Twenty high-potential startups from across Africa are competing for N5 million in grant funding at the 2025 African International Conference on Islamic Finance (AICIF) Pitch Competition, a continental platform dedicated to fostering a new wave of ethical, innovative, and socially impactful enterprises.
Speaking at the Abuja event on Saturday, the convener, Ummahani Amin, revealed that over 200 applications were received from across the continent, from which 20 finalists—10 tech-driven innovators and 10 social impact-focused enterprises—were carefully shortlisted.
“Today is about more than pitching—it is about celebrating creativity, resilience, and vision. These entrepreneurs are not just building companies; they are shaping the future of Africa. The solutions showcased here hold the power to generate jobs, transform industries, and deliver lasting social impact,” Amin said.
The finalists presented diverse solutions ranging from halal-tech platforms to ethical investment tools. A panel of judges evaluated them on the basis of innovation, scalability, and compliance with Islamic finance principles.
Enjoying this article? Share it with your network!
A director from the Securities and Exchange Commission (SEC) lauded the presentations, describing them as a strong display of ingenuity and commitment. He noted that SEC has established regulatory frameworks to help startups and small businesses access funding through crowdfunding and Sharia-compliant instruments, ensuring that entrepreneurs can grow within ethical financial ecosystems.
Yinlaifa Edolo, managing director of Metropolitan Skills Ltd., explained that the competition was intentionally designed to create a supportive environment for entrepreneurs. “This grant is not about loans or debt; it is about giving startups the space to innovate, scale, and build enterprises grounded in fairness and social responsibility,” he said.
Abimbola Ajinibi, associate director at First Trustees, added that MSMEs remain critical to Africa’s economic development. She stressed the potential of Islamic finance tools such as Waqf, Sukuk, and ethical crowdfunding to provide inclusive and non-exploitative alternatives for business growth.
The AICIF Pitch Competition highlights a growing movement toward ethical entrepreneurship and innovative financing models across Africa. For micro, small, and medium enterprises (MSMEs), the initiative represents more than access to grants—it unlocks alternative financing options, capacity-building support, and strategic partnerships capable of fueling sustainable growth and job creation on the continent.
