Wema Bank To Award N75m To Innovators At Hackaholics 5.0

Wema Bank has disclosed that it will award the best innovators in Africa the sum of N75 million through its startup-focused tech competition, Hackaholics 5.0.

The event, themed “Meta Idea: Capitalising Africa’s Growth Through Innovation,” scheduled for November 27, will bring together Nigeria’s brightest innovators from universities and tech communities to pitch their digital solutions designed to drive Africa’s economic and social progress.

The innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress.

The event is a culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.

According to the statement by the bank, the theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

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This year’s competition has engaged over 10,000 aspiring tech innovators and entrepreneurs nationwide, with 34 innovators selected to pitch their ideas at the pre-pitch stage.

According to Moruf Oseni, MD/CEO of Wema Bank, “Hackaholics is a movement to equip Nigeria’s youth with skills, networks, and resources for Africa’s digital transformation. We’re excited to see how participants envision and build the Africa of tomorrow.”

He added that the winning team will receive ₦30 million, the first runner-up ₦20 million, and the second runner-up ₦15 million, while a special grant of ₦10 million will be awarded to the female-led team to promote gender diversity in tech innovation.

“Wema Bank’s Hackaholics underscores its commitment to shaping Africa’s future through innovation and entrepreneurship. The competition offers winners cash prizes, grants, mentorship, industry networks, and resources to scale their innovations globally.

Launched in 2019, Wema Hackaholics has empowered thousands of young minds, providing a platform for tech-driven ideas to become reality.

“Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria.

“With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

“Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, the initiative has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.

“The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.”