The Nigeria Sovereign Investment Authority has granted a total of $220,000 to three Nigerian startups through the second edition of its NSIA Prize for Innovation.
The winners were announced during the final Demo Day on Saturday, where 10 selected startups presented their innovations. Sycamore, a fintech platform facilitating peer-to-peer lending by leveraging technology to connect lenders and borrowers, clinched the grand prize of $100,000.
Founded in 2019 by Babatunde Akin-Moses, Sycamore aims to empower African businesses and foster economic growth by bridging the credit gap with technology.
Following closely in second place is Kunda Kids, an edtech media company that provides engaging African-inspired digital content for children, parents, and libraries globally. They received a combined prize of $70,000. PaveHQ secured third place with its learning and career ecosystem supporting students towards successful careers, earning a combined prize of $50,000. This brings the total prize money awarded to $220,000.
The selection of winners involved pitches from the startups to an expert panel of judges from the business and technology sectors. Evaluation criteria included market potential, team composition, traction, and competitiveness of the proposed solutions.
Managing Director and Chief Executive of NSIA, Aminu Umar-Sadiq, highlighted the significance of the NSIA Prize for Innovation in fostering positive socio-economic outcomes through technology. He noted that the program has seen a notable increase in registrations, growing from 2,000 to over 7,000 entries this year.
Umar-Sadiq emphasized NSIA’s commitment to promoting innovation, supporting entrepreneurship, and positioning Nigerian startups for global impact. This year, the program has expanded to include a five-week all-expense-paid training at Draper University in Silicon Valley, USA, aimed at enhancing participants’ capabilities to develop solutions for global platforms.
Established by the Nigeria Sovereign Wealth Act (2011), NSIA is a government investment institution managing diversified portfolios of medium and long-term funds. It operates the Stabilization Fund, Future Generations Fund, and Nigeria Infrastructure Fund, aiming to drive economic development, enhance infrastructure, and provide economic stabilization support in Nigeria.
