Bank of Africa Group offers $1m for young ideas

March 14, 2018 in Communications, Companies, Finance, Technology & Telecoms by Editor

Benjelloun heads the financial group of which BMCE Bank of Africa is part of and one of the wealthiest people on the continent.

March 14, 2018— BMCE Bank of Africa, which operates in nearly 20 countries across the continent, is offering a $1 million of funding in the fourth edition of the African Entrepreneurship Award with the closing date for applications set for April 30, 2018.

The banking Group says it is committed to supporting and encouraging young entrepreneurs in their efforts to create jobs and improve lives in Africa.

During the past three years the Award was dedicated to projects in Education, Environment, and Uncharted categories. Over 12,000 entrepreneurs applied from 132 countries. Mentors selected 112 finalists and the Presidential Jury selected 33 winners to receive funding to launch or scale their business.

The first round is open to all entrepreneurs from every country but in rounds two and three the remaining competitors will be questioned on the scalability and sustainability of their idea.

The criteria includes you must be a citizen of an African country. You must be a minimum of 18 years old as of November 1, 2018. Your business or idea must be applicable in an African country. Your business or idea must include a technological component (digital, machinery, computers, ICT, automated processes, field related technologies). Your business or idea must be for profit. Your business or idea must include a social impact. You need to articulate the problem you are trying to solve as well as the solution you offer.

Applicants are asked to support their project with an uploaded video or document. At the end of the journey, the finalists are flown in to Morocco for a Boot Camp, before they pitch in front of the Presidential Jury for their chance at $1 million.

The Award was first announced by Group President Othman Benjelloun in 2014 at the Marrakech Global Entrepreneurship Summit and illustrates BMCE Bank of Africa’s ambition to encourage entrepreneurship across borders in Africa by rewarding talent and technology.

Volunteer mentors from all over the world support entrepreneurs with free, online business advice. These mentors are entrepreneurs, academics, and leaders from all continents who assist the applicants throughout each stage of the contest.