In a remarkable turn of events, Sycamore has emerged victorious, winning the prestigious Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation and a $100,000 award. This victory comes exactly one year after a challenging period for the company, underscoring its resilience and commitment to innovation in Nigeria’s digital ecosystem.
A Year of Challenge and Triumph
On July 20, 2023, we experienced an unexpected crisis. The Federal Competition and Consumer Protection Commission (FCCPC) had published a list of delisted digital lenders in Nigeria and included the company in the list. This news prompted immediate action within Sycamore to clarify the situation and protect its reputation. This news sent shockwaves through the company, thrusting everyone into crisis management mode.
“When I received the message from our Head of Product that we had been flagged by FCCPC and queued to be delisted from the digital app stores, I was shocked,” recalled Mojisola Fagbohunlu, Head of Marketing at Sycamore.
“Since being made aware of this situation, we have been in active cooperation with the appropriate authorities, including the FCCPC, to identify and address the imposter responsible for these deceptive practices,” Sycamore stated. Consequently, the Get Loan app was removed from Google Playstore and added to a watch list alongside 19 other unapproved digital lenders in Nigeria.
Babatunde Irukera, CEO of FCCPC, explained that while both lenders were licensed by the commission, the duplicity was executed such that approved digital lenders used alternate channels for prohibited conduct. However, a Sycamore spokesperson clarified to Bendada.com that the company had been impersonated by an app called Get Loan, which operates with a fake address and is not affiliated with Sycamore.
Fast forward to July 20, 2024, and we have not only overcome these challenges but have also been declared the overall winner of the second edition of the NSIA Prize for Innovation (NPI). Competing against 7,000 other startups, Sycamore’s innovative financial solutions and dedication to Nigeria’s digital ecosystem earned us the top prize. In addition to the cash prize, Sycamore along with the top 10 innovative startups selected by the NSIA, will participate in a 5-week all-expense-paid training program at Draper University, USA.
“Let’s just apply,” Babatunde Akin-Moses, CEO of Sycamore, told his assistant last year when asked about their chances. Reflecting on the journey, he tweeted, “The whole journey was quite intense but rewarding”
“We’re thrilled to announce that we took first place at the prestigious NSIA Prize for Innovation! This recognition from the Nigeria Sovereign Investment Authority (NSIA) celebrates our commitment to Nigeria’s digital ecosystem,” said Akin-Moses.
This victory is a testament to Sycamore’s unwavering commitment to driving socio-economic development through technology. “The NSIA’s recognition drives our passion to make a greater impact on our ecosystem and country at large,” Akin-Moses added, praising the NSIA team for their excellent facilitation of the process.
To our incredible Sytizens: Your dedication, creativity, and hard work made this possible, and we are so grateful to have you. This win belongs to each one of you!
About Sycamore
Sycamore is a leading digital financial services provider in Nigeria, dedicated to empowering individuals and businesses through innovative financial solutions. Our commitment to transparency, reliability, and customer satisfaction drives everything we do.
About NSIA
The Nigeria Sovereign Investment Authority (NSIA) is an investment institution established by the Nigerian government to manage funds in excess of budgeted hydrocarbon revenues. The NSIA Prize for Innovation is an initiative to support and promote innovative solutions that contribute to Nigeria’s economic development.
