion.
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In keeping with the event’s focus on encouraging cooperation within the financial ecosystem, these entrepreneurs showcased products ranging from AI-powered business automation tools to digital thrift platforms.
Emphasising the importance of collaboration
Olusegun Alebiosu, the CEO/MD of First Bank Group, emphasised the value of collaborations in bringing about change.
“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,” he noted.
Award for the finalists
During a pitching session on the first day of the summit, the finalists showcased their developed solutions to an esteemed panel.
Following a thorough assessment, NearSwipe Limited was awarded the top prize. Middleman, a startup that facilitates easy payments for African e-commerce companies to Chinese suppliers, and Esusu Africa Limited, a digital platform for credit and thrift, were awarded N7.5 million and N5 million, respectively.
To improve their solutions, the seven other finalists were each given N1 million.
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FirstBank’s willingness to collaborate with fintech startups
Lande Atere, First Bank of Nigeria’s Chief Customer Experience Officer, expressed the bank’s willingness to collaborate with startups companies.
She explained, “We are not necessarily competing with fintechs but rather looking for ways to collaborate. By bringing startups into conversations, offering boot camps, and connecting them with investors, we aim to help them grow their businesses while improving the financial landscape for Nigerians.”
Olayinka Situ, Head of Corporate Transformation, added that First Bank’s support for fintech companies extends beyond the summit and revealed that the bank’s website allows innovators to submit their ideas, paving the way for continued collaborations.
FirstBank’s proactive approach demonstrates its commitment to fostering digital transformation and enabling startups. The bank keeps enhancing its role in encouraging innovation, cooperation, and expansion in Nigeria’s financial sector via occasions like the Fintech Summit 6.0.