Frequently Asked Questions
Why is Union Bank running the Centenary Innovation Challenge
In celebration of 100 years of Union Bank, Nigeria’s simpler, smarter bank is running a Centenary Innovation Challenge to unearth and support good ideas for addressing critical social and business challenges in Nigeria in entrepreneurial ways.
The innovation challenge will engage eligible young and talented people across Nigeria to submit novel ideas to specific problem areas or thematic issues of interest to Union Bank. We will encourage applicants to propose innovative ideas that solve fundamental social and commercial challenges faced by Nigerians in a range of sectors starting in one community but potentially scalable across the nation.
Through the challenge, we hope to find hidden social innovators across the length and breadth of Nigeria, supporting them to develop their ideas and to scale leveraging digital technology and Union Bank’s reach and networks.
Who can participate?
Individuals and partnerships (of not more than 3 persons) from university students, software developers, academics and entrepreneurs in Nigeria.
What are the phases of the Union Bank Centenary Innovation Challenge?
The competition will run in the following stages:
Call for Ideas | 12th April – 19th May, 2017
Idea Sprint Workshops | 18th April – 9th May, 2017
Pitch Preparation | 2nd June – 20th June, 2017
Pitching Session & Selection of Winners | 27th June, 2017
Incubation | 30th June – 15th December, 2017
What types of innovative ideas would be considered worthy of a submission?
You can submit ideas for applications, technologies, tools, services or other kinds of digital innovation. We’re particularly keen to hear great ideas for addressing the Sustainable Development Goals (SDGs) in entrepreneurial ways.
Are there thematic areas the innovative tools should address?
We’re particularly keen to hear ideas related but not limited to financial inclusion, agriculture and education etc. Ideas may be totally brand new or extensions of existing products and services.
We are open to all ideas as long as they are innovative, solve a clear problem and contribute to addressing the Sustainable Development Goals (SDGs).
Will Union Bank own submitted ideas or solutions?
No. Entrants will retain the rights to any intellectual property pertaining to their ideas or solutions.
Who will be participating in the judging panels and how are judges selected?
The judges can include Union Bank staff and Industry experts. The judging panels are typically designed to ensure there are subject matter experts on the judges panel who generally reflect aspects of the submitted entries.
How will the winners be notified?
Winners will be contacted by email in May. Due to the volume of submissions we anticipate, only semi-finalists (top 10 ideas) will be notified once selection has taken place.
Will winners be incubated?
The top 3 selected ideas will attract immediate cash prizes and further incubation support via the Co-Creation Hub (CcHUB) incubation services with full engagement with Union Bank.
Where can I view the full terms and conditions for the Union Bank Centenary Innovation Challenge?
You can review the full terms and conditions for the Union Bank Centenary Innovation Challenge here