The 2025 African International Conference on Islamic Finance (AICIF) Pitch Competition has brought 20 emerging startups into the spotlight as they compete for ₦5 million in grant funding, advancing Africa’s drive to foster a new generation of ethical and impact-driven businesses.
Held in Abuja on Saturday ahead of the 7th AICIF scheduled for November, the contest narrowed down more than 200 applicants from across the continent to 20 finalists, 10 focused on technological innovations and 10 on social impact.
According to Hajia Ummahani Ahmad Amin, Convener of AICIF in Nigeria and Managing Partner of Metropolitan Law Firm, the event represents far more than just a competition. “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 platforms to ethical investment solutions, were evaluated based on innovation, scalability, and adherence to Islamic finance principles, Vanguard reported.
Mr. Abdulkadir Abbas, Director at the Securities and Exchange Commission (SEC), praised the standard of the presentations.
“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.
He further noted that SEC’s participation reflects its growing commitment to non-interest finance, supported by frameworks that already allow small businesses to raise funds through crowdfunding and other Sharia-compliant instruments.
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Ms. Yinlaifa Edolo, Managing Director of Metropolitan Skills Ltd, emphasized the competition’s purpose as a tool for empowering entrepreneurs. “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.
Echoing her view, Mr. Abimbola Ajinibi, Associate Director at First Trustees, highlighted the crucial role of small businesses in Africa’s economy. “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 explained.
For the startups themselves, the opportunity is transformative. One finalist described the contest as “life-changing,” adding, “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.”
Since its inception in 2018, AICIF has evolved into Africa’s foremost Islamic finance platform, bringing together government officials, regulators, academics, and entrepreneurs.
The pitch contest, now in its 7th edition, highlights the conference’s mission to mainstream halal and ethical finance while inspiring innovations that strengthen communities.
As the judges deliberate and the finalists await the announcement of winners, the competition continues to carry the promise that Africa’s most daring innovators may soon transform their ideas into enterprises capable of reshaping both the financial and social fabric of the continent.
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Image Credit: Vanguard
