Wema Bank Grants To Tech Start-Ups Exceed $200,000

Wema Bank Plc has granted over $200,000 to 18 start-ups which emerged top in its previous five Hackaholics, expecting the 2025 edition to take the prize money beyond the aforementioned amount.

This invention, designed to foster technological advancements and entrepreneurship, has seen emerging tech startups growing to solve societal challenges and making economic and social impacts, thus, aligning with the bank’s commitment to empowering startups with funding, mentorship, and market access.

Reacting to this development at a press conference in Lagos on Wednesday to announce call for applications for the sixth edition of the Hackaholics, the Chief Transformation officer of Wema Bank, Babatunde Mumuni said: “From inception to date, we’ve had a total of 18 winners at Hackaholics, and we have given out about $200,000 in grants to all the winners. Over the years, we have continued to increase the prize money to empower these innovators to progress.”

On his part, the executive director, Retail and Digital Business, Wema Bank, Tunde Mabawonku said, the bank, through the initiative, was positioning and supporting the country in its digital journey by working on solutions to grow the economy

The Hackaholics, he stressed, was designed to identify technology startups that provide viable solutions to challenges encountered in agriculture and various other sectors while also promoting their growth on both national and international levels.

He emphasised that the event had become a transformative force in the economy, delivering innovative responses to emerging challenges.

Through collaboration with other organisations, Mabawonku noted that the initiative seeks to enhance cross-border collaboration, facilitate knowledge sharing, and attract investments to support impactful technology innovations, thereby improving the efficiency, resilience, and sustainability of business practices.

“These technology start-ups have emerged as a solution to the challenges faced by Nigerian businesses, fostering a collaborative environment that addresses critical issues related to production and supply chain management, among others,” he added.

The bank also said it would collaborate with governors in the Southwest to enhance local innovation ecosystems, utilising technology and innovation as key drivers for the necessary transformation in food systems across the region.