You are using an outdated browser. For a faster, safer browsing experience, upgrade for free today.

Think, Create, Emerge

Illuminate
2020

  • Building tommorow’s solutions today.
dys
00
hrs
00
min
00
sec
00
About illuminate

Illuminate is a one-week intense gathering of technology enthusiasts, developers, product managers, innovation specialists and entrepreneurs convened to Re-think the myriads of problems confronting Africa’s finance space and developing technology driven solutions that can help leapfrog the current challenges and create the desired tomorrow TODAY.

The programme sponsored by SkyCapital Limited will climax with a demo day, where the participants will present their solutions to a team of industry experts and select audience.

The winning pitch will be incubated by SkyCapital and will be given technical and financial support to develop in to a market fit product. The winner will also leverage on the extensive network of Skycapital’s clientele base in Nigeria and beyond.

  • Where

    10 Anifowoshe Street,
    off Adeola Odeku,
    Victoria Island. Lagos

    Directions
  • When

FOCUS AREAS

The Nigeria Finance space has witnessed tremendous inventions in the last couple of years. Innovative solutions in payments, loans, Insurance, AI,Data science etc have continued to disrupt the space and drive a new wave of excitement for the customers and other stakeholders. The trend has continued to attract global attention and the fintech industry revenue is expected to reach US$543.3 million in 2022 from US$153.1 million in 2017.

This progress notwithstanding, there is huge room for improvement; a huge number of people are still financially excluded, insurance penetration is still abysmally low and the country is still predominantly a cash-based economy. These problems present an opportunity for smart people on the continent to leverage and push the frontiers of financial services and create wealth for all stakeholders along the line. Illuminate is set in the same path and qualified participants will be drawn to individually or jointly address issues in the following focus areas.

The retail lending space has been disrupted in the last couple of years with innovative solutions that has extended credit to people who were exclude by traditional banks. We have seen solutions that has been able to leverage new trends in data mining and artificial intelligence to score credit applications and determine capacity. With an estimated population of 200Million people and a youth concentration of over 50% and each requiring financial service, there is still a huge market waiting to be tapped.

According to data from NIBSS, there are less than 80Million active bank accounts in Nigeria. The implication is that there are over 100 Million Nigerians whose financial needs are being met outside of the traditional banks. This huge number opens a vista of opportunities in alternative and agency banking that some innovative solutions are already trying to address. The need to deepen and scale these opportunities require more solutions that can leverage technology to reach more people.

Data is the new oil. The imperative of the new knowledge economy is that data now plays a central role in today’s market and businesses can leverage it to edge competition and serve customers efficiently. It is an established fact that data science and analytics can be applied to a myriad of problems bedeviling the African finance space to improve efficiency and optimize decision-making. The integration of data collection, data management and data analytics into functional processes for business growth require innovative solution that can leverage on contemporary tools.

There are currently over 17.5Million unregistered SMEs in Nigeria and over 11.5Million of the registered do not have bank accounts. A lot of businesses are unable to access financial services because of this exclusion. There is a need to integrate small business in to the financial system so they can take their rightful place in powering African economies.

Customers are at the core of every business and the imperatives of the fast-changing world we live in dictates that the known means and channels of serving customers are no longer acceptable. There is a growing need to leverage technology and digital tools to serve customers efficiently for retention and repeat patronage.

The world is now more connected than ever and this has tremendous impact on the flow of trade and payments. The global payments revenue reached $1.9Trillion in 2018 with growth projections in the coming years. The African finance space has seen a lot of disruptive solution in the last couple of years, however there is still a huge opportunity especially in the space of facilitating informal trade.

reserve your spot.

First Step
Second Step

Discuss your idea / solution

Discuss problem statement ?

Discuss target market

Do you have a current website or demo reference point ?

Finish Step

Discuss any challenge(s) faced requiring professional intervention

Introduce your team

Upload business/concept description document

Upload team photo

About SkyCapital

SkyCapital is established to enable businesses thrive and help clients maximize their returns. The company is poised to build a firm uniquely equipped to achieve set objectives and be reputable for quality research, investment expertise and value-added services with excellent customer centric approach to clients locally and internationally.