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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
News
Borno: Zulum distributes farm tools, commissions school in Damasak
Borno: Zulum distributes farm tools, commissions school in Damasak
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum, on Sunday, distributed farm tools to farmers and commissioned a new high Islamic school in Damasak, headquarters of Mobbar Local Government Area.
Governor Zulum was accompanied by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, and the Minister of Agriculture and Food Security, Senator Abubakar Kyari.

Zulum’s agricultural intervention aimed to boost dry-season farming and enhance the livelihoods of returnees who are gradually resettling in the community.
Zulum said, “From the beginning of this administration, dry season irrigation farming was adopted as a strategic component of the state’s food security framework. Recognising the limitations of rain-fed agriculture in the context of climate variability, insecurity, and population growth, the government implemented a dual-season production strategy to ensure year-round farming.”

He added, “Today’s distribution of 1,000 solar-powered water pumps and 200 complete tubewell drilling kits build upon earlier targeted interventions in Damasak and surrounding communities, including irrigation infrastructure development, mechanisation services, farmer-training, cooperative support, and security stabilisation measures.”
He stated, “The state remains aligned with the Presidential Food Systems Coordinating Unit and continues collaboration with relevant Federal Ministries and development partners to strengthen agricultural productivity, processing, and market integration.”

At the commissioning of the newly constructed high Islamic school, Zulum noted, “the commissioning of the Higher Islamic College, Damasak, represents a major milestone in the state government’s policy to expand and modernise sangaya education across Borno State. This intervention reflects our commitment to building an inclusive education system that integrates spiritual development with academic and vocational advancement.”
“All Higher Islamic Colleges operate under the approved curriculum of the National Board for Arabic and Islamic Studies (NBAIS), enabling students to obtain O-Level equivalent certification and pursue further education where desired.”
In his remarks, the commissioner of education, Engr Lawan Abba Wakilbe, underscores Governor Zulum’s giant strides, stating, “this institution forms part of a wider education recovery and expansion programme implemented across Borno State. Under the leadership of His Excellency,”
“The state has constructed One Hundred and Four (104) Mega Schools, rehabilitated and remodelled One Thousand and Eighty-Seven (1,087) classrooms, executed major works in forty (40) additional schools, restored thirty (30) flood-affected schools, and delivered numerous classroom projects through the State Universal Basic Education Board.”

“These strategic investments have yielded measurable progress. The number of out-of-school children has declined significantly from approximately 2.2 million to fewer than Eight Hundred Thousand (800,000). Current enrolment for the 2025 academic year stands at One Million Four Hundred and Eighteen thousand two hundred and seventy-nine (1,418,279) learners, with further increases expected as Women Leader, Hajiya Fati Alkali Kakenna.
Borno: Zulum distributes farm tools, commissions school in Damasak
News
Air-ground offensive foils Kukawa attack, destroys gun trucks
Air-ground offensive foils Kukawa attack, destroys gun trucks
By: Zagazola Makama
Troops have thwarted a coordinated multi-pronged terrorist assault on positions in Kukawa after a prolonged overnight battle supported by air strikes.
Military sources said the attackers, mounted on gun trucks, motorcycles and on foot, launched the assault from multiple directions late on Feb. 20.

Troops mounted a determined defence, engaging the insurgents in intense combat that lasted into the early hours of Feb. 21 before forcing them to withdraw while dragging away casualties.
Air strikes later destroyed one gun truck and several motorcycles carrying fleeing fighters, neutralising additional terrorists.

During follow-up exploitation, troops recovered 13 AK-47 rifles, 16 loaded magazines, three handheld radios, and other items believed to have been used by the attackers, as well as evidence of casualties evacuated by the group.
One soldier was killed during the encounter, while some equipment was damaged by rocket fire. Injured personnel were evacuated and are reported to be in stable condition.
Military authorities said the coordinated operations demonstrated sustained pressure on insurgent elements and continued efforts to degrade their combat capability across the theatre.
Air-ground offensive foils Kukawa attack, destroys gun trucks
News
Police officer dies, 17 injured in auto crash along Potiskum–Bauchi road
Police officer dies, 17 injured in auto crash along Potiskum–Bauchi road
By: Zagazola Makama
A senior police officer has died while 17 other passengers sustained injuries following a road accident along the Potiskum–Bauchi highway in Yobe State.
Sources said the crash occurred at about 3:15 p.m. on Feb. 21 near the bye-pass roundabout area of PKM on the outskirts of Potiskum.
The vehicle, a Toyota Hummer Bus belonging to Borno Express and conveying 18 passengers from Kaduna to Maiduguri, reportedly lost control after the rear tyre rim on the passenger side suddenly detached.
According to the sources , the driver veered off the road into a bush, resulting in fatal and multiple injuries.
One of the passengers, ACP Abubakar Ibrahim Balteh, 45, attached to the Borno State Police Command, sustained a severe head injury and died on the spot.
Two male and two female passengers escaped unhurt, while 13 others suffered serious injuries of varying degrees.
The injured victims and the deceased were evacuated to the General Hospital Potiskum for treatment and autopsy.
Police officer dies, 17 injured in auto crash along Potiskum–Bauchi road
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