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Zenith Bank kicks off Zecathon 3.0 competition in Nigeria

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Nigerian financial institution, Zenith Bank PLC has announced the launch of a startup pitch competition called the “Zenith Bank Zecathon 3.0”, in partnership with Seedstars Global Network.

The Zecathon 3.0, according to Temitope Fasoranti, an Executive Director with the bank, reaffirms Zenith’s “commitment to identifying, supporting, and mentoring Nigerian MVP stage startups, aimed at shaping the future of business in Africa.”

Fasoranti, in a statement while launching the competition in Lagos, said winners will take home prize money from pool of N59 million aside other mouthwatering incentives in business support, training, mentorship, and investor networking opportunities that would enable the startups to achieve their growth trajectories.

“After witnessing the unparalleled impact and success of our previous collaboration with Seedstars, we’re thrilled to introduce Zecathon 3.0,” Fasoranti said.

Zenith Bank remains steadfast in its commitment to fostering technological advancements in Nigeria.

‘’Our goal is to spotlight and uplift innovative startups that use technology to address modern-day challenges, steering us towards a brighter tomorrow,” he added.

He advised that startups looking to participate in the programme should be at the MVP stage with a full team, and must have raised no more than $75,000 in funding.

“Additionally, intending startups must operate within the following domains:

“Future of Retail, Future of eCommerce, Future of Payments, Future of Lending, Future of Wellness, Future of Cybersecurity, Future of EdTech, Future of Energy, Future of AgriTech, Future of Entertainment, Future of Transport and Logistics and Future of SMEs.

“Winning participants will not only receive the cash prizes but will also gain invaluable pitch training, be part of a follow-on program, and access to Seedstars’ global network.

“The first prize is N20m plus an opportunity to pitch investors and access the Seedstars Mentorship Hub; Second Prize: N15m, inclusive of a scholarship into the Seedstars mentorship hub while the third prize is N10m complemented by a scholarship into the Seedstars mentorship hub. The subsequent 10 startups (4th – 10th) will each be granted a participatory prize of N2m,” Fasoranti said.

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Bolt invests $107m in Nigeria to boost safety standards

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Ride-hailing platform, Bolt, has announced an investment of $107 million in its bid to boost safety and service quality in Nigeria’s ride-hailing sector, with a special technology enhancing safety standards for both drivers and passengers.

Lola Masha, Bolt’s Regional Manager for North and West Africa, who made the announcement in a statement, said the “investment will fund new safety technologies, accident prevention measures, customer support upgrades, and public safety awareness campaigns, underscoring Bolt’s commitment to providing a secure and reliable platform.”

She revealed that as part of its quality check, the company had removed more than 5,000 drivers from its platform in 2023 so as to cleanup its database cleanup effort and will continue to implementing a driver score system to maintain quality standards.

“The driver score evaluates performance by monitoring how frequently drivers accept ride requests, successfully complete trips, and respond to passenger feedback. Essentially, it rates drivers based on their performance over their last 100 trips,” she noted.

Masha emphasized that the move came as a result of complains by the Amalgamated Union of App-based Transporters of Nigeria (AUTON) which raised concerns about the potential downsides experienced by users and the psychological stress on drivers, which could negatively affect their performance.

According to her, among the upcoming features are a four-digit trip pickup code and a trip counter, both aimed at making rides more secure and dependable for all users.

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Egyptian VC Flat6Labs partners ITIDA to launch programme for tech startups

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Egyptian Venture Capital firm, Flat6Labs, has partnered with Egypt’s Information Technology Industry Development Agency (ITIDA) to launch an InvestIT programme which will offer tech startups in the country, particularly at the seed or pre-Series A stages, access to consultancy, tools, and investor connections to help them scale operations and enhance global competitiveness.

The programme, according to Egypt’s Minister of Communications and Information Technology, Dr Amr Talaat, will be run by the Technology Innovation and Entrepreneurship Center (TIEC), a subsidiary of ITIDA, and will support startups across various governorates, encouraging innovation and growth in Egypt’s digital economy.

“Through two phases, it will prepare startups for investment with tailored training sessions and workshops, followed by connecting them with local and international investors,” Talaat said in a statement.

“The Egyptian government remains steadfast in its dedication to cultivating a thriving tech startup ecosystem. We are rolling out diverse initiatives to equip entrepreneurs with essential skills, attract global incubators, and facilitate connections between startups and investors.

“By establishing Digital Egypt innovation hubs nationwide, we empower innovators to transform their ideas into successful ventures.

“Alongside this, we are streamlining processes and investing in advanced digital infrastructure, positioning Egypt among the top three countries in the Middle East and Africa for tech startup investments,” the Minister said.

Flat6Labs founder and chairman Hany El Sonbaty, who also spoke on the initiative, said the launch of the InvestIT programme has further expanded his company’s support for Egyptian entrepreneurs.

“This programme is not just about preparing startups for investment; it’s about equipping them with the tools and connections to scale their impact.

“Through our collaboration with ITIDA and TIEC, we’re committed to building a strong, vibrant ecosystem where startups can make a real impact on the tech landscape in Egypt,” he said.

The programme, he said, will support 12 startups over six-to-eight months with each startup receiving tailored consultancy services to enhance their investment readiness and assist with setting up data rooms and preparing for investor engagements.

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