• Tuesday, April 16, 2024
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BusinessDay

How LAPO Microfinance Bank is fostering tech entrepreneurship

LAPO MfB partners Tedx to provide growth opportunity for women

Nigeria’s tech entrepreneurship scene continues to flourish, with innovators and startups making significant strides in various sectors of the economy.

Despite the challenges posed by infrastructure deficits and regulatory hurdles, Nigerian entrepreneurs have demonstrated resilience and creativity, leveraging technology to address local problems and drive economic growth.

Nigeria’s vibrant tech hubs, such as the Yabacon Valley in Lagos, serve as breeding grounds for innovation and collaboration. These hubs provide entrepreneurs with access to mentorship, funding opportunities, and a supportive community, fostering the growth of groundbreaking startups.

Government initiatives, such as the National Information Technology Development Agency (NITDA) and the Presidential Enabling Business Environment Council (PEBEC), are also playing a crucial role in promoting the growth of the tech sector. These initiatives focus on improving infrastructure, easing regulatory burdens, and fostering a conducive environment for innovation and investment.

Despite the progress made, challenges remain, including inadequate access to funding, erratic power supply, and limited internet infrastructure in rural areas. However, Nigerian tech entrepreneurs continue to defy the odds, harnessing the power of technology to drive socioeconomic development and put Nigeria on the global innovation map.

As Nigeria’s tech entrepreneurship ecosystem continues to evolve, it presents immense opportunities for both local and international investors to tap into Africa’s largest economy and contribute to its digital transformation journey.

LAPO Microfinance Bank Limited, has announced its support for the NextechCzar Incubation Program, facilitated by the Moolu Venture Lab.

The induction ceremony, marked by esteemed industry figures, witnessed Godwin Ehigiamusoe, the founder of LAPO MFB, and Prince Ogbonna, CEO of Moolu Venture, offering insights and inspiration to budding entrepreneurs.

Godwin Ehigiamusoe, the visionary founder of LAPO Microfinance Bank, shared his perspective during the induction ceremony, emphasizing the importance of visionary business-building.

In his words, “Innovation and conscious business practices are pivotal in shaping the future of entrepreneurship. We are committed to nurturing the next generation of tech entrepreneurs who will drive positive change in Nigeria and beyond.”

Prince Ogbonna, CEO of Moolu Venture Lab, articulated the objectives of the 16-week incubation program, highlighting its two tracks—Early Stage and Growth Phase. He expressed his enthusiasm, stating, “We aim to empower young African founders to develop impactful solutions to local challenges. With the support of LAPO Microfinance Bank, we are fostering an ecosystem conducive to innovation and growth.”

The induction ceremony witnessed the participation of distinguished guest panelists, including Oluremi Akande, director of marketing and communications at LAPO MFB, Mope Abudu, managing partner at AfrogloCal VC, Ovo Emorhokpor, managing partner at Beta Ventures, and Dorcas Thorpe, head of corporate planning at LAPO MFB. Their collective expertise promises valuable mentorship for aspiring tech founders.

The NextechCzar Incubation Program aims to cultivate a new breed of tech entrepreneurs committed to effecting positive change through conscious business practices. With LAPO Microfinance Bank’s generous support, the program anticipates groundbreaking ideas and innovations that will address indigenous challenges and drive socio-economic progress in Nigeria.