Have an idea that will improve the lives of Nigerians?
Apply for the #UBNCentenaryChallenge
In celebration of 100 years of heritage & service, Union Bank is running a Centenary Innovation Challenge to find and support great ideas that address the Sustainable Development Goals (SDGs) in entrepreneurial ways. The Sustainable Development Goals (SDGs), otherwise known as the Global Goals, are a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. We are looking for your innovative ideas to address the biggest problems affecting how people live, work, socialise and do business in Nigeria. In particular, we are looking for great ideas that improve financial inclusion, agriculture and education of Nigerians. We invite entries from ALL eligible Nigerians particularly university students, software developers, academics and entrepreneurs from across the six geopolitical zones.
Union Bank Centenary Innovation Challenge
Union Bank, one of Nigeria’s most respected financial institutions, has kicked off celebrations to mark its 100th anniversary in Nigeria having been established in 1917. The bank has embarked on a transformation programme to reposition Union Bank with the objective of becoming a leading provider of quality financial services in Nigeria.
Given our long standing service to individuals and communities, Union Bank understands that partnership and pragmatism are needed to make the right choices to improve life, in a sustainable way, for future generations. The Sustainable Development Goals which are a universal call to action to end poverty, hunger, improve health & education is an ambitious goal that resonates with us.
The innovation challenge will engage eligible young and talented people across Nigeria to submit novel ideas that address some of the Sustainable Development Goals (SDGs) that are of immediate 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.
Rules & Eligibility
We invite university students, software developers, academics and entrepreneurs across Nigeria to submit novel ideas that address challenges related to the Sustainable Development Goals (SDGs) including financial inclusion, agriculture and education starting in one community but potentially scalable across the nation.
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.
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.
Prizes and Incubation process
The best ideas generated & submitted will leverage Union Bank’s expertise and the reach of its value chain to develop and scale. The top 3 ideas will receive immediate cash prizes of 2 million Naira, 1.5 million Naira and 1 million Naira respectively towards the execution of the idea. Further incubation support will be provided via the Co-Creation Hub (CcHUB) incubation services with full engagement with Union Bank.
Over the subsequent six months, the top three ideas will be supported with a range of services focused on product development, distribution and business modelling to turn their ideas into fully working products to launch in late 2017.
In addition to access to a range of different partners and mentors from the public and private sectors, winners will also have access to Union Bank's customers and employees and also leverage Union Bank’s reach & strategic networks to bring their ideas to life.
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.
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?
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.
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).
No. Entrants will retain the rights to any intellectual property pertaining to their ideas or solutions.
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.
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.
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.
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).