Union Bank of Nigeria, under its “Made in Naija” initiative, has emphasised its commitment to supporting homegrown businesses.
The bank recently sponsored the RISE Business Challenge at the University of Lagos, Akoka, during the 6th Annual Youth Leadership Conference.
Dubbed Turning Point 6.0, the Resilience, Innovation, Social Responsibility, and Entrepreneurship (RISE) Challenge was a cooperation between Union Bank and the conference convener, Mr Olusegun Odufuwa, to boost 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 promoting 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 has the objective of identifying and rewarding outstanding business ideas demonstrating viability, sustainability, and social impact.
After a thorough and rigorous selection process, this year’s RISE Challenge winners were chosen, the 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.
In the course of the event, Ayokunumi Abraham, Head SME of Union Bank of Nigeria, 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.”
Union Bank emphasized that it would not stop promoting Made in Naija and young innovators to drive economic growth and strengthen its position as a leading bank for entrepreneurs and innovative minds.