Wema Bank Awards N120m Cash Prizes To 9 Hackaholics Winners

Wema Bank has, on Friday, awarded a cumulative N120 million cash prize to nine winners of its Hackaholics 6.0, in a move to deepen digital innovation that solves real-time societal challenges in the country.

The initiative, since its inception, has birthed Nigeria’s most promising technology-driven solutions across artificial intelligence, fintech, trust systems, and enterprise platforms.

The programme, which combines a Hackathon and Ideathon, brought together founders, developers, investors and industry leaders to stress-test ideas against real market needs, with a strong emphasis on scalability, customer feedback and sustainable business models.

At the Hackathon segment, VOC AI emerged as overall winner, taking home N20 million, followed by Ilumunitrust with N15 million, Fraud AI with N10 million, and Rapid DEV in fourth place with N5 million.

In the Ideathon category, CHAO claimed the top prize of N25 million, with Varsity Scape winning N20 million, FARMSLATE receiving N15 million, and SANE placing fourth with N5 million. A special Women-Led Initiative award was presented to Fertitude, which also received a grant of N5 million.

Speaking at the Grand Finale of the sixth edition of the initiative in Lagos over the weekend, the managing director/CEO of Wema Bank, Moruf Oseni, congratulated the winners and encouraged more youth to explore innovation, channeling their creativity positively and productively.

Reiterating the bank’s commitment to empowering lives through innovation, Oseni, who the chief digital officer, Olusegun Adeniyi, represented,  pointed out that, “for 8 decades, we have stood as Nigeria’s longest surviving indigenous bank, waded market storms, adapted to countless disruptions, transformed alongside our nation over the decades, and spearheaded innovation in banking.

“With Hackaholics, we decided to go beyond being innovators to becoming the bank that empowers innovators, even from as early as their undergraduate years. We recognise that the future of this continent will be built on the bedrock of Science Technology, Engineering and Mathematics (STEM), which is why our dedication to youth and STEM education is more than just CSR, it is a strategic imperative that we do not compromise on.

“We are not just providing platforms, we are investing in the youth, financially, intellectually and in every other way that matters”.

“For Hackaholics 6.0, we toured 8 campuses, received over 11,000 high-quality applications compared to 2024’s 2,300, applications, and directly engaged over 2,000 participants in regional pitch sessions. The year-on-year increase in applications shows that Hackaholcis has grown beyond being a competition; it is a thriving national ecosystem for problem solvers.”

Speaking on product development and innovation, Ogorchukwu Ofili of Wema Bank’s Product Research and Innovation IDEAx Lab cautioned startups against building technology for its own sake. She noted that, while artificial intelligence is powerful, it does not automatically solve every problem. According to her, founders must pay close attention to behavioural changes, environmental factors and customer feedback, stressing that, market dynamics vary significantly from place to place.

From an investor’s perspective,  Atmaramani, Partner at Atler, emphasised that genuine founders derive fulfilment from solving problems, not merely identifying them. He advised startups to be realistic about valuations, noting that true value is reflected in the number and quality of customers, not in imaginary figures.

Atmaramani added that, startups must understand why investors choose certain markets, ensure alignment with their ambitions, and focus on return on investment, maturity and profitability as they grow into full-fledged businesses—especially within the unique context of the Nigerian market.

Sharing lessons from experience, Ugonna Ginigeme, the CEO of Feegor and a winner of Hackaholics 5.0, highlighted the importance of building systems that could support nationwide scaling. He explained that, as businesses grow, they onboard more complex users with distinct needs, which must be met to ensure retention.

He added that creating locally relevant solutions with global scalability is key, describing Wema Bank as a strong innovative partner with multiple collaborations already in the pipeline.

Hackaholics 6.0 once again reinforced Wema Bank’s position as a leading enabler of innovation, providing not just funding, but mentorship, market insight and partnership opportunities to help Nigerian startups evolve into scalable, profitable businesses.