Union Bank plc, one of Nigeria’s oldest lender has pledged to nurture and scale tech startups in the country to Unicorns with ‘Tech Ventures’ an initiative designed to support emerging technology companies and help them nurture their ideas to fruition.
The Tech Ventures initiative, which was announced at the recently concluded Techpoint Build 2019 to a teeming audience of technology enthusiasts, is part of an effort by Union Bank to support local technology innovations.
While giving his presentation at the event, Tobi Amida, Union Bank Transformation Team Lead, clearly emphasized that the Tech Ventures proposition goes beyond banking and financial services.
According to him, the initiative will be available to registered tech ventures at various stages of their life cycle to leverage Union Bank’s support system while scaling their businesses. It explains why the initiative essentially comes up with three packages:
The nurture package
The nurture package is typically for early-stage businesses. It provides them with collateral-free loans, access to technical and business mentors from the Union Bank network as well as access to utility, office space fast Internet.
The scale package
The scale package is for intermediate businesses looking to scale up by providing them business advisory services, funding and access to relevant partnership in areas such as accounting, HR, logistics, and payroll.
The unicorn package
The unicorn package caters to the needs of growth stage businesses by providing them with a unique partnership, access to Union Bank’s distribution channel as well as its customers, business advisory and a mix of credit options to drive their businesses.
“We understand the unique set of needs of technology companies and we are committed to helping businesses unlock their potential to create maximum value to their customers. Our dedicated team will work with you to ensure your business scales in a sustainable way,” said Tobi Amida .