FirstBank, one of Nigeria’s leading commercial banks, has reaffirmed its commitment to advancing fintech innovation by awarding N29.5 million to 10 standout startups at its First Bank Fintech Summit 6.0, themed Banking on Partnerships.
The two-day event, held on November 13 and 14, 2024, at the Lagos Continental Hotel, showcased transformative ideas and fostered collaboration among fintech leaders, investors, and industry experts.
The grand prize of N10 million was awarded to NearSwipe Limited, a fintech startup that provides NFC smart ID cards with integrated payment solutions for university students. Other notable winners included Middleman, which facilitates seamless payments for African e-commerce businesses to suppliers in China, earning N7.5 million, and Esusu Africa Limited, a digital thrift and credit banking platform, which received N5 million.
The remaining seven finalists each received N1 million to further develop their solutions.
The summit, themed around fostering partnerships, drew 147 applicants, with 10 startups selected for their potential to advance financial inclusion and economic development.
The selected startups presented solutions ranging from digital thrift platforms to AI-powered business automation tools, reflecting the diverse opportunities for collaboration within the financial ecosystem.
Olusegun Alebiosu, Group CEO/MD of FirstBank, emphasized the importance of partnerships in driving systemic change.
“First Bank Fintech Summit 6.0 is more than a conference. It is a catalyst for change,” Alebiosu said.
“By working together, we can unlock new possibilities and create a more inclusive, resilient, and innovative financial system.”
During the summit, finalists participated in a pitching session, presenting their already-developed solutions to a distinguished panel of judges.
Following rigorous evaluation, NearSwipe emerged as the overall winner for its innovative approach to integrating payment solutions into student ID cards.
Lande Atere, Chief Customer Experience Officer at FirstBank, highlighted the bank’s collaborative approach to working with fintechs.
“We are not necessarily competing with fintechs but rather looking for ways to collaborate,” Atere said.
“By bringing startups into conversations, offering bootcamps, and connecting them with investors, we aim to help them grow their businesses while improving the financial landscape for Nigerians.”
