Sycamore Wins NSIA Prize for Innovation 2.0
By Patience Ikpeme
Sycamore, a peer-to-peer lending fintech platform, has emerged victorious in the second edition of the NSIA Prize for Innovation (NPI 2.0), a competition designed to empower Nigerian tech entrepreneurs.
Sycamore, led by Babatunde Akin-Moses, impressed the judges with its technology-driven solution connecting lenders and borrowers, ultimately aiming to bridge the credit gap and propel economic growth across Africa. Their victory translates to a combined prize value of US$100,000.
The competition, organized by the Nigeria Sovereign Investment Authority (NSIA), saw ten finalists pitch their innovations to an expert panel drawn from the business and technology ecosystem. Judges assessed each venture based on key metrics like market potential, team composition, traction, and solution competitiveness.
Kunda Kids, an edtech company creating engaging African-inspired digital content for children, secured the second position with a combined US$70,000 prize. PaveHQ, a platform supporting student career development, rounded out the top three with a US$50,000 prize, bringing the total combined prize pool to US$220,000.
Speaking at the NPI Demo Day, Aminu Umar-Sadiq, Managing Director & Chief Executive of NSIA, emphasized the program’s significance. “The NSIA Prize for Innovation acknowledges the crucial role technology plays in shaping positive social and economic outcomes,” he stated.
The NPI initiative has grown significantly, attracting over 7,000 entries this year, a dramatic increase from the 2,000 applications received in its inaugural edition. This surge highlights the program’s growing influence within Nigeria’s tech ecosystem.
Umar-Sadiq further elaborated, “The NPI program underscores the Authority’s dedication to fostering innovation, supporting entrepreneurship, and empowering young Nigerians to compete on a global scale in the tech arena.”
This year, the program boasts an exciting new addition: a five-week, all-expenses-paid training program at Draper University in Silicon Valley, USA. This opportunity will empower all ten finalists to expand their horizons and potentially launch their solutions on global platforms.
The NSIA Prize for Innovation is a multi-year commitment from the Authority to identify and nurture early-stage tech businesses with the potential to create lasting positive change. The program utilizes a four-stage competition process to catalyze investments and support the growth of these promising ventures.
