Over the years, local innovators in Nigeria’s blockchain industry have generally lacked adequate access to support for the growth and development of their blockchain & crypto startups. This is one of the reasons why local projects have experienced more rate of failure or stagnated growth particularly when compared with their global counterparts who relatively have better access to support, including funding. As Nigeria’s blockchain association with the vision “to transform Nigeria into the world’s safest and biggest blockchain space with the largest blockchain solutions, investments, and adoption”, SiBAN is concerned about the need to secure Nigeria’s future in blockchain technology. This is how BACFID was born.
Introducing Blockchain and Crypto Funding, Innovation, and Development (BACFID)
BACFID is the innovation-support arm of SiBAN, Nigeria’s blockchain association. Launched at the maiden P2P Conference 2022, BACFID’s mission is to support blockchain & crypto innovations by creating avenues for access to funds and supporting project development, particularly local projects across key industries in order to secure Nigeria’s future in blockchain technology.
BACFID’s vision is “to position local innovators in Nigeria’s emerging blockchain industry for global competitiveness and relevance”. Also, BACFID’s mission is “to 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. To realize this mission, BACFID will partner with incubators, accelerators, hubs, venture capitalists, and other strategic stakeholders who support blockchain & crypto innovation, funding, and development.”
At BACFID’s first Twitter Space yesterday Saturday 8 October 2022, the BACFID team had the opportunity of speaking about its vision and mission and how it will help local innovators in Nigeria succeed as blockchain & crypto startups. The Twitter Space was hosted by SiBAN, facilitated by BACFID’s Project Manager Bethel Obi, and anchored by the SiBAN President Senator Ihenyen. The guest speaker was Franklin Peters, CEO & Founder of Boundlesspay. Franklin Peters is also the current SiBAN Vice President on Projects, Funding & Partnerships.
According to Franklin Peters, one major reason why many local startups fail or do not enjoy access to startup support and funding is because they often neglect three vital areas: corporate structuring, financial structuring, and technical structuring. With BACFID, Franklin Peters expects this challenge to be addressed as BACFID has a review process that ensures that local innovators pay attention to this critical aspect.
Being a startup founder himself, Franklin Peter shared his experience and expertise with the audience in a way the audience found resourceful and impactful. One participant’s testimonial to a member of BACFID read:
“Mr. Franklin is equipped and sound … I now see the success of Boundlesspay. I have learnt a lot. My company has taken a new level via his wisdom. This is beyond crypto … it’s life.”
- BACFID’s project-review process offers your project useful feedback, guidance, and advice regarding building your project, based on our collective expertise and experience.
- If your project is considered eligible, BACFID provides your project with opportunities for funding from our local and foreign funding partners.
- When you work with BACFID, your project, if found eligible, will enjoy endorsement and support from blockchain industry stakeholders in the SiBAN community, giving your project a huge boost.
Participants’ enthusiasm and the willingness to support BACFID in order to ensure it realizes its vision and mission
Some blockchain industry players who attended the BACFID event expressed their delight with the establishment of BACFID and pledged support. Founder of Scale Hut and SiBAN member, Oluwashina Peter, volunteered to contribute his expertise in the areas of startup support. On his part, founder of Vitrowire, Emmanuel Uwanja, suggested that BACFID should consider providing templates on growth marketing, financial modeling, etc to applicant startups.
The BACFID team, through Franklin Peters and the Acceleration Officer at BACFID & Founder & CEO at Farmchain Finance, Stanley Golomo, promised to work with all industry players and partners who wish to collaborate with BACFID to enable local innovators in Nigeria’s blockchain industry succeed.
Project Manager of BACFID and Founder of Pecotech, Bethel Obi, looks to working with industry players towards ensuring that local innovation thrives in the blockchain space. In his words:
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.
Few words from the Twitter Space audience about BACFID
“Thanks so much for the BACFID Twitter Space session … last night. It was filled with insights. I’m glad I showed up. The lack of support and funding is really a huge problem that has made African ideas with huge potential to die. Mr. Franklin really hit the point to set up structures across Corporate, Finance and Technical aspects of a blockchain project. What BACFID is set to do will boost so much for the African blockchain ecosystem. I had to make notes and review our current standing at iDapp. There’s so much to do.”- Jehu Oreri, Founder, iDapp
“Good engagement and informative discussion on assisting startups to get funding.’- Jude Ozinegbe, Founder & Convener, Cyberchain
BACFID being the innovation arm of SiBAN, Nigeria’s self-regulatory blockchain association and the “best blockchain association in Africa” (Nigeria FinTech Week 2021), you can be rest assured that you are in the right company, says the BACFID team. For more information about BACFID and how to apply, click here.