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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
Troops nutrialised several Boko Haram terrorists in Yobe
By: Zagazola Makama
Troops of the Nigerian Army have nutrialised several Boko Haram terrorists after it 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 engaged the terrorists with heavy fire and neutralized several of them forcing many of them fo flee.
Following the encounter, the soldiers conducted exploitation of the general area to track the fleeing insurgents.
Troops nutrialised several Boko Haram terrorists in Yobe
Zulum Condemns Maiduguri Explosion, Calls for Calm, Vigilance in Worship, Public Places
Borno State Governor, Professor Babagana Umara Zulum, has condemned in the strongest terms the explosion that occurred in some parts of the metropolis on Monday evening.
Zulum, who is currently in Saudi Arabia for the Lesser Hajj, described the attack as despicable, cruel, and cowardly, targeting innocent people in the holy month of Ramadan.
In a statement, the Special Adviser to the Governor on Media, Dauda Iliya, called for increased vigilance and heightened security measures, particularly in places of worship, as the festive period beckons.
“I am deeply saddened by the explosions that occurred in parts of the metropolis on Monday evening.
My thoughts and prayers are with the families of the victims and those injured as a result of the blast. The act is utterly condemnable, barbaric, and inhumane,” said Zulum.
He added, “The recent surge in attacks is not unconnected with intense military operations in the Sambisa forest and other hideouts of the insurgents.
The Governor, therefore, assured people of the state that the military and other security agencies are on top of the situation, as adequate measures have been taken to forestall any security breach in Maiduguri and the entire state.
He called on residents to remain calm, go about their usual activities, and report any suspicious movement or activity to security agencies.
Zulum Condemns Maiduguri Explosion, Calls for Calm, Vigilance in Worship, Public Places
GOC 8 Division visits troops in Kebbi, urges vigilance in operations
By: Zagazola Makama
The General Officer Commanding (GOC) 8 Division Nigerian Army and Commander Sector 2 of Operation Fansan Yamma, Maj. Gen. PB Koughna, has conducted a familiarisation visit to troops deployed in parts of Kebbi State.
During the visit on March 15, the GOC inspected troops of CSI Battalion III at the Forward Operating Base Dirin Daji in Sakaba area of Zuru Local Government Area, as well as personnel of 223 Light Tank Battalion in the state.
The GOC was received by the Commanding Officers of the units, who briefed him on their operational activities and security situation within their areas of responsibility.
Addressing the troops, Maj. Gen. Koughna urged them to remain vigilant, committed and professional in the discharge of their duties.
He also held an operational meeting with the unit commanders, during which issues relating to ongoing operations and prevailing security challenges within their areas of responsibility were discussed.
The visit ended without incident.
GOC 8 Division visits troops in Kebbi, urges vigilance in operations
Troops nutrialised several Boko Haram terrorists in Yobe
Zulum Condemns Maiduguri Explosion, Calls for Calm, Vigilance in Worship, Public Places
GOC 8 Division visits troops in Kebbi, urges vigilance in operations
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