20 Startups Vie for N5m Grants in Africa’s Leading Islamic Finance Pitch Challenge
The 2025 African International Conference on Islamic Finance (AICIF) Pitch Competition has spotlighted 20 promising startups competing for ₦5 million in grant funding, as Africa looks to nurture a new generation of ethical, impact-driven enterprises.
The competition, staged in Abuja on Saturday as a precursor to the 7th AICIF holding in November, attracted over 200 applicants from across Africa before narrowing to 20 finalists — 10 focused on tech innovations and 10 on social impact.
According to the convener, Ummahani Ahmad Amin, the event is more than a contest.
“Today, we celebrate creativity, resilience, and the power of ideas. These young entrepreneurs are not just pitching businesses, they are presenting the future of Africa. The solutions here have the potential to create jobs, reshape industries, and drive social impact,” she told participants.
The startups, ranging from halal-tech solutions to ethical investment platforms, were assessed by a panel of judges on innovation, scalability, and alignment with Islamic finance principles.
Abdulkadir Abbas, Director at the Securities and Exchange Commission (SEC), who attended the event, described the quality of pitches as impressive.
“The passion, commitment, and innovation displayed are remarkable. It will be a tough task for the judges to choose winners. What we are witnessing here is the very essence of ethical entrepreneurship,” Abbas said.
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The SEC’s involvement in the competition reflects its growing support for the non-interest finance sector. Abbas explained that the regulator has frameworks enabling small businesses to access funds through crowdfunding and other Sharia-compliant investment products.
Managing Director, Metropolitan Skills Ltd, Yinlaifa Edolo, stressed that the competition aims to empower young entrepreneurs with ethical tools for building sustainable enterprises.
“This grant is not about loans or debts. It is about giving startups breathing space to innovate, scale, and build businesses aligned with fairness and social responsibility,” she said.
For Abimbola Ajinibi of First Trustees, the focus on SMEs is critical.
“Small businesses are the backbone of Africa’s economy. But they often lack access to affordable capital. By using halal finance instruments like Waqf, Sukuk, and ethical crowdfunding, we can help them grow without the burden of exploitative interest rates,” he said.
One of the finalists, speaking after his pitch, described the opportunity as “life-changing.”
“Access to funding is the biggest barrier for startups like ours. This competition doesn’t just give us money; it gives us visibility, mentorship, and credibility,” he said.
Since its inception in 2018, AICIF has grown into Africa’s foremost platform for Islamic finance, convening government, regulators, academics, and entrepreneurs. The pitch competition, now in its 7th edition, underscores the conference’s mission to mainstream halal and ethical finance while inspiring innovation that serves communities.
PRNigeria reports that as the judges deliberate and the finalists await the announcement of winners, the atmosphere is charged with hope that some of Africa’s boldest innovators will soon scale their ideas into enterprises capable of transforming the continent’s financial and social landscape.
By PRNigeria
