- Sycamore wins Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation. The lending startup won $100,000 as the winner of the second edition of the NSIA Prize for Innovation
- Alongside Sycamore, two other winners make up the top three — Kunda Kids and PaveHQ, both winning $70,000 and $50,000 respectively, bringing the total combined prize value to $220,000.
- Sycamore and the two other startups emerged as winners after an assessment of pitches from ten finalists selected from a pool of 25 startups. They were judged based on key metrics including market potential, team composition, traction, and competitiveness of the solution proposed.
Sycamore was founded in 2019 with Babatunde Akin-Moses as the CEO. The startup is a peer-to-peer lending fintech platform that connects lenders and borrowers. It provides risk assessment, commercial lending, and asset financing services.
On the other hand, Kunda Kids is a children's edTech and media company based in London, Lagos, and Kampala, providing African-inspired digital content. PaveHQ is an international education and career platform that offers university placements and extended services for students.
Commenting on the win, Sycamore’s CEO mentioned that despite initial scepticism about applying due to previous programmes that didn't come through, they decided to go ahead and apply.
He further said, “I'm elated because it doesn't only mean that Sycamore is making a positive impact on society, it also gives credence to one of my favourite sayings: 'You miss 100% of the shots you don't take.'”
Aminu Umar-Sadiq, Managing Director & Chief Executive of NSIA, highlighted that the NSIA Prize for Innovation was created to recognise the impact of technology on socio-economic development, sector growth, and global opportunities, and to promote homegrown talent.
The programme, now in its second year, has so far received registrations from start-ups across Nigeria, growing from 2,000 to over 7,000 entries.
Sycamore is operating in Nigeria where the number of licensed loan app companies has increased to 284 as of May 2024, following new approvals. However, authorities are tightening regulations in the loan app space as unregistered loan apps are reportedly dodging compliance.
Meanwhile, as loan recovery remains an issue due to unethical practices by some loan apps, Zeeh, a Nigerian-based open banking firm said it has a GSI-powered loan recovery solution that allows lenders to automatically and directly recover funds.
