NIGERIAN STARTUP FARMCERIES EMERGES VICTORIOUS, SECURING N800,000 IN THE FSI INNOVATION CHALLENGE

“Nigeria’s Farmceries emerged as the champion in the 2024 FSI Innovation Challenge, securing a noteworthy cash prize of N800,000 for its pioneering solutions addressing challenges in the country’s agricultural sector.

The startup claimed the overall winner title, surpassing competitors from various challenges featuring contestants from student communities in tertiary institutions. Additionally, Goalgetters and Smepay secured the first and second runners-up positions, receiving prizes of N500,000 and N300,000, respectively.

FSI not only provides cash prizes but also extends support to contestants through a three-month business incubation program.

Aituaz Kola-Oladejo, Executive Director at FSI, emphasized the organization’s dedication to nurturing tech talent and fostering entrepreneurship as they lead the competition. She specified that the challenge had a targeted focus on the agricultural, health, and financial sectors.

“Our goal is to identify challenges and create tailored innovative products. This challenge specifically focused on the agricultural, health, and financial sectors,” Kola-Oladejo said.

Bimbo Adeoye, the Group Managing Director of FinTrak Software and the event’s keynote speaker, commended both the gathering and FSI for effectively harnessing the potential of young individuals.

He highlighted that

“About forty per cent of the national population is youth and, if their energy is channeled correctly, it can bring transformative investment to Nigeria and beyond. Through these efforts, FSI is not only celebrating its anniversary but also shaping a new generation of tech innovators and entrepreneurs in Nigeria,” Adeoye added.

About the FSI Innovation Challenge

The FSI Innovation Challenge is a vital component of the organization’s 4th-anniversary celebrations, with a focus on cultivating a collaborative and innovative environment within the financial services realm. Launched two months ago,

• The Ideation attracted participants from different Nigerian tertiary institutions’ campuses in Lagos. Students collaborated to devise solutions with a meaningful impact on challenges in agriculture, health, and financial services.

• The process included thorough training sessions, incorporating webinars addressing problem statements and instructing on the utilization of Lean Canvas for idea documentation. Teams were also educated on constructing minimum viable products (MVPs) and mastering the art of effectively pitching their ideas.

• Esteemed industry professionals, including Olaoluwa Awojoodu of Yep! and E-Settlement Limited, Idowu Akinde of Boolean Labs, and Salami Abolore of Riby, served as judges for the competition.

• Other significant contributors to the success of the event include Branch International, Fintrak Software, SystemSpecs Technology Services Limited, Axa Mansard, Precise Financial System, Paddy Cover, and another contribution sponsor.”

Source: TechCabal