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By Chinenye Anuforo
The Nigeria Sovereign Investment Authority (NSIA) has named Sycamore, a peer-to-peer lending fintech platform, the winner of its second annual NSIA Prize for Innovation (NPI 2.0). Sycamore, led by Babatunde Akin-Moses, was awarded a US$100,000 prize after a competitive pitch process involving 10 innovators judged by a panel of experts.
NSIA established the NPI programme to recognize the transformative power of technology in driving positive social and economic change. The programme awards prizes to early-stage businesses with high-growth potential. This year, entries surged from 2,000 to over 7,000, demonstrating the NPI’s growing prominence within Nigeria’s tech ecosystem.
Sycamore connects lenders and borrowers, leveraging technology to bridge the credit gap for African businesses and foster economic growth. Kunda Kids, an edtech media company creating African-inspired educational content for children, followed closely as the NPI 2.0 runner-up, receiving US$70,000. PaveHQ, a learning and career platform assisting students in achieving career success, secured third place and a US$50,000 prize.
Aminu Umar-Sadiq, NSIA managing director & chief executive, emphasized the NPI’s role in supporting entrepreneurs and propelling Nigerian tech talent to a global stage. This year’s programme included an expanded offering: a five-week training programme at Draper University in Silicon Valley for all 10 finalists.
He praised the NPI 2.0 event, highlighting its role in showcasing Nigerian talent and fostering innovation.
“The NPI 2.0 was an excellent event,” Umar-Sadiq remarked. “It showcased the depth of Nigerian talent and entrepreneurial spirit. We saw 10 fantastic ideas across diverse sectors, from real estate to healthcare.”
He explained that NPI goes beyond just awarding prizes. “NPI is not just about the prize money,” Umar-Sadiq said. “In addition to the training offered to the top candidates, it creates an environment where regulators, financiers, and innovators can connect and collaborate. This is how magic happens.”
He emphasized the importance of increased investment in the tech sector, which he sees as crucial for overall economic growth. “A significant amount of capital bypasses startups and SMEs,” he observed. “The more NSIA can mobilize capital and channel it towards this space, particularly early-stage VC, the better. This will lead to job creation, wealth creation, and stronger connections across industries. NPI 2.0 is a significant first step in achieving this goal.”
On the rationale behind focusing on the tech sector, he offered two key reasons; “Firstly,” he explained, “technology underpins the success of other sectors. Whether it’s healthcare, agriculture, or even infrastructure development, a well-functioning tech space is essential for efficiency gains.”
“Secondly,” he continued, “Nigerians have a strong focus on technology, alongside the creative industries. This is reflected in the demographics of our applicants. NSA recognizes the importance of supporting this sector, but we aren’t just throwing money at problems.”
Umar-Sadiq elaborated on NSIA’s investment approach. “We take an equity stake in these businesses, but it’s not solely financial,” he clarified. “We understand the importance of human capital development. That’s why, in addition to funding, we’re offering the top companies a five-week, all-expense-paid trip to Silicon Valley for further exposure and skill development.”
He also revealed a surge in NPI applicants. “We have been overwhelmed by the incredible ideas Nigerians are pursuing,” Umar-Sadiq said. “Lack of sponsorship, capital, and exposure are the main reasons these ideas often go unnoticed. NPI aims to bridge this gap for the benefit of Nigerians.”
Umar-Sadiq concluded by emphasizing NSIA’s commitment to fostering a tech-driven future. “We’re taking an agnostic approach,” he stated. “As long as the idea has a core technology component, it qualifies for our program. We’re investing roughly $225,000 in the top three companies, alongside sending them to Draper University for further development. We’ve been very impressed with the caliber of participants. They are all considered NSIA investments. When the top three secure equity investments from NSIA, that’s part of how we fulfill our role in supporting Nigerian innovation.”
The NSIA Prize for Innovation signifies the Authority’s multi-year commitment to nurturing and identifying promising tech-driven businesses that create lasting positive impact. The program employs a four-stage competition process designed to catalyze investments in promising early-stage ventures.
