One of Nigeria’s most-respected financial institutions, Union Bank has announced its partnership with Co-Creation Hub to launch the Centenary Innovation Challenge. The launch was announced at a press conference held at the bank’s Head Office on Wednesday, April 12, 2017.
Building on the Banks 100 year’s centenary theme to Celebrate, Impact and Lead, the Centenary Innovation Challenge is a platform that would provide support for young technology startups and businesses to impact their environment and improve the country.
Technology-enabled startups that have gained significant traction and that are interested in partnering with Union Bank in order to scale more quickly can apply here until September 1.
Union Bank and CcHub, who collaborated on a US$15,000 innovation challenge earlier this year, will invite all shortlisted startups to a pitch event, before selecting a cohort to take part in the 13-week programme.
During the accelerator, the startups will work with CcHub and Union Bank staff to create proof-of-concept prototypes that serve a segment of the bank’s customers.
At the end of the period, results will be presented to the appropriate business units of Union Bank for deployment, which will take place either through a revenue-sharing agreement or by the bank making an equity investment.
In his key note address, Founder, Co-Creation Hub, Bosun Tijani talked about the partnership with the Bank, he said “Based on our work for the past 7 years, we have seen that there are very few credible platforms to leverage on to build sustainable businesses in Nigeria. This partnership with Union Bank for the Centenary Innovation Challenge is important to us, especially in implementing platforms that can help us provide solutions for our communities and the country as a whole”.
Over 98 per cent of support we get is derived from outside Nigeria, so this relationship with Union Bank is our first with a Nigerian financial institution. Clearly, this is a commitment that we would want other reputable institutions to emulate,” he concluded.
“Through Startup Connect, creative talents and smart businesses can access the bank’s 350 sales and service centres and over 3.7 million customers across Nigeria to scale their solutions.
Are you or your team working on an innovative, technology-driven idea to address critical social and business challenges in Nigeria, be sure to apply.” CLICK HERE NOW TO APPLY