Get Guardian on GoogleUnion Bank of Nigeria, under its Made-In-Naija initiative, emphasised its commitment to supporting homegrown businesses by recently sponsoring the RISE Business Challenge at the University of Lagos, Akoka, during the 6th yearly leadership conference.
Dubbed ‘Turning Point 6.0, the Resilience, Innovation, Social Responsibility, and Entrepreneurship (RISE).’ challenge is a collaboration between Union Bank and the conference convener, Olusegun Odufuwa, to empower youth-led businesses with financial and mentorship support through a pitch competition.
Targeted at uplifting young men and women with requisite entrepreneurial skills, the event aligns with one of the Bank’s primary objectives of encouraging Made-In-Naija and the next generation of Nigerian innovators and business leaders, culminating in positive social impact and sustainable economic growth.
The competition also aimed to identify and reward outstanding business ideas demonstrating viability, sustainability, and social impact.
This year’s RISE Challenge winners were chosen after a rigorous selection process involving participants sending their proposals for a team of judges and business experts to assess. The final four selected competitors then pitched their ideas individually to a panel of judges, who chose the winners based on innovation, social impact, sustainability, and financial viability.
The first, second and third places received cash prizes of N1,000,000, N750,000, and N250,000, respectively.
During the event, Head SME of Union Bank of Nigeria, Ayokunumi Abraham, said, “Union Bank is passionate about supporting Made-In-Naija and youth-led businesses to scale for sustainable growth. We believe this will not only boost and nurture upcoming enterprises but also create a positive ripple effect that will drive employment, innovation, economic opportunity, and access that will empower small and medium businesses across the length and breadth of the country.”
