SUBA Capital Joins Edo Innovates Challenge, Backed by Bill and Melinda Gates Foundation

Mary Nnah

SUBA Capital, a pioneering microfinance platform, has achieved a significant milestone by being selected for the esteemed Edo Innovates Challenge. This prestigious program, a collaboration between Co-creation Hub (CcHUB), the Bill and Melinda Gates Foundation, and the Edo State Government, aims to bolster Edo State’s digital solutions ecosystem. As part of this initiative, SUBA Capital will leverage expertise and resources to drive growth, refine its business strategy, and amplify community impact.

CcHUB, known for fostering innovation and supporting startups across Africa, has been instrumental in shaping SUBA Capital’s vision and operations. Over the past five months, SUBA Capital has benefitted from targeted technical support, strategic business advice, and vital resources aimed at fueling the company’s growth. The sessions on Diversity, Equality, and Inclusion, as well as the Product Advisory workshops, provided invaluable insights that have already begun to reshape the company’s internal processes and external engagements.

As a participant in the Edo Innovates Program, SUBA Capital joins 19 other innovative startups, all of which received an equity-free $20,000 grant from the Bill & Melinda Gates Foundation through CcHUB. These funds, alongside technical and strategic support from CcHUB, has enabled SUBA Capital to scale its impact across Nigeria starting with Edo State.

“Our goal has always been to create economic opportunities for marginalised groups—those without access to traditional capital sources,” said Silas OZOYA, Founder and Chief Executive Officer (CEO) at SUBA Capital. “Edo State has an estimated population of over 5 million people, and 20% of that fits our target market. With the support of the Edo Innovate Challenge program, SUBA Capital is poised to create jobs through our community agent initiative and the re-launch of our ‘Better Farming’ project, which was tragically impacted by a fire in 2022.”

SUBA Capital has been a beacon of hope for over 500 members since its inception in 2020, offering a unique blend of high-yield savings, low-ticket investments, and affordable peer-to-peer lending services. Through these efforts, SUBA Capital has channelled capital into key sectors such as agriculture, real estate, and alternative investments. We aim to reach over 1,000 individuals in the next 12 months, contributing to increased food production and poverty alleviation across Nigeria.

The inspiration behind SUBA Capital comes from the personal experiences of its founders, Silas OZOYA and Adaku EKWUEME. Reflecting on his struggles as entrepreneur, Silas who started his entrepreneurship journey on the side of being a school teacher couldn’t access capital for a business project from traditional financial institutions in his previous mediatech business as the business was considered high risk being a startup. This led him to start researching on how to bridge the access to capital gap for young professionals and small business owners.

On her part, Adaku recalling her family’s struggles with financial access, Adaku said, “Growing up, I watched my father and mother struggle with their businesses due to lack of access to credit and secure savings options. These challenges inspired me to co-create SUBA Capital with Silas — to empower families with the financial tools they need to thrive.”

This is why we are excited to announce the official launch of the SUBA Capital mobile app, now available on the Google Play Store! Designed to provide seamless access to capital for young professionals, small business owners, and smallholder farmers, the SUBA Capital app offers high-yield savings, low-ticket investments, and flexible peer-to-peer lending services. Whether you’re looking to grow your business, invest in agriculture, or secure your financial future, SUBA Capital is here to empower you with the tools you need to thrive. Download the app today on the Google Play Store and take control of your financial journey!

Last Friday, SUBA Capital had the privilege of participating in the prestigious Edo Innovation Ecosystem Handshake event, hosted at Edo Innovates . This gathering brought together some of the most forward-thinking startups in Nigeria, offering a platform to exchange ideas, foster partnerships, and explore future collaborations. SUBA Capital connected with other visionary startups.

During the event, SUBA Capital’s Co-Founder and Chief Operating Officer (COO), Adaku EKWUEME, took part in a thought-provoking panel session that explored the roles of academia, government, and private sector players in driving innovation. A key highlight from the panel was Adaku’s commitment to establishing a research fund dedicated to developing innovative solutions that will directly benefit more than 80 million financially excluded Nigerians. She also emphasised the critical role of community in the startup ecosystem, stating, “Being surrounded by like-minded individuals allows you to stay motivated, learn from others’ experiences, and access vital information that will drive your growth.”

This Edo Innovates challenge program has provided SUBA Capital with a unique opportunity to expand its footprint while reaffirming its commitment to social responsibility. Unyime HARRISON, Head of People and Business Growth who was also present at the Edo Innovation Handshake event underscored the significance of the Edo Innovates Program to the company’s mission, saying, “We are here to bridge the financial gap for everyday traders who contribute to our national GDP but lack access to affordable capital. Our business model is built around creating positive social impact while meeting our growth objectives.”

As part of its next steps, SUBA Capital plans to implement a community agent program that will drive financial literacy, economic empowerment, and wealth creation for smallholder farmers and small business owners across Nigeria starting with Edo State.

Through easy access to credit, flexible repayment terms, and secure savings and investment platforms, SUBA Capital is making it easier for individuals and businesses to achieve their financial goals.