MoneyAfrica and nine other Nigerian start-ups received a $225,000 prize from the Nigeria Sovereign Investment Trust Fund (NSIA) Price for Innovation.
The top three winners received a combination of cash and stock. Cash awards were given to the remaining seven winners.
MoneyAfrica was the ultimate winner, taking home a cash award of $25,000. Exaf, second place, earned a cash prize of $17,500, and LegitCar, third place, received a cash prize of $12,000.
The remaining seven Start-Ups split a $5,000 cash award as they tied for fourth place. They are Capsa Technology, CreditCheck, Kobopay, TrueQ, Vela Finance, Ya-Lo Technologies, and Apace Tech Solutions.
The 10 winners were selected through a process that included a review of 2000 entries, six months of idea development, and two rounds of elimination.
The NSIA organized a Demo Day over the weekend in Lagos to choose the top three winners. There, the top 10 Start-Ups presented their concepts to a panel of judges as well as an audience that included banking officials and venture capital company executives.
The NSIA Prize for Innovation is part of a multi-year commitment by the NSIA to support aspiring Nigerian innovators in an effort to spur the growth of the digital economy, according to the managing director/chief executive of the NSIA who spoke at the Demo Day.
“We are aware that digital technology is the new wealth code because it levels the playing field and removes obstacles to access. Since the NSIA Prize for creativity was announced, we have received several entries, each of which demonstrates the Nigerian nation’s boundless spirit of creativity. The entries are as specialized and diverse as they possibly may be.”
“The true impact of this program goes beyond the financial prizes or the event, even if it rewards winners with a total of USD255,000.”