The 2025 African International Conference on Islamic Finance (AICIF) Pitch Competitors has highlighted 20 modern startups competing for ₦5 million in grants, as Africa accelerates its efforts to nurture moral, impact-driven enterprises.
Held in Abuja on Saturday as a precursor to the seventh AICIF scheduled for November, the competitors drew over 200 functions from throughout the continent earlier than narrowing down to twenty finalists—10 targeted on tech improvements and 10 on social affect.
Talking on the occasion, Ummahani Amin, convener of AICIF Nigeria and managing companion at Metropolitan Regulation Agency, described the initiative as greater than only a contest.
“At this time, we rejoice creativity, resilience, and the facility of concepts. These younger entrepreneurs usually are not simply pitching companies; they’re presenting Africa’s future. Their options can create jobs, reshape industries, and drive social affect,” she stated.
The startups—starting from halal-tech platforms to moral funding options—have been assessed by a panel of judges on innovation, scalability, and alignment with Islamic finance ideas.
Abdulkadir Abbas, director on the Securities and Trade Fee (SEC), praised the standard of entries, noting:
“The fervour, dedication, and innovation displayed are exceptional. It will likely be a tricky process for the judges to decide on winners. What we’re witnessing right here is the essence of moral entrepreneurship.”
Mr Abbas added that the SEC has already created frameworks for small companies to entry funding by way of crowdfunding and different Sharia-compliant devices, underscoring the regulator’s dedication to the non-interest finance sector.
For Yinlaifa Edolo, managing director of Metropolitan Expertise Ltd, the competitors offers respiratory area for startups to scale responsibly.
“This grant shouldn’t be about loans or money owed. It’s about giving entrepreneurs room to innovate, develop, and construct companies grounded in equity and social duty,” she defined.
Abimbola Ajinibi, affiliate director at First Trustees, emphasised the significance of specializing in SMEs:
“Small companies are Africa’s financial spine, however typically lack entry to reasonably priced capital. By leveraging halal finance devices like Waqf, Sukuk, and moral crowdfunding, we may help them develop with out exploitative rates of interest.”
One finalist, reflecting on the chance, referred to as the expertise “life-changing.”
“Entry to funding is the most important barrier for startups like ours. This competitors doesn’t simply present cash—it provides us visibility, mentorship, and credibility.”
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Since its inception in 2018, AICIF has grown into Africa’s main Islamic finance platform, uniting policymakers, regulators, teachers, and entrepreneurs. The pitch competitors, now in its seventh version, reinforces its mission of mainstreaming moral finance whereas fueling innovation that serves communities.
As judges deliberate and finalists await the announcement of winners, the environment is charged with hope that a few of Africa’s boldest innovators will quickly rework their concepts into enterprises able to reshaping the continent’s financial and social future.
Ummahani Amin
Convener of AICIF Nigeria
