Heritage Bank Plc will be giving $25, 000 grant to winners in its innovation accelerator programme tagged, “HB LAB”.

The maiden edition of HB LAB is a 12-week programme,   expected  to provide technology startups with enabling environment, resources and support required to innovate and accelerate impactful solutions.

It said it would  radically improve financial Inclusion/Intermediation, in agriculture and other related problems affecting critical sectors of the economy.

About 154 applicants who applied were reviewed and 24 of them scored above 60, whilsts the final selection will produce seven successful applicants, which the winner will emerge.

Speaking on the HB LAB, the Managing Director/CEO, Ifie Sekibo said in Nigeria, technology start-ups still account for a relatively small share of all businesses, adding that they have an outsized impact on economic growth, because they provide better-paying, longer-lasting jobs than other start-ups, and they contribute more to innovation, productivity, and competitiveness.

He said the team with the most compelling solution will be awarded a $25,000 grant alongside access to workspace and IT infrastructure for solution testing and development for a defined period.

According to him, the HB Innovation Lab Programme is open to product development teams and technology driven startups across Nigeria.

Sekibo stated that the critical areas of focus are Fintech, agriculture, education, digital, security and power, whilst noting that the application requirements include names, age, gender, contact number, home and email addresses of the participants.