Ecobank Nigeria has unveiled InnovateX, a nationwide competition designed to empower young Nigerians aged 16 to 25 across creative and STEM fields. Partnering with Heave Ventures, the bank aims to help emerging talents transform ideas into sustainable businesses while contributing to Nigeria’s evolving digital economy.
Launched in Lagos, the competition offers a ₦20 million prize pool for the top ten participants, alongside hybrid bootcamps, mentorship, and exposure to high-profile pitch events.
“InnovateX is more than just a competition; it’s a development platform offering practical tools and opportunities,” said Bolaji Lawal, Managing Director and Group Executive of Ecobank Nigeria. “We want to empower young creators and innovators to transform their passion into scalable impact.”
Founded in 1985 and headquartered in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is a leading independent pan-African banking group.
The bank operates in 33 African countries, providing retail, corporate, and investment banking services. Ecobank Nigeria is a key subsidiary, deeply involved in initiatives supporting financial inclusion, SME development, and digital banking across the country.
Unlike typical pitch events, InnovateX includes workshops led by industry experts covering business development, storytelling, and pitching skills. Participants will build pitch-ready prototypes, gain mentorship from professionals, and connect with networks that could catalyze future funding or partnerships.
The initiative spans two tracks:
- Creative Track: For designers, artists, content creators, and storytellers.
- STEM Track: For developers, engineers, and technology enthusiasts eager to commercialize their solutions.
The bank also links InnovateX to its Ecobank Blaze Account, a digital banking product tailored for young people. It offers financial tools, creative resources, and support networks designed to help young entrepreneurs manage and grow their ventures.
Why It Matters
Nigeria’s youth face significant economic challenges, with youth unemployment rates exceeding 40%. Programs like InnovateX target this gap, combining financial inclusion with digital skills to boost employment and entrepreneurship prospects.
Lawal noted that the bank wants to look beyond fintech-only ventures and support broader digital transformation:
“Africa’s future depends on young people innovating in diverse fields. Whether in creative industries or tech, we see huge potential waiting to be unlocked.”
By nurturing talents from both urban and underserved regions, Ecobank hopes to encourage a more inclusive innovation ecosystem.
As InnovateX progresses, industry watchers will be eager to see whether it delivers real impact — and whether the young talents it discovers can shape the future of Nigeria’s startup scene.
Talking Points
InnovateX sounds fantastic for Lagos techies. But what about young innovators in Yobe or Cross River? If programs like this don’t intentionally target less-connected regions, Nigeria’s digital economy risks becoming even more Lagos-centric.
We need fewer pitch competitions and more post-competition support. Will Ecobank help these winners scale, find real customers, and secure follow-on funding—or will they just get plaques and fade away?
With youth unemployment above 40%, it’s no wonder banks and government agencies are scrambling for solutions. But it’s worth asking: Should banks be the ones carrying the weight of solving Nigeria’s economic crisis—or should this fall more squarely on government policy and infrastructure development?
