Four Products, Firms Bag Jaiz Bank’s N125m COVID-19 Challenge Prize

BY COBHAM NSA – Four entrepreneurs and innovators adjudged winners of Jaiz Bank’s COVID-19 challenge competition are smiling to the Bank with a total of N125 million as the prize money for their special efforts.

The contest is part of Jaiz Bank’s Corporate Social Responsibility (CRS) meant to spur ideas and innovation on curbing the raging effects of Coronavirus (COVID-19) pandemic on businesses in the country.

Presenting the cheques to all four winners in Abuja, Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami, lauded the Bank’s efforts and sacrifice in providing funding support aimed at boosting the contestants’ business models and products.

Dr Pantami also charged the award winners to wisely utilize the funds in growing their businesses through greater innovations and creative ideas.

The Minister specially congratulated all those that participated in the contest, saying; “This is not the end of it. You are just beginning. I urge you to be consistent, persevere and steadfast and I am sure that with consistency, we will get another Dangote from the winners of today.”

He also appreciated “Jaiz Bank for making this sacrifice by providing this huge money to support the growth of the winners’ concepts.

“The Federal Government is proud of you. I hope these innovators would use the money judiciously”, the Minister said.

Also speaking at the event, Managing Director and Chief Executive Officer of Jaiz Bank, Hassan Usman, challenged the winners to judiciously utilize the funds and ensure it translates into the fulfilment of their aspirations as social enterprises with optimum impact to the society.

Usman explained that the idea is part of Jaiz Bank’s contribution to equip the nation and encourage innovation among entrepreneurs.

“We want to assure all that the social entrepreneurship innovation challenge shall be a continuous program by the Bank (In shaa Allah). Our arms are open to entrepreneurs that genuinely want to grow their ideas as long as they have something that can add value to the society”, he said.

The bank chief Executive further stated that; “The prize is a package of facility that would ensure we work with them based on our banking model of partnership.”

Specifically, the Bank’s open innovation challenge was packaged to spur scientists, engineers, developers, inventors and social entrepreneurs to ideate (form an idea of; imagine or conceive), experiment and build products/solutions to help address the COVID-19 crisis in the country.

A breakdown of the prizes indicated that NDA Ventilators got N50 million; ShapShap won N40 million; Reeddi Technologies Nigeria Ltd bagged N20 million; and Data.tac Nigeria Limited went home with N15 million.

However, the bank’s explanatory notes showed that the prizes are given in form of equity, and non-interest financing to the winners.