Twenty promising 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 platform designed to nurture a new generation of ethical and impact-driven enterprises.
Speaking at the event in Abuja on Saturday, the convener, Ummahani Amin, said the competition attracted more than 200 applicants from across the continent, from which 20 finalists comprising 10 tech innovators and 10 social impact-focused startups were shortlisted.
“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,” Amin said.
The finalists presented solutions ranging from halal-tech platforms to ethical investment tools and were evaluated by a panel of judges based on innovation, scalability, and alignment with Islamic finance principles.
A director at the Securities and Exchange Commission (SEC) praised the quality of pitches, describing the presentations as a demonstration of passion, commitment, and innovation. He noted that the SEC has regulatory frameworks that enable small businesses to access funds through crowdfunding and other Sharia-compliant financial products, helping startups grow within ethical financial systems.
Yinlaifa Edolo, managing director of Metropolitan Skills Ltd, explained that the competition is designed to give young entrepreneurs the space to innovate without the pressure of debt. “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,” he said.
Also speaking at the event, Abimbola Ajinibi, associate director at First Trustees, emphasised the crucial role small businesses play in Africa’s economy and highlighted the potential of Islamic finance instruments such as Waqf, Sukuk, and ethical crowdfunding to help MSMEs grow without exploitative interest rates.
The AICIF Pitch Competition underscores a growing shift towards ethical entrepreneurship and inclusive financing models on the continent. For MSMEs, the initiative offers more than funding, it opens doors to alternative financing channels, capacity-building opportunities, and strategic partnerships that can fuel sustainable business growth and job creation.
