Nigerian blockchain association launches BACFID to support local innovators

The platform seeks to provide access to funding and support to local blockchain and crypto entities.

Nigerian blockchain association launches BACFID to support local innovators
Photo by Neil Thomas / Unsplash

The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) on Oct. 9 launched Blockchain and Crypto Funding, Innovation and Development (BACFID), a platform created to support blockchain and crypto innovations in the country.

SiBAN intends to partner with incubators, accelerators, hubs, venture capitalists and other strategic stakeholders who support blockchain and crypto innovation to benefit BACFID participants.

Quick points

  • According to an announcement, BACFID will offer feedback, guidance and advice to innovators on projects.
  • BACFID also plans to provide funding opportunities from its local and foreign partners for “eligible” projects.
  • According to the announcement, participating BACFID projects will also enjoy endorsements and support from blockchain industry stakeholders in the SiBAN community.
  • Speaking at BACFID’s first Twitter space hosted by SiBAN, Franklin Peters, the CEO of crypto company Boundless Pay and the vice president of SiBAN, listed three areas that startup founders neglect, which ultimately causes them to fail.
  • According to him, those areas are corporate, financial and technical structuring.
  • Peters said he expects these challenges to be addressed as part of BACFID’s review process.

Key Quote

Bethel Obi, the project manager of BACFID, said:

“By positioning itself to serve local startups, BACFID will serve as a leading platform through which new and upcoming blockchain-technology innovators in Nigeria will have the opportunity to access adequate support, including funding, in a structured manner towards the development of their blockchain technology projects. I’m happy to be a part of this and encourage other industry players to also get involved. When we work together, the industry works better for us all.”

Obi is also the founder of the electrical services firm Pecotech.

Why it matters

  • Africa is on the path to being the next big hub of crypto and blockchain development as startups continue to develop significant innovations to help solve challenges facing the region.
  • In a report published by CV VC, titled “The African Blockchain Report 2021,” blockchain startups on the continent raised $91 million in the first quarter (Q1) of 2022, a staggering 1,668% increase in venture funding from Q1 2021.
  • Despite the growth, many startups still struggle to secure funding.
  • SiBAN would be hoping to solve some of these challenges through BACFID.