Africa

Union Bank Centenary Innovation Challenge

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Deadline: May 19, 2017

Do you have an idea that will improve the lives of Nigerians? Then enter the Union Bank Centenary Innovation Challenge. In celebration of 100 years of heritage & service, Union Bank is running a Centenary Innovation Challenge to find and support great ideas that address the Sustainable Development Goals (SDGs) in entrepreneurial ways. They are looking for your innovative ideas to address the biggest problems affecting how people live, work, socialise and do business in Nigeria. In particular, they are looking for great ideas that improve financial inclusion, agriculture and education of Nigerians.

Union Bank, one of Nigeria’s most respected financial institutions, has kicked off celebrations to mark its 100th anniversary in Nigeria having been established in 1917. The bank has embarked on a transformation programme to reposition Union Bank with the objective of becoming a leading provider of quality financial services in Nigeria. Given their long standing service to individuals and communities, Union Bank understands that partnership and pragmatism are needed to make the right choices to improve life, in a sustainable way, for future generations. The Sustainable Development Goals which are a universal call to action to end poverty, hunger, improve health & education is an ambitious goal that resonates with the bank.

The innovation challenge will engage eligible young and talented people across Nigeria to submit novel ideas that address some of the Sustainable Development Goals (SDGs) that are of immediate interest to Union Bank. They will encourage applicants to propose innovative ideas that solve fundamental social and commercial challenges faced by Nigerians in a range of sectors starting in one community but potentially scalable across the nation.

Prizes

  • The best ideas generated & submitted will leverage Union Bank’s expertise and the reach of its value chain to develop and scale. The top 3 ideas will receive immediate cash prizes of 2 million Naira, 1.5 million Naira and 1 million Naira respectively towards the execution of the idea. Further incubation support will be provided via the Co-Creation Hub (CcHUB) incubation services with full engagement with Union Bank;
  • Over the subsequent six months, the top three ideas will be supported with a range of services focused on product development, distribution and business modelling to turn their ideas into fully working products to launch in late 2017;
  • In addition to access to a range of different partners and mentors from the public and private sectors, winners will also have access to Union Bank’s customers and employees and also leverage Union Bank’s reach & strategic networks to bring their ideas to life.

Eligibility

  • University students, software developers, academics and entrepreneurs across Nigeria are invited to submit novel ideas that address challenges related to the Sustainable Development Goals (SDGs) including financial inclusion, agriculture and education starting in one community but potentially scalable across the nation.

Application Process

To apply, kindly fill the . Deadline for submission of ideas is May 19, 2017.

The three best ideas submitted will be shortlisted by a panel of experts for prototype development during the incubation process from June to November 2017.

For more information, see FAQ or visit Union Bank Centenary Innovation Challenge.

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