Wema Bank launches Hackaholics 7.0
Wema Bank has unveiled the seventh edition of its flagship innovation initiative, Hackaholics, introducing a new Social Impact Track as part of efforts to deepen support for young Nigerian innovators and startups. The bank announced the launch of Hackaholics 7.0 at a press conference held on Wednesday at its head office in Lagos, revealing that […]
Wema Bank has unveiled the seventh edition of its flagship innovation initiative, Hackaholics, introducing a new Social Impact Track as part of efforts to deepen support for young Nigerian innovators and startups.
The bank announced the launch of Hackaholics 7.0 at a press conference held on Wednesday at its head office in Lagos, revealing that this year’s competition will feature three participation tracks, seven innovation verticals and millions of naira in grant prizes for outstanding innovators.
Themed “Powering Possibilities,” Hackaholics 7.0 builds on the success of the programme, which was launched in 2019 to provide young Africans with a platform to transform innovative, technology-driven ideas into viable businesses.
According to Wema Bank, the initiative has supported over 10,000 startups, engaged more than 50,000 participants, developed over 100 technology solutions from scratch and disbursed about $500 million in grant prizes to winners across its previous six editions.
Applications are now open to innovators with solutions in seven focus areas: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and the Future of Work.
Participants are expected to apply under one of three tracks—the Startup Pitch Competition, the Hackathon or the newly introduced Social Impact Track. Following the application phase, the competition will embark on a nationwide tour covering 10 pitch centres across Nigeria’s six geopolitical zones before culminating in a grand finale where winners will emerge.
Speaking at the launch, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said Hackaholics reflects the bank’s commitment to empowering young people, promoting innovation and supporting economic development.
He said institutions have responsibilities beyond providing financial services, stressing the need to create opportunities that enable innovation and entrepreneurship to thrive.
“At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy,” Oseni said.
He added that Hackaholics represents the bank’s investment in the next generation of innovators while strengthening Nigeria’s innovation ecosystem.
Also speaking, the bank’s Divisional Executive for Business Support, Tajudeen Bakare, encouraged young Nigerians with innovative ideas to take advantage of the opportunity provided by the initiative.
“As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders,” he said.
Bakare noted that the programme is designed to help participants transform ideas into impactful solutions capable of addressing societal challenges while creating sustainable businesses.
Participation in Hackaholics 7.0 is free, with Wema Bank inviting startups, developers and innovators from across Nigeria to submit their applications through the Hackaholics portal as the search begins for the country’s next generation of technology-driven solutions.