Nigeria’s Union Bank has partnered Lagos-based incubator Co-Creation Hub (CcHub) to launch a business accelerator – Startup Connect – aimed at creating opportunities for mutually beneficial collaboration between the bank and tech startups.
Technology-enabled startups that have gained significant traction and that are interested in partnering with Union Bank in order to scale more quickly can apply here until September 1.
Union Bank and CcHub, who collaborated on a US$15,000 innovation challenge earlier this year, will invite all shortlisted startups to a pitch event, before selecting a cohort to take part in the 13-week programme.
During the accelerator, the startups will work with CcHub and Union Bank staff to create proof-of-concept prototypes that serve a segment of the bank’s customers.
At the end of the period, results will be presented to the appropriate business units of Union Bank for deployment, which will take place either through a revenue-sharing agreement or by the bank making an equity investment.
“The programme is a first of its kind business acceleration programme dedicated to matching technology-enabled startups from all over Nigeria with the Union Bank brand for mutually beneficial collaboration,” the partners said.
“Through Startup Connect, creative talents and smart businesses can access the bank’s 350 sales and service centres and over 3.7 million customers across Nigeria to scale their solutions.
If your team is working on an innovative, technology-driven idea to address critical social and business challenges in Nigeria, be sure to apply.”