TechVentures – Union Bank’s answer for supporting tech-based businesses

Union Bank of Nigeria Plc has launched TechVentures – a unique banking proposition aimed at providing tailored services to technology companies in their various stages of business life cycle.

The solution was unveiled at TechPoint Build, a leading technology conference for tech experts, investors, start-ups and owners of tech-enabled businesses in Lagos.

Kunle Sonola, the bank’s Head of Commercial Banking, in a statement said that TechVentures was aimed at supporting tech-based businesses in various stages of their lifecycles by providing various services.

He said that the services were to include access to venture capital funding, business advisory and mentorship, as well as accelerated partnerships.

Sonola said that the bank was focused on developing services that offer real value adding solutions for emerging and established sectors and ecosystems in Nigeria.

“We designed TechVentures in response to the emergence and accelerated growth we see in the tech space.

“Our goal is to capture these businesses from startup stage, when they are just nursing an idea, and support them until they build unicorns because we believe that these businesses will drive a new economy in Nigeria.”

Sonola added that “in addition, in driving start ups, the bank launched an annual innovation challenge in 2017 to encourage budding entrepreneurs who are working on innovative solutions which address social and business challenges.

“In 2018, the bank launched an acceleration programme ‘Start up Connect’ which provides an opportunity for Nigerian businesses in partnership with Co-Creation Hub.

“It created technology-based solutions for the emerging African market to partner with the bank and the social innovation centre for rapid growth.”