Zenith Bank Awards N77.5 Million to Hackathon Winners at Zenith Tech Fair
Zenith Bank Plc has rewarded ten innovative startups with a total prize of N77.5 million at the conclusion of its highly competitive hackathon session during the Fourth Edition of the Zenith Tech Fair.
Themed “Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI”, the event took place on Thursday, 21 November 2024, at the EkoConvention Centre, Eko Hotels & Suites, Victoria Island, Lagos.
The grand prize of N25 million was awarded to JumpnPass, a self-checkout technology solution poised to revolutionise the retail landscape across Africa.
In addition to the cash prize, the team will undergo a six-week mentorship and incubation programme from December 2024 to February 2025 to further refine and scale their innovation.
The first runner-up, CreditChek, which specialises in leveraging artificial intelligence and open banking to simplify income and credit verification for financial institutions, secured N20 million and a mentorship opportunity.
Salad Africa, a startup offering seamless credit product integration for digital platforms and software companies, emerged as the second runner-up, receiving N15 million and mentorship support.
Other finalists, including Regxta, CashAfrica, Middleman, Messenger, Pocketfood, Famasi Africa, and Kitovu, each walked away with N2.5 million, cementing Zenith Bank’s commitment to fostering innovation and entrepreneurship in Nigeria.
In her welcome address, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, credited the visionary leadership of the bank’s Founder and Chairman, Dr Jim Ovia, CFR, for establishing the Tech Fair initiative.
She emphasised the role of innovation in ensuring institutional resilience and encouraged the youth to harness their potential.
“This annual event was created to empower and nurture young fertile minds. We hope to produce the likes of Bill Gates, Mark Zuckerberg, Steve Jobs, and Elon Musk from the Zenith Bank Hackathons in the near future,” Umeoji said.
Highlighting statistics from the Nigerian Bureau of Statistics, she noted that 70% of Nigeria’s population comprises youth, describing this demographic as an economic asset that must be effectively harnessed.
She also underscored the importance of embedded finance and innovation for staying competitive. “When companies fail to innovate, they can easily be displaced. This is not the time to be orthodox; innovation should be a top priority for us,” she stated.
Lagos State Governor Babajide Sanwo-Olu, in his goodwill message, stressed the need for a global outlook in business.
“We can’t continue to act local; we need to think global. Platforms like the Zenith Tech Fair reassure us of our readiness to provide an enabling environment for your ideas and innovative solutions,” he said, pledging continued government support for initiatives driving innovation.
The event also featured keynote presentations, including one by Robin Speculand, a Strategy and Digital Implementation Specialist, titled “Banking Transformation in a Digital World”. Other notable speakers included Danilo McGarry, a global expert on digital transformation and AI, and Jania Okwechime, Deloitte’s AI & Data Leader for Africa.
Zenith Bank unveiled its digital wallet, EazyByZenith, aimed at bolstering its retail banking and financial inclusion strategy.
The fair also spotlighted cutting-edge advancements in artificial intelligence, cybersecurity, cloud computing, and other transformative technologies.
A panel discussion hosted by Wole Odeyele, Client Technology Lead for Microsoft Inc., featured prominent innovators and policymakers, including Funke Opeke, CEO of MainOne, and Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA).
The Zenith Bank startup pitch competition and incubation programme seeks to accelerate the growth of high-potential Nigerian startups across sectors such as fintech, healthtech, agritech, and e-commerce.
By offering mentorship, funding, and networking opportunities, the programme aims to position startups for sustainable success while contributing to national development.
The 2024 Zenith Tech Fair has been hailed as a resounding success, reaffirming Zenith Bank’s pivotal role in driving technological innovation and supporting the next generation of entrepreneurs in Nigeria.
Source: Oriental News
