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Terms & Conditions

1. The Union Bank Centenary Innovation Challenge is open to university students, software developers, academics and entrepreneurs of Nigerian citizenship living in Nigeria.

2. The challenge is not open to:

  • Employees of any company within the Union Bank Group or employees of other financial institutions (commercial banks, microfinance banks, insurance companies, brokerages, investment companies).
  • Anyone professionally involved in the development or administration of this Challenge
  • Any employee whose employer's guidelines or regulations do not allow entry in the Challenge.

However, Union Bank employees can participate in workshops and could be called upon to serve as judges. Union Bank reserves the right to limit, or restrict upon notice, participation in the Challenge to any person who fails to comply with these terms and conditions.

3. To enter the competition, the entrant(s) must meet the following criteria (submission requirements) and confirm acceptance of these terms and conditions.

  • Project/product/concept title.
  • Entrant's name(s).
  • Entrant's description (e.g. software developer/academic/entrepreneur /student/other).
  • University or company name (if applicable).
  • Email address(es)
  • Phone number(s).
  • City where entrant(s) is/are based.
  • All submissions must include a full description of the project/product/concept in a document written in plain English and up to a maximum of 1,000 words. Each document should be split into three separate sections:
    1. An outline of the problem that your idea addresses; this could be an issue specific to your city or the country, or this could be a global issue. These ideas could be related but not limited to financial inclusion, agriculture and education.
    2. An explanation of your idea, how it relates to Sustainable Development Goals, and how it will work; provide clear details about how your idea will help to solve the problem you've outlined in (1) and demonstrate how the solution provides business and social and/or environmental value.
    3. An explanation of how your solution can be scaled into a successful business model.
  • The entry or any part of it must not have won any previous awards.
  • The entry materials (document and video) must be submitted online via www.unionbank100/challenge.
  • Entry begins on 12th April 2020, and ends on 19th May 2020.
  • The 3 best ideas from the challenge will be supported to bring their ideas to life through the CcHub Incubation Programme from June - December, 2020

4. Union Bank, its associated companies, and any company or individual authorised by Union Bank (hereinafter called - Union Bank), shall have the unrestricted and non-exclusive rights to edit, adapt, publish, copy, display, perform, broadcast, modify, and otherwise use any or all entry materials and intellectual property, alone or in combination with other materials including but not limited to essays, photos and/or videos in any and all media, whether now known or later discovered, in perpetuity, without restriction of any kind whatsoever, without further compensation to the entrant or anyone else.

5. If any person/entity other than the entrant(s) is depicted or described in the document or video, the entrant shall obtain any necessary permission for use of their names/likenesses and indemnify the Bank against any issues.

6. Following the culmination of the competition, Union Bank reserves the right to use text, images, and video content for display purposes at conferences, meetings and future innovation challenges without copyright or royalty restrictions.

7. The top three (3) selected ideas will attract immediate cash prizes and further incubation support via the Co-Creation Hub (CcHub) incubation services with full engagement with Union Bank.

8. Entrants will retain the rights to any intellectual property pertaining to their ideas. By entering, except where prohibited by law, each Entrant grants to Union Bank (and their agents, successors, and assigns) the irrevocable, transferable, sublicensable, absolute right and permission to use, edit, modify, copy, reproduce, and distribute the Bot Package (including the Bot and the Bot name) and any other Entrant Content that comprises the Entrant's Entry in perpetuity and in any medium (including online and in digital media) in any language, throughout the world, for the purposes of evaluating Entries, and administering and marketing this Contest, including (i) announcing and publicizing the name of each and every Bot submitted and its ranking in accordance with the Judges' scores and (ii) selecting, announcing, and publicizing each winner and its Bot.
However, by participating in the Union Bank Centenary Innovation Challenge and being shortlisted into the top 10, Union Bank has the first right of refusal in the event that further investment or partnership with a financial institution is required to develop the idea further.

9. All ideas entered into the Union Bank Centenary Innovation Challenge will be subject to Creative Commons. Thus if your Submission consists of information, data, text, software, music, sound, photographs, graphics, video, messages, tags and/or other copyrightable works, you hereby grant Union Bank a perpetual, worldwide, royalty-free, non- exclusive license to use, distribute, reproduce, modify, adapt, publicly perform and publicly display your Submission in whole or in part in accordance with the Creative Commons Attribution-Share Alike 3.0 Unported License (CC-BY-SA) accessible at
For the avoidance of doubt, Entrant retains all ownership rights in the Bot; Released Parties do not have the right to sell your Bot. Each Entrant further grants to Union Bank (and their agents, successors, and assigns) a nonexclusive, irrevocable, worldwide, transferable and sublicensable right and license to use his, her, or its (and his/her/its Bot's) trade names and trademarks (including logos) in connection with this Contest, including for the purposes of announcing and publicizing the Entrant's ranking (even if not a winner), and whether the Entrant is a winner.

10. Entries will not be acknowledged or returned.

11. Union Bank does not accept responsibility for lost, corrupted or delayed entries as a result of any network, hardware or software failure of any kind.

12. Entrants will not upload, post or otherwise transmit any Entry or content that contains software viruses, Trojan horses, worms, time bombs, cancelbots or any other computer code or files that are designed to disrupt, damage, or limit the functioning of any software or hardware.

13. Once an entry has been submitted, no further changes will be accepted.

14. Union Bank reserves the right not to accept an entry if it does not strictly comply with the terms and conditions.

15. A panel of Union Bank appointed experts will judge the entries on their originality, functionality, perceived commercial feasibility, aesthetics, and potential to solve the problem outlined. The top 10 idea proponents will be notified - Shortlisted participants will be required to show identification or proof of address which will be verified before the pitch event in June, 2020.
Shortlisted participants will have the opportunity to pitch their ideas to the judges and the winning ideas will be chosen.

16. The panel will select a maximum of three entries from all external entries; the panel's decision is final.

17. The three winners will be notified by email or telephone using the information supplied at time of entry on the competition website: (

18. Each finalist may be required to sign and return an affidavit of eligibility, indemnity, publicity and liability release, along with an assignment of all rights in and to his/her entry (including copyright and a waiver of any moral rights to the extent allowed by law), within 7 days of notification.
Each finalist may also be required to verify the facts of his/her story and/or provide additional documents as may be required by Union Bank to confirm and/or assign rights in the entry.

19. The three winners will be required to submit a video still/image as a hero image for promotional purposes (including full credit and caption information).

20. The top three ideas will receive cash prizes and be supported with a range of services focused on product development, distribution and business modelling to turn their ideas into fully working products to launch in late 2020.

21.Each entrant (s) warrants that the application submitted by his/her team is an original work and that they are the sole and exclusive owner and right holder thereof, and that they have the right to submit the application in the contest.

22. Each entrant agrees and undertakes not to submit any application that (i) infringes any third party proprietary, intellectual property, industrial property, personal rights or other rights, including without limitation, copyright, trademark, patent, trade secret or confidentiality obligation; or (ii) otherwise violates applicable law in any countries in the world.
To the maximum extent permitted by law, each entrant indemnifies and agrees to keep indemnified Union Bank, its affiliates (meaning any legal entity that directly or indirectly controls, is controlled by, or under common control with Union Bank), agents, directors, officers, employees, representatives and assigns harmless at all times from and against any liability, claims, demands, losses, damages, costs and expenses resulting from any act, default or omission of the participant and/or a breach of any warranty set forth herein. (tick box)

23. In the event of any dispute, the laws of the Federal Republic of Nigeria shall apply.

In partnership with
  • Co-Creation HUb