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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 Neutralise ISWAP Fighter in Ambush Operation in Borno
By: Zagazola Makama
Troops of the Nigerian Army have neutralised a suspected ISWAP fighter during a successful ambush operation in Konduga Local Government Area of Borno State.
Security sources said the operation was carried out at about 12:15 a.m. on June 15 by troops of 222 Battalion (Mechanised), who laid an ambush at a suspected terrorist crossing point in Yaleri Kurma Village.
The troops reportedly engaged the insurgents during the operation, resulting in the neutralisation of one suspected ISWAP member.
Items recovered from the scene included two bags of flour, 12 packs of 500-gram salt and 10 packs of spaghetti, believed to be supplies intended for terrorist elements operating in the area.
The recovered items have been taken into military custody for further investigation and exploitation.
Military authorities said the operation forms part of ongoing efforts to disrupt terrorist logistics networks and deny insurgents access to food supplies and movement corridors across the North-East.
The operation was completed successfully without casualties among the troops.
Troops Neutralise ISWAP Fighter in Ambush Operation in Borno
Troops Discover, Detonate Two Improvised Explosive Devices in Borno
By: Zagazola Makama
Troops of the Nigerian Army have successfully discovered and detonated two improvised explosive devices (IEDs) along a major supply route in Damboa Local Government Area of Borno State.
Security sources said the devices were detected at about 10:45 a.m. on June 15 by troops of 19 Battalion (Mechanised) and 25 Brigade Garrison while conducting a routine patrol along the Maiduguri–Kumala–Damboa Main Supply Route (MSR).
The troops reportedly identified the explosives during the patrol and immediately took precautionary measures to secure the area.
The IEDs were subsequently detonated in a controlled operation, preventing any potential threat to military personnel and civilian road users.
No casualties or damage were recorded during the operation.
Military authorities said the successful detection and disposal of the explosives underscored ongoing efforts by security forces to keep critical routes safe and deny insurgents the ability to disrupt movement within the North-East.
The operation was completed without incident, and normal activities along the route resumed thereafter.
Troops Discover, Detonate Two Improvised Explosive Devices in Borno
AMF Celebrate the African Child: Building Foundations for Dreams, Learning, and Leadership
By Comrade Philip Ikodor
The Ashlee Momoh Foundation today joined the global community to commemorate the International Day of the African Child, reaffirming its commitment to the safety, education, and empowerment of children across the continent.
In a statement issued to the media, the Founder and Lead, Princess Ashlee Omonegbo Momoh, said the Foundation stands firmly behind efforts to help every African child reach their full potential.
“While we celebrate the vibrancy, brilliance, and resilience of African children, we must also confront the systemic barriers that still limit their growth,” Princess Momoh stated.
Key Challenges Facing the African Child Today:
- Education Gaps: Millions lack access to quality education, digital literacy, and inclusive learning environments.
- Socio-Economic Barriers: Pervasive poverty drives child labor and denies many children basic healthcare, nutrition, and stable housing.
- Security and Instability: Armed conflict and community violence continue to threaten the safety, mental health, and future of children in vulnerable and military-affected communities.
AMF’s Call to Action:
To truly empower the African child, stakeholders must shift from short-term relief to sustainable, localized investment. The Foundation calls on governments, civil society, and private sector partners to collaborate in:
- Building safer, child-friendly communities
- Subsidizing healthcare and expanding access to quality education, including digital skills
- Creating inclusive learning spaces that protect children from conflict and displacement
“Every child deserves a secure foundation to dream, learn, and lead. At the Ashlee Momoh Foundation, we remain committed to building that foundation — together,” Princess Momoh added.
The Ashlee Momoh Foundation is a Nigeria-based nonprofit dedicated to advancing child welfare, education, and empowerment across Africa through sustainable programs, advocacy, and strategic partnerships.
AMF Celebrate the African Child: Building Foundations for Dreams, Learning, and Leadership
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