Money Africa Wins $25,000 in NSIA Innovation Prize

By Adedapo Adesanya

Subscription-based monetary edtech platform, Cash Africa, gained the star prize of $25,000 on the maiden version of Nigeria Sovereign Funding Authority’s (NSIA) Innovation Programme.

The company, by the occasion, rewarded 10 Nigerian innovators with the sum of $60,000 and fairness investments in its Prize for Innovation programme.

On the Prize for NSIA Innovation Programme (NPI) held on Saturday in Lagos, Cash Africa gained the star prize of the maiden occasion.

Extension Africa gained the second place of $17, 500 whereas Legit Automobile Africa gained the third place of $12,500.

Seven different innovators- TruQ, Capsa Expertise, Apace, Ya-lo, Credit score-Chek, Vella Finance and Kobo Pay all obtained prizes of $5,000.

The programme, with the theme, Driving a Sustainable Future By way of Innovation, is designed to determine revolutionary technological options developed by Nigerian tech entrepreneurs.

Mr Aminu Umar-Sadiq, the Managing Director/Chief Government Officer of NSIA, mentioned the occasion was organised to encourage entrepreneurs.

”I believe the vital factor is that this occasion really catalyzes what we’ve seen as very nice concepts emanating from Nigeria and entrepreneurs to resolve Nigerian issues.

“I hope that this occasion permits us to mobilise home capital long-term persistence towards Nigeria.

“So, hopefully, past that, we’re additionally trying on the worth creation and addition that comes past the funding in these corporations.

“They may require additional sprucing of their enterprise concepts and the positioning of those corporations for exits.

“We hope that this occasion will shine a lightweight on the probabilities that our personal native entrepreneurs are in a position to provide for fixing Nigeria’s issues,” Umar-Sadiq mentioned.

Versus giving simply catch prizes, the NSIA MD mentioned that the organisation determined to separate the prizes into two parts, a money part and likewise an fairness part.

This, he mentioned, would permit NSIA to take possession in these companies in order that past simply the prizes, it might really interact with the entrepreneurs and add worth to them past providing cash.

Mr Kashifu Abdullah, the Director-Basic of the Nationwide Info Expertise Improvement Company (NITDA), mentioned that the seed funding for startups would assist place Nigeria for accelerated job creation within the digital economic system.

“I’m extremely impressed with the type of revolutionary concepts that I’ve seen as we speak. And this exhibits that we’ve nice potential and luck in Nigeria.

“And what is occurring and this type of initiative to supply seed funding for startups, it would actually assist place Nigeria for accelerated jobs creation within the digital economic system.

“Most startups fail due to lack of financing. And in response to many analysis, greater than 47 per cent of startups fail due to lack of financing on the preliminary stage,” he mentioned.

In response to him, NITDA has began the implementation of the Nigeria startup act.

He mentioned, “Below the act, we’re to determine a startup funding seed fund.

“The act says we’d like a minimal of N10 billion each year, however we’re concentrating on N100 billion in order that we should always have the ability to seed not less than 1,000 early-stage startups and about 400 late-stage startups.

“This may help us to hit greater than 80,000 jobs in Nigeria.”

Ms Oluwatosin Olaseinde, the winner of the star prize and founding father of Cash Africa Monetary Providers, who expressed pleasure, mentioned the problem of managing her funds pushed her to search out options to monetary literacy.

“I really feel actually excited. It’s very nice to have put in all this work, after which, right here I’m, the winner of this prize. I’m very grateful.

“I had a private problem with my cash, I struggled to handle my funds, I referred to as my associates, they usually had related issues.

“Now I realised that having cash will not be the one factor, how do you retain that cash and I observed that it was a basic downside.

“In response to the analysis by S&P Monetary Literacy survey, Africans rating the least in monetary literacy.

“So, I launched into that mission. As soon as I figured it out, I felt like an evangelist. All I did was simply to show and inform everyone about easy methods to handle cash and take advantage of use of what they’ve,” Ms Olaseinde mentioned.

She urged innovators to be versatile with their strategies and proceed to push and be centered on the objective.

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