During the pitch competition known as Zecathon 3.0, hosted by Zenith Bank Nigeria, aspiring young entrepreneurs will have the opportunity to showcase their business plans in exchange for a chance to win one of 59 million Naira in prize money.
The hackathon event, which is being hosted in cooperation with accelerator firm Seedstars, will also offer business support for its participants in the form of training, mentorship, and investor networking opportunities. This will further enable firms to reach their growth trajectories.
It has been stated by the bank that the program’s objective is to influence the direction that business will take in Africa in the future.
The competition was announced by the bank in the form of a statement, and it stated that in order to be eligible for the program, startups seeking to take part in it should be at the MVP stage with an entire staff and should have earned no more than $75,000 in funding. In addition to this, they need to be able to work within the industries of retail, e-commerce, payments, financing, wellness, cybersecurity, EdTech, energy, AgriTech, entertainment, transport and logistics, and SMEs.
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Advancing the technological progress of Nigeria
Temitope Fasoranti, Executive Director of Zenith Bank PLC, had the following to say about the program in her commentary:
“After witnessing the unparalleled impact and success of our previous collaboration with Seedstars, we’re thrilled to introduce Zecathon 3.0. Zenith remains steadfast in its commitment to fostering technological advancements in Nigeria. Our goal is to spotlight and uplift innovative startups that use technology to address modern-day challenges, steering us towards a brighter tomorrow.”
She went on to say that the participants who were awarded the cash prizes will also receive crucial pitch training, take part in a follow-up program, and have access to Seedstars’ global network in addition to winning those rewards.
Rolake Rosijuli, Seedstars’ Director for Partnership and Programs in Africa, also divulged the following information:
“Zenith Bank’s dedication mirrors our own ambition for change. With Zecathon 3.0, we’re not just recognising talent; we’re investing in Nigeria’s tech-driven future.”
The rank order of the prizes
According to the bank, the following are some of the top prizes that can be won by entrepreneurs who take part in the hackathon:
The first prize is worth N20 million (twenty million Naira), in addition to the chance to present your business to potential investors and access to the Seedstars Mentorship Hub.
The second prize is worth N15 million (fifteen million Naira), which also includes a scholarship to the Seedstars mentorship hub.
The third-place winner will receive N10 million (ten million Naira), in addition to a scholarship to the Seedstars mentorship hub.
The remaining ten startups ranked fourth through tenth, will each be awarded a participating reward amounting to two million Naira (N2m).
If a startup company is interested in taking part in the hackathon, they have until the 15th of November, 2023, to submit their application.
About Zenith Bank
When it started out, Zenith Bank Plc was just one branch with NGN20 million (US$4 million). Now, it’s Nigeria’s and one of Africa’s biggest banks by tier-1 capital, with over NGN9 trillion in assets and shareholders’ funds of NGN1.28 trillion (US$3.03 billion).
Through excellent service, a unique customer experience, and strong financial indicators, Zenith Bank has clearly set itself apart in the banking business.
Zenith Bank Plc was started by Jim Ovia and is now run by him. It is one of the biggest banks in Africa, with assets of over $24 billion and owners’ funds of over $3 billion as of June 2022.