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Stanbic IBTC supports Nigerian businesses with $12,000 at TechCabal Battlefield Competition
Stanbic IBTC team
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To reiterate our commitment to boost the small and medium enterprise (SME) segment of the Nigerian economy, we are supporting the Tech Cabal Battlefield competition for startup businesses by offering cash prizes to the winner and runner-up in the competition.

The SME segment is the major driver of the Nigerian economy and we are committed to highlighting the remarkable work of entrepreneurs building businesses that energize the different growth sectors of the economy. Speaking on why the bank is keen to support technology enabled businesses, the Executive Director for Personal & Business Banking at Stanbic IBTC Bank, Mr. Obinnia Abajue, said that technology is a significant enabler of global competitiveness and Stanbic IBTC will support Nigerian businesses with the financial solutions needed to compete in the dynamic global environment.

The TechCabal Battlefield is a showcase of Nigerian technology where start-ups will get the chance to present their businesses to an audience of users, technology enthusiasts and investors during the 2014 edition of Social Media Week Lagos.

To enter for the Battlefield, start-ups must meet the following criteria:

• Must not be older than 2 years
• Must have received less than $200,000 in funding
• Must have a substantial tech component which is live at the time of competition i.e. corporate website does not count {start-ups in beta will be allowed in special circumstances if there is a reasonable expectation that they will launch in less than 3 months from the competition}
• Must serve Nigerian customers/be based in Nigeria

The start-ups will begin their Battlefield journey by applying to the Academy at www.techcabal.com, on or before 5 February, 2013. After a rigorous selection process by a committee of experts, seven start-ups will be shortlisted for the final stage of the competition. These shortlisted companies will initially proceed to the academy and receive hands-on training from the Faculty – in business, financials, & technology and presentation skills.

On the 19th of February, the seven Faculty-honed start-ups will take to the field to present to a panel of judges – experienced entrepreneurs, consultants and financiers – and battle it out for the star prize.

Bankole Oluwafemi, Editor of Techcabal.com and convener of TechCabal Battlefield said, “our belief in the Nigerian startup ecosystem just got a huge dose of validation. The first thing for us is in a space dominated by the usual big-tech interests, mainstream entities in the financial sector have seen the future and are beginning to participate actively in it. Already bullish on SMEs, Stanbic IBTC Bank is playing a rather visionary role in Nigeria’s technology.”

Apart from being a sponsor of Social Media Week Lagos from its inception last year, this partnership with TechCabal reiterates Stanbic IBTC’s position as the dominant business partner for SMEs and other businesses across Nigeria.

Visit www.stanbicibtcbank.com for information on how we can help your business grow. Share your thoughts with a comment below or reach out to us with any feedback on Twitter: @StanbicIBTC or Facebook: fb.com/StanbicIBTC