Union Bank has unveiled the 2021 UnionX Innovation Challenge to support early-stage startups and boost innovation within the start-up ecosystem.
Tagged ‘A New Discovery’, this edition of the UnionX Challenge, will focus on discovering, showcasing, and supporting eligible entrepreneurs with innovative, technology-focused Minimum Viable Products (MVPs).
During the entry period which ends on March 14, 2021, early-stage start-ups registered in Nigeria are invited to submit innovative MVPs with the potential to transform society. These innovative MVPs should focus on sectors including, but not limited to, Financial Technology, E-Commerce, Health, Education and Agriculture.
The top three MVPs will receive cash prizes totaling N4.5million from Union Bank, in addition to a 2-month incubation programme with GreenHouse Capital, a leading fintech venture capital fund collaborating with Union Bank on the initiative.
In addition, the winners will leverage Union Bank’s network and value chain to further develop their solutions and scale for greater impact. They will also benefit from a range of services focused on product development, distribution and business modelling geared towards potential integration with the Bank.
The UnionX Challenge is the most recent in Union Bank’s Innovation Challenge series. Through the Centenary Innovation Challenge in 2017, the Campus Innovation Challenge in 2018, and the 2019 Edtech Challenge, Union Bank has discovered and supported innovative start-ups and solutions with the potential to drive sustainable impact and development in Nigeria.
Over the years, Union Bank has been made considerable efforts to contribute to the growth of startups in Nigeria. In 2019, the bank announced the launch of TechVentures, a unique banking proposition which provides special services to technology startups and companies.