Money Africa Takes Home the NSIA Innovation Prize Winner

Money Africa Financial Services has been named the 2023 Nigeria Sovereign Investment Authority Prize for Innovation winner.

The award was given to the company following a pitching session comprising ten startups and digital entrepreneurs.

On Saturday, the pitching event took place in Lagos. Which had top officials and organizations from the technology and financial services eco-system attending the inaugural 2023 NPI program. Those who attended the pitching section are the Director-General of the National Information Technology Development Agency, Inuwa Abdullahi; Managing Director/Chief Executive Officer, of NSIA, Aminu Umar-Sadiq; and Managing Director, of Sterling Bank, Abubakar Suleiman.

While Money Africa was selected as the overall winner of the NSIA Prize for Innovation with a financial prize of $25,000, Extension Africa came in second with a cash award of $17,500,  while LegitCar took third place and received a $12,500 cash prize. Aside from that seven other tech firms that finished fourth each received a $5,000 cash prize.

Their names are, Capsa, Yalo Technologies, CreditChek, truQ, Vella Finance, Apace Technology Solution, and Kobopay Technologies.

Shortly after winning the award, Oluwatosin Olaseinde, Founder and Chief Executive Officer of Money Africa, praised NSIA management for investing in the plan, saying it would stimulate innovation, business, and economic progress.

According to NSIA managing director Umar-Sadid, technology is a critical sector for the agency's growth and objectives because of its ability to solve real-world problems, create jobs, and boost overall economic growth.

He stated that around 2,000 businesses and people had applied for the program.

According to him, the program's goal is to identify, build, and finance early-stage innovative solutions with the potential to boost economic growth, advance social problems, and generate jobs.

"We have received many entries since we announced the NSIA Prize for Innovation," he stated, "each of which attests to the limitless spirit of innovation that abounds in every nook and cranny of Nigeria." The entries are as specific and diverse as they possibly be.

"Although this program awards winners with a cash prize of $255,000, the true impact goes beyond the cash prizes or event." Our primary strategy of soliciting third-party money will result in many of these entrepreneurs receiving funding from a wide range of financiers. NSIA has proven its ability to attract supplementary funds from global financial partners to solve infrastructure requirements across sectors."

While applauding NSIA management for the commendable initiative, NITD DG Inuwa urged tech entrepreneurs to be consistent and passionate about their projects.

The panel of judges for this pitching exercise includes Iyinoluwa Aboyeji, CEO of Future Africa; Juliet Ehimuan, Director of Google; Amal Hassan, CEO of Outsource Global; Tosin Eniolorunda, Founder of Moniepoint; and Bosun Tijani, CEO of Co-Creation Hub.