By Ibrahim Hassan-Wuyo

The 2025 African International Conference on Islamic Finance (AICIF) Pitch Competition has spotlighted 20 promising startups competing for ₦5 million in grant funding, as Africa seeks to nurture a new generation of ethical, impact-driven enterprises.

Staged in Abuja on Saturday as a precursor to the 7th AICIF holding in November, the contest drew over 200 applicants from across the continent before narrowing to 20 finalists — 10 focused on tech innovations and 10 on social impact.

According to the Convener of AICIF in Nigeria and Managing Partner of Metropolitan Law Firm, Hajia Ummahani Ahmad Amin, the event is more than a contest.

“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,” she said.

The finalists — ranging from halal-tech solutions to ethical investment platforms — were assessed on innovation, scalability, and alignment with Islamic finance principles.

Mr. Abdulkadir Abbas, Director at the Securities and Exchange Commission (SEC), described the quality of pitches as impressive.

“The passion, commitment, and innovation displayed are remarkable. It will be a tough task for the judges to choose winners. What we are witnessing here is the very essence of ethical entrepreneurship,” he said.

SEC’s involvement, Abbas added, underscores its growing support for the non-interest finance sector, with frameworks already enabling small businesses to access funds through crowdfunding and other Sharia-compliant products.

Managing Director, Metropolitan Skills Ltd, Ms. Yinlaifa Edolo, stressed that the initiative is designed to empower young entrepreneurs with ethical tools for sustainable enterprise.

“This grant is not about loans or debts. It is about giving startups breathing space to innovate, scale, and build businesses anchored on fairness and social responsibility,” she said.

Backing this view, Mr. Abimbola Ajinibi, Associate Director at First Trustees, noted that small businesses remain Africa’s economic backbone.

“Yet, they often lack access to affordable capital. By leveraging halal instruments like Waqf, Sukuk, and ethical crowdfunding, we can help them grow without the burden of exploitative interest rates,” he said.

One finalist described the competition as “life-changing.”

“Access to funding is the biggest barrier for startups like ours. This competition doesn’t just give us money; it gives us visibility, mentorship, and credibility,” he said.

Since its inception in 2018, AICIF has grown into Africa’s foremost platform for Islamic finance, convening government, regulators, academics, and entrepreneurs. The pitch competition, now in its 7th edition, underscores the conference’s mission to mainstream halal and ethical finance while inspiring innovation that serves communities.

As the judges deliberate and the finalists await the announcement of winners, the atmosphere remains charged with hope that some of Africa’s boldest innovators will soon scale their ideas into enterprises capable of transforming the continent’s financial and social landscape.