Zenith Bank awards N77.5m to innovators at fourth tech fair, launches digital wallet

The Fourth Edition of the Zenith Tech Fair, themed “Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI”, culminated on Thursday, November 21, 2024, with an impressive showcase of innovation and technology at the Eko Convention Centre, Lagos.

The event saw the distribution of N77.5 million in prize money to finalists of a highly competitive hackathon featuring over 1,700 contestants.

Hackathon Highlights and Winners
JumpnPass, a cutting-edge self-checkout technology transforming retail across Africa, emerged as the overall winner, earning the grand prize of N25 million.

In addition to the cash prize, the team will participate in a six-week mentorship and incubation program scheduled from December 2024 to February 2025 to enhance scalability and growth.

READ ALSO: Zenith Bank tech fair 2024 to spotlight AI, cybersecurity innovations in Lagos

The first runner-up, CreditChek, an AI-powered credit and verification platform, received N20 million, while Salad Africa, which integrates credit products for digital platforms, secured N15 million as the second runner-up.

Seven other startups, including Regxta, CashAfrica, Middleman, Messenger, Pocketfood, Famasi Africa, and Kitovu, each took home N2.5 million.

Zenith Bank’s Commitment to Innovation
In her welcome address, Dame (Dr.) Adaora Umeoji, OON, Group Managing Director/CEO of Zenith Bank Plc, celebrated the vision of Dr. Jim Ovia, CFR, Founder and Chairman of the bank, for initiating the Tech Fair five years ago.

“This event empowers young, fertile minds to create revolutionary solutions, aspiring to produce innovators like Bill Gates and Elon Musk,” she remarked.

She emphasized the importance of technology in creating employment opportunities for Nigeria’s youth, who constitute 70% of the population, according to the Nigerian Bureau of Statistics.

Umeoji highlighted that innovation and embedded finance are key to building resilient institutions. “Companies that fail to prioritize innovation risk displacement. This is not the time to be orthodox; innovation should remain our top priority,” she stated.

In his goodwill message, Lagos State Governor Babajide Sanwo-Olu encouraged Nigerian entrepreneurs to adopt a global mindset.

“We need to enhance our products and services to compete globally. Events like this showcase Nigeria’s readiness to lead on the global stage,” he said, committing his administration to providing an enabling environment for innovation.

The keynote address, “Banking Transformation in a Digital World”, was delivered by Robin Speculand, a global expert on strategy and digital implementation.

Other prominent speakers included Danilo McGarry, a digital transformation leader, and Funke Opeke, CEO of MainOne, among others.

Launch of EazyByZenith Digital Wallet
Zenith Bank also unveiled its new digital wallet, EazyByZenith, aimed at bolstering its retail banking and financial inclusion strategy.

This addition complements the bank’s focus on innovative financial services and digital transformation.

The Zenith Bank Tech Fair continues to serve as a hub for identifying and nurturing Nigerian startups innovating in Embedded Finance, Cybersecurity, Fintech, HealthTech, and more.

Participants gain exposure to global thought leaders, invaluable resources, and mentorship opportunities to scale their businesses effectively.

With the success of this year’s event, expectations are high for the fifth edition in 2025 as Zenith Bank reaffirms its role in driving innovation and fostering economic growth in Nigeria.