Wema Bank To Reward Hackaholics Winners With N75m Prizes

Wema Bank Plc said, it would be rewarding winners with N75 million worth of prizes at its youth and startup-focused tech competition, Hackaholics.

Launched in 2019, Wema Hackaholics is an initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality.

The Hackaholics 5.0 grand finale will take place on November 27, 2024, under the theme, ‘Meta Idea: Catalysing Africa’s Growth Through Innovation’, with the aim of showcasing how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

The grand finale will bring together the brightest innovators from universities and tech communities across the country.

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

Speaking on the event, MD/CEO of Wema Bank, Moruf Oseni stated that, “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation.

“The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalise on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”

Speaking on the prizes, Oseni said, “at the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is N75 million. The winning team will receive N30 million, the first runner-up will receive N20 million and the second runner-up will receive N15 million worth of prizes.

“Additionally, we will be awarding a special grant of N10 million worth of prizes to the female-led team to encourage gender diversity in tech innovation.”

Wema Bank’s 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 eight physical pitch centers and one 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.