News
Islamic Banking: 20 Bold Innovative Startups Compete for ₦5m in AICIF Pitch Challenge
Islamic Banking: 20 Bold Innovative Startups Compete for ₦5m in AICIF Pitch Challenge
By: Michael Mike
The 2025 African International Conference on Islamic Finance (AICIF) Pitch Competition has highlighted 20 innovative startups competing for ₦5 million in grants, as Africa accelerates its efforts to nurture ethical, impact-driven enterprises.
Held in Abuja at the weekend as a precursor to the 7th AICIF scheduled for November, the competition drew over 200 applications from across the continent before narrowing down to 20 finalists—10 focused on tech innovations and 10 on social impact.
Speaking at the event, Hajia Ummahani Ahmad Amin, Convener of AICIF Nigeria and Managing Partner at Metropolitan Law Firm, described the initiative as more than just a contest.
She said: “Today, we celebrate creativity, resilience, and the power of ideas. These young entrepreneurs are not just pitching businesses; they are presenting Africa’s future. Their solutions can create jobs, reshape industries, and drive social impact.”
The startups—ranging from halal-tech platforms to ethical investment solutions—were assessed by a panel of judges on innovation, scalability, and alignment with Islamic finance principles.
Director at the Securities and Exchange Commission (SEC), Mr Abdulkadir Abbas, praised the quality of entries, noting:
“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 essence of ethical entrepreneurship.”
Abbas added that the SEC has already created frameworks for small businesses to access funding through crowdfunding and other Sharia-compliant instruments, underscoring the regulator’s commitment to the non-interest finance sector.
Managing Director of Metropolitan Skills Ltd, Ms Yinlaifa Edolo, on her part, said the competition provides breathing space for startups to scale responsibly.
She explained that: “This grant is not about loans or debts. It is about giving entrepreneurs room to innovate, grow, and build businesses grounded in fairness and social responsibility.”
Associate Director at First Trustees, Mr Abimbola Ajinibi, emphasised the importance of focusing on SMEs:
“Small businesses are Africa’s economic backbone, but often lack access to affordable capital. By leveraging halal finance instruments like Waqf, Sukuk, and ethical crowdfunding, we can help them expand without exploitative interest rates.”
One finalist, reflecting on the opportunity, called the experience “life-changing”:
“Access to funding is the biggest barrier for startups like ours. This competition doesn’t just provide money—it gives us visibility, mentorship, and credibility.”
Since its inception in 2018, AICIF has grown into Africa’s leading Islamic finance platform, uniting policymakers, regulators, academics, and entrepreneurs. The pitch competition, now in its 7th edition, reinforces its mission of mainstreaming ethical finance while fueling innovation that serves communities.
As judges deliberate and finalists await the announcement of winners, the atmosphere is charged with hope that some of Africa’s boldest innovators will soon transform their ideas into enterprises capable of reshaping the continent’s economic and social future.
Islamic Banking: 20 Bold Innovative Startups Compete for ₦5m in AICIF Pitch Challenge
Gunmen kill two, one missing in Sokoto village attack
By: Zagazola Makama
Suspected terrorists have killed two civilians and left one person missing after an attack on Bargaja Village in Isa Local Government Area of Sokoto State, security sources said.
The incident reportedly occurred in the early hours of March 15 when armed men infiltrated the community and carried out the attack before fleeing the area.
Troops of 8 Division Nigerian Army operating under the Garrison responded to the incident at about 1:28 a.m. after receiving reports of the attack.
On arrival, the troops confirmed that two civilians had been killed, while another resident was declared missing. The soldiers immediately launched a pursuit operation, but no contact was made with the attackers.
The troops have since intensified aggressive patrols in the area to prevent further attacks and deny the assailants freedom of movement.
Residents were also advised to promptly report suspicious activities to enable security forces respond swiftly to threats.
Gunmen kill two, one missing in Sokoto village attack
Troops engage terrorists, recover rifle, motorcycle in Katsina operations
By: Zagazola Makama
Troops of the Nigerian Army have engaged suspected terrorists and recovered a rifle and a motorcycle during separate operations in Kankara and Malumfashi Local Government Areas of Katsina State, security sources said.
Sources disclosed that at about 7:45 a.m. on March 15, troops of 17 Brigade Nigerian Army operating from Forward Operating Base Mabai made contact with suspected terrorists during a fighting patrol along the Kankara–Mabai Road.
The encounter occurred around Ruwan Lafia crossing point, where the troops engaged the terrorists in a firefight, forcing them to flee and abandoning a motorcycle, which has been taken into custody.
In a related development, troops from Forward Operating Base Malumfashi responded to intelligence on terrorist activities at Ruwan Sanyi Village in Malumfashi LGA at about 11:10 p.m. on March 14.
On arrival, the troops engaged the terrorists, who fled with gunshot wounds as indicated by blood stains found on a recovered motorcycle. During subsequent exploitation of the area, troops recovered one AK-47 rifle loaded with 17 rounds of 7.62mm special ammunition.
Security sources said troops continue to dominate the general area to deny the terrorists freedom of action.
Troops engage terrorists, recover rifle, motorcycle in Katsina operations
Troops repel terrorits ambush in To be
By: Zagazola Manama
Troops of the Nigerian Army have successfully repelled a terrorist ambush along the Longlari–Kanama road in Yunusari Local Government Area of Yobe State.
Security sources said the incident occurred at about 5:23 p.m. on March 14 when troops of the 159 Battalion Nigerian Army, B Company, stationed in Kanama, were returning from a routine patrol.
According to the sources, the troops were ambushed by suspected terrorists along the Longlari–Kanama road near Mairari village.
The troops immediately reinforced their positions and engaged the attackers in a gun battle, successfully repelling the ambush.
Following the encounter, the soldiers conducted exploitation of the general area to track the fleeing insurgents who fled fo the forest.
Military authorities say clearance and patrol operations are continuing in the area to prevent further attacks and maintain security along the corridor.
Troops repel terrorits ambush in To be
Gunmen kill two, one missing in Sokoto village attack
Troops engage terrorists, recover rifle, motorcycle in Katsina operations
Troops repel terrorits ambush in To be
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
FAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years ago
THE PLIGHT OF FARIDA
-
News11 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
