Standard Bank of South Africa has partnered with the University of Pretoria (UP) through its leading high-tech business incubator, TuksNovation, to launch the Standard Bank-TuksNovation Innovation Challenge 2025. This groundbreaking initiative is the first collaborative effort between TuksNovation and Standard Bank, who share a vision to provide financial and non-financial support to catalyse the growth and development of small, medium-sized and micro enterprises (SMMEs) in South Africa.

This year’s challenge supports 25 selected “techpreneurs” who are looking to start up and scale their ventures in the fintech sector. Participants will be taken through a three-month programme that features a series of business modules, ranging from pitch deck and business canvas development to marketing and finance readiness, and banking. Ten shortlisted participants will then have an opportunity to pitch their ventures in the grand finale, where the top three techpreneurs will receive prize money and business incubation support. The top 10 will also have the chance to participate in a six-month advanced business incubation opportunity.     

“Fintech is one of the major pioneering segments in the financial services sector,” said Professor Sunil Maharaj, Deputy Vice-Chancellor and Vice-Principal: Research, Innovation and Postgraduate Education at UP, during his welcome address at the launch event. “Fintech has fuelled innovation significantly, as evidenced by the range of niche start-up companies that have grown to compete in the mainstream, most of whom have disrupted established traditional business models. We hope that this year’s cohort of shortlisted participants will spark a wave of new innovations and disruptions that have the potential to grow the sector even further.”

Naledzani Mosomane, Head of Enterprise and Supplier Development at Business & Commercial Banking at Standard Bank, said that partnering with UP through TuksNovation is part of the bank’s strategy to provide tailored financial and non-financial solutions that support black-owned SMMEs.

“We know that SMMEs are the heartbeat of the economies in which they operate,” she said. “They are the creators of jobs and the drivers of innovation, and they play a critical role in ensuring economic development.”

Mosomane reaffirmed Standard Bank’s commitment to youth entrepreneurship.

“Young people are the future of this country, so it is imperative that they are fully equipped to navigate the existing and future economic climate.”

Head of TuksNovation Phindile Tshabangu said he is excited by this joint initiative, which provides a great opportunity to drive sector-specific entrepreneurship development.

“We are pleased to be partnering with Standard Bank as we seek to unearth viable fintech start-ups that aim to contribute to the transformation of the South African financial services sector. This partnership aligns with our vision to be a leading facilitator and enabler of an innovation ecosystem that catalyses the acceleration of technology into sustainable new enterprises. We look forward to being part of these start-up growth journeys.”