LAGOS, Nigeria (VOICE OF NAIJA)-MoneyAfrica and the other nine winning Nigerian start-ups received a $225,000 prize from the Nigeria Sovereign Investment Trust Fund (NSIA) Price for Innovation.
For their start-ups, the top three winners each got a combination of cash and stock. In exchange for a share of their company, this will be distributed in the ratio 75:25, consisting of equity and cash, respectively. 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, received 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 for fourth place, which they split among themselves.
They are Capsa Technology, CreditCheck, Kobopay, TrueQ, Vela Finance, and Ya-Lo Technologies, among others.
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Following an assessment of 2000 entries and six months of idea development and refinement over the course of two rounds of elimination, the 10 winners were determined.
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 business plans to a panel of judges as well as venture capital company executives and banking officials in the audience.
Managing Director/Chief Executive of NSIA mentioned the following during the Demo Day:
“We are mindful that Digital is the new wealth code; it is a leveller and devoid of barriers to entry. Since we announced the NSIA Prize for Innovation, we have received many entries, each of which attests to the limitless spirit of innovation that abound in every nook and cranny of Nigeria. The entries are as niche and as multifaceted as can be.
“Although this Programme rewards winners with a sum of USD255,000, the real impact extends beyond the cash awards or event”.
