20 Startups Compete for N5m Grants in Africa’s Premier Islamic Finance Pitch Contest

The 2025 African International Conference on Islamic Finance (AICIF) Pitch Competition saw 20 startups competing for grants of N5 million in an effort to support ethical and impactful enterprises in Africa. Held in Abuja as a prelude to the 7th AICIF scheduled for November, the event attracted over 200 entries from across the continent, with 20 finalists selected – 10 specializing in tech innovations and 10 focusing on social impact.

The competition was more than just a contest, according to Ummahani Ahmad Amin, the convener. She emphasized that it was a celebration of creativity, resilience, and the potential for the showcased ideas to shape the future of Africa by creating jobs, reshaping industries, and driving social impact. The startups presented a diverse range of solutions, from halal-tech advancements to ethical investment platforms, which were evaluated by a panel of judges based on criteria such as innovation, scalability, and adherence to Islamic finance principles.

Abdulkadir Abbas, the Director of the Securities and Exchange Commission (SEC) who attended the event, commended the quality of the pitches, noting the remarkable passion, commitment, and innovation displayed by the entrepreneurs. He described the essence of ethical entrepreneurship showcased at the competition as inspiring. The SEC’s increasing involvement in the non-interest finance sector demonstrates its commitment to supporting small businesses in accessing funds through Sharia-compliant products.

Yinlaifa Edolo, the Managing Director of Metropolitan Skills Ltd, highlighted the competition’s objective of empowering young entrepreneurs with ethical tools to build sustainable enterprises. The focus on SMEs was emphasized by Abimbola Ajinibi of First Trustees, who stressed the importance of providing small businesses with access to affordable capital using halal finance instruments like Waqf, Sukuk, and ethical crowdfunding.

One of the finalists expressed gratitude for the opportunity presented by the competition, describing it as potentially life-changing. The visibility, mentorship, and credibility offered along with the grant money are seen as essential resources for startups to overcome barriers and scale their ideas.

Since its inception in 2018, AICIF has become Africa’s leading platform for Islamic finance, bringing together government officials, regulators, academics, and entrepreneurs. The pitch competition, now in its 7th edition, aligns with the conference’s mission to promote halal and ethical finance while encouraging innovative solutions that benefit communities. The anticipation surrounding the announcement of winners reflects the hope that Africa’s most innovative entrepreneurs will have the opportunity to transform the continent’s financial and social landscape.