By Juliet Umeh
A startup with a stockbroking mobile platform, Yochaa, has emerged the winner of the inaugural Stanbic IBTC Innovation Challenge.
Its victory followed a keenly contested pitch session to the executive leadership of the bank and the implementation partner on the project, Co-Creation Hub (CcHUB), in Lagos, recently.
The three finalists: Yochaa, Flutterwave and Venture Garden Group, pitched their solutions in the identified areas of stock trading, card issuance and data usage respectively; taking their chances at the prize money of $15,000 in total.
The executive pitch session came on the heels of an initial pitch day, October 12 2018, at the Stanbic IBTC Innovation Lab in Yaba, Lagos where nine shortlisted startups selected from over 200 entries pitched their solutions to senior management of Stanbic IBTC and Co-Creation Hub (CcHUB).
Chief Executive, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, commended the three finalists, Yoocha Flutterwave and Venture Garden Group for life enhancing applications they created and noted that all three solutions – regardless of eventual winner – will be considered for partnership as they underline the main objective of the competition; which is to improve efficiency, simplicity, and robustness in delivering the right customer experience.
Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle, while giving the background information on the structure and focus areas of the innovation challenge, stated that “We believe that technology holds the key to enhancing some operations within our business – principal of which is making our card issuance and delivery system more seamless and cost-efficient for the banking subsidiary.
The Stanbic IBTC Innovation Challenge commenced with a call for ideas on August 6, 2018. This call for ideas required startups to submit applications demonstrating technologies, tools and services, in line with the identified solution areas within the organization.
After that, one-day ideation session tagged ‘Ideas Open Day’ held at the Stanbic IBTC Blue (Innovation) Lab in Yaba, Lagos on 24 August 2018, during which Stanbic IBTC hosted product development teams and technology start-ups across the country to ensure proper understanding of the challenge and submission of applications that are fit for purpose. The call for ideas closed on 14 September 2018.