Zenith Bank has increased its innovation funding for the Business Pitch and Hackathon categories to N180 million as part of its efforts to support Nigerian businesses and technology innovators.
Mr Fikun Aluko, innovation expert and programme lead for the hackathon, disclosed this at the Zecathon 6.0 grand finale in Lagos on Wednesday.
Zecathon is a flagship startup pitch competition, hackathon and innovation programme organised by Zenith Bank Plc. and Beyond Limits Global.
Aluko said finalists in the Business Pitch and Hackathon categories were selected from a combined 2,822 applications.
He said the bank had increased the prize money from N70 million in the previous edition to N90 million for each category this year.
The Business Pitch category received 1,609 applications, while the Hackathon attracted 1,213 applications from teams developing solutions to challenges in the financial ecosystem.
Aluko said the programme had expanded its focus beyond early-stage businesses to include growth-stage enterprises with proven products, sustained revenue and the potential to scale.
He said the change reflected the bank’s commitment to supporting businesses through partnerships, mentorship and collaboration, as well as financial rewards.
Aluko said the Hackathon shortlisted 20 teams for a four-day development programme, during which participants worked on functional demonstrations of their proposed solutions.
“Five teams were subsequently selected to compete in the Hackathon final, while five businesses emerged as finalists in the Business Pitch category,” he said.
The Hackathon finalists were Team 10xBrain, Team Ominira, Team Solobanking, Team Rumour Hunters and Team Avera.
The Business Pitch finalists were Construct Technology Ltd., ProDev, Farmer Run, AUI Brand and Spotify.
Aluko said the prize structure for each category included N35 million for first place, N20 million for second place, N15 million for third place and N10 million each for two runners-up.
He added that the programme had introduced a young innovators’ category for secondary school students to encourage creativity among young Nigerians.
The school innovation challenge received 144 applications, with students from participating schools developing solutions as part of the programme.
Clear British International School, Ajah, Lagos, came first. Queen of the Rosary College, Onitsha, Anambra, placed second, while Regina Pacis International School, also in Onitsha, came third.
Aluko said the programme’s expansion demonstrated the bank’s commitment to promoting innovation, supporting promising businesses and encouraging young people to develop solutions to real-world challenges.
Finalists were recognised at the grand finale, where Business Pitch and Hackathon participants competed for prizes in their respective categories.
A hackathon is an event in which developers collaborate on software development, usually over several days.
