Union Bank has launched the 2021 UnionX Innovation Challenge targeting young startups while boosting innovation throughout the ecosystem. The challenge will be dubbed ‘A new discovery’ as it aims to discover, showcase, and support innovators across Nigeria working on innovative tech-based Minimum Viable Products (MVPs).
The entry period ends on March 14, 2021, and startups across Nigeria are encouraged to submit their MVPs in an effort to transform society. The innovative business MVPs should focus on e-commerce, financial technology, agriculture, and education. Submissions will be done on Union Bank’s website.
Statements from the top three MVPs will attract cumulative cash prices of N4.5 million from Union Bank, This also includes a 2-month incubation programme period with GreenHouse Capital. Union Bank hosts several other challenge series such as Campus Innovation Challenge 2018, Centenary Innovation Challenge 2017, and 2019 Edtech Challenge.
In comments shared during the launch, Lola Cardoso, the Head of retail and Digital banking pointed out how UnionX focuses on the support of innovation as a “key driver in the sustainable development and growth” in the country’s startup ecosystem.