Jaiz Bank has announced the winners of its COVID-19 innovation challenge. The four selected winners were recently presented with checks worth ₦125 million. The prizes were awarded in the form of equity, non-interest financing.
The winners are NDA Ventilators; ShapShap; Reeddi Technologies Nigeria Ltd; and Data.tac Nigeria Limited. They received ₦50 million, ₦40 million, ₦20 million, and ₦15 million respectively.
The challenge according to the bank was part of its corporate social responsibility aimed at spurring ideas and innovation on how to curb the effects of the Coronavirus pandemic.
The open innovation challenge aimed to spur scientists, engineers, developers, inventors, and social entrepreneurs to ideate, experiment, and build products/solutions to help address the Covid-19 crisis in the country.
In his remarks, the Managing Director/CEO of Jaiz Bank, Hassan Usman, urged the winners to judiciously utilise the funds and ensure that it translates into the fulfillment of their aspirations as social enterprises with optimum impact on society.
He said the idea was part of the bank’s contribution to equip the nation and encourage innovation.
“We want to assure all that the social entrepreneurship innovation challenge shall be a continuous program by the Bank. Our arms are open to entrepreneurs that genuinely want to grow their ideas as long as they have something that can add value to society.”