20 Startups Vie For N5m Grants In Islamic Finance Pitch Challenge

The 2025 African International Conference on Islamic Finance (AICIF) Pitch Competition has highlighted 20 promising startups competing for ₦5 million in grant funding, as Africa seeks to foster a new generation of ethical, impact-driven enterprises.

The competition, held in Abuja on Saturday as a precursor to the 7th AICIF in November, attracted over 200 applicants from across Africa before narrowing down to 20 finalists — 10 focused on tech innovations and 10 on social impact.

According to Hajia Ummahani Ahmad Amin, the convener of AICIF in Nigeria and managing partner of Metropolitan Law Firm, the event was more than just a contest.

“Today, we celebrate creativity, resilience, and the power of ideas. These young entrepreneurs are not just pitching businesses; they are presenting the future of Africa. The solutions here have the potential to create jobs, reshape industries, and drive social impact,” she told participants.

The startups, ranging from halal-tech solutions to ethical investment platforms, were assessed by a panel of judges on innovation, scalability and alignment with Islamic finance principles.

Mr Abdulkadir Abbas, director at the Securities and Exchange Commission (SEC), who attended the event, described the quality of pitches as impressive.

“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 very essence of ethical entrepreneurship,” Abbas said.

The SEC’s involvement in the competition reflects its growing support for the non-interest finance sector.

Abbas explained that the regulator has frameworks in place that enable small businesses to access funds through crowdfunding and other Sharia-compliant investment products.

Managing director of Metropolitan Skills Ltd, Ms Yinlaifa Edolo, said the competition aimed to empower young entrepreneurs with ethical tools for building sustainable enterprises.

“This grant is not about loans or debts. It is about giving startups breathing space to innovate, scale, and build businesses aligned with fairness and social responsibility,” she said.

For Mr Abimbola Ajinibi, associate director at the First Trustees, the focus on SMEs is critical.

“Small businesses are the backbone of Africa’s economy. But they often lack access to affordable capital. By using halal finance instruments like Waqf, Sukuk, and ethical crowdfunding, we can help them grow without the burden of exploitative interest rates,” he