NSIA Prize for Innovation Awards $220,000 to Top Nigerian Startups

The Nigerian Sovereign Investment Authority (NSIA) has announced the winners for the second edition of the NSIA Prize for Innovation in Nigeria.

Sycamore, KundaKids, and PaveHQ split $220,000 as they emerged first, second, and third in the rankings for startups in Nigeria.

In a statement, the Managing Director and Chief Executive of NSIA, Mr Aminu Umar-Sadiq, iterated that the prize for innovation was started to recognize the key role startups that use technology play in shaping positive socioeconomic outcomes, among other parameters.

His statement read, “The NSIA Prize for Innovation was conceptualized in recognition of the pivotal role that technology plays in shaping positive socio-economic outcomes, strengthening multiple sectors, significantly expanding opportunities across multiple sectors, and repositioning homegrown talent for global relevance.

“Now in its second year, the NSIA has received commendable attention from the tech ecosystem as the registration of credible start-ups across Nigeria to join the program has grown from 2,000 to over 7,000 entries within the current year.

“The NPI program validates the Authority’s commitment to propel innovation, support entrepreneurship, and position young Nigerians within the technology eco-system for global relevance.”

Of the three startups that got prizes, Sycamore is a P2P fintech focusing on lending, hoping to connect borrowers and lenders. The team went home with a whooping $100,000 to continue to further their interests.

KundaKids, an ed-tech firm with a primary objective of supplying Afro-American digital content to children and parents, also went home with $70,000.

PaveHQ is more of a community platform aimed at helping and supporting students to scale their prospective careers to the next level, went home with a prize of $50,000.

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