Four winners of Jaiz Bank’s COVID-19 challenge competition on Friday were presented with cheques worth ₦125 million.
The prizes were awarded in the form of equity, non-interest financing.
The challenge according to a statement from 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.
NDA Ventilators won ₦50 million; ShapShap won ₦40 million; Reeddi Technologies Nigeria Ltd won ₦20 million; and Data.tac Nigeria Limited won ₦15 million.
Presenting the cheques on behalf of the bank, Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami, urged them to prudently utilise the funds to grow their businesses and challenge themselves to more innovations and superior ideas.
“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.
“I commend Jaiz Bank for making this sacrifice by providing this huge money to support the growth of the winners’ concepts.
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 fulfilment of their aspirations as social enterprises with optimum impact to 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 (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 society.
“The prize is a package of facility that would ensure we work with them based on our banking model of partnership.”
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Jaiz Bank presents ₦125m to winners COVID19 challenge