The Nigeria Sovereign Investment Authority NSIA has announced Sycamore as the winner of the second edition of the NSIA Prize for Innovation (NPI 2.0).
This followed an assessment of pitches from ten innovators to an expert panel of judges drawn from the business and technology ecosystem in Lagos.
The evaluation was based on key metrics, including market potential, team composition, traction, and competitiveness of the proposed solution.
NSIA set to launch Prize for Innovation Programme
Sycamore, led by Babatunde Akin-Moses, is a peer-to-peer lending fintech platform that leverages technology to connect lenders and borrowers. Founded in 2019, Sycamore primarily empowers African businesses and propels economic growth by bridging the credit gap with technology.
Sycamore won a combined prize value of 100,000 dollars.
Kunda Kids—an edtech media company focused on providing well-illustrated, engaging, African-inspired digital content to children, parents, and libraries globally—followed closely at second position with a combined prize value of 70,000 dollars.
PaveHQ, a learning and career ecosystem that supports students in achieving a successful career, came third with a total combined prize value of 50,000 dollars, bringing the total combined prize value to 220,000 dollars.
While speaking at the recently concluded NPI Demo Day, Mr Aminu Umar-Sadiq, Managing Directo NSIA, said that ‘the NSIA Prize for Innovation’ was conceptualised due to the role that technology plays to shape positive socio-economic outcomes.
According to him, it strengthens multiple sectors, significantly expand opportunities across multiple sectors and re-position homegrown talent for global relevance.
The NSIA Prize for Innovation, in its second year, has received commendable attention from the tech ecosystem, as the registration of credible start-ups across Nigeria to join the programme has grown from 2,000 to over 7,000 entries within the current year.
The NPI programme validates the Authority’s commitment to propel innovation, support entrepreneurship and position young Nigerians within the technology eco-system for global relevance.
This year, the programme has been expanded to include a five-week all-expense-paid training at Draper University, Silicon Valley, U.S., to enable all top ten innovators to expand their horizons and potentially deliver solutions on global platforms.
The NSIA Prize for Innovation is the Authority’s multi-year commitment to identify and nurture early-stage innovative businesses within the tech ecosystem to create a sustainable positive impact.
It adopts a four-stage competition process to catalyse investments for early-stage businesses, aiming to foster local innovation and position Nigerian tech entrepreneurs globally.
With this win, Sycamore is now better poised to take its game to the next level.
About NSIA
The Nigeria Sovereign Investment Authority is an investment institution of the Federal Republic of Nigeria, established by the Nigeria Sovereign Wealth Act (2011), to manage and invest in a diversified portfolio of medium and long-term funds. Its mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure, and providing stabilisation support in times of economic stress.
NSIA operates three distinct funds, the Stabilization Fund, the Future Generations Fund, and the Nigeria Infrastructure Fund. For more information, please visit www.nsia.com.ng
