Wema Bank Plc, through its flagship initiative, Hackaholics, has demonstrated a steadfast commitment to fostering innovation and supporting tech entrepreneurs, writes Oluchi Chibuzor
Innovation is reshaping the world at an unprecedented pace, with technological advancements transforming economies, industries, and societies. As the global landscape evolves, Africa finds itself uniquely positioned at the forefront of a digital revolution, ready to drive growth and prosperity across the continent. According to a report by the International Finance Corporation (IFC), Sub-Saharan Africa’s digital economy could reach $180 billion by 2025, creating immense opportunities for innovation and entrepreneurship. Realizing this potential requires equipping the next generation of problem solvers with the tools to tackle the region’s unique challenges head-on.
Wema Bank, Nigeria’s most innovative financial institution and the pioneer of ALAT–Africa’s first fully digital bank–has consistently championed this cause. Through its flagship initiative, Hackaholics, Wema Bank has demonstrated a steadfast commitment to fostering innovation and supporting tech entrepreneurs. Since its inception, Hackaholics has served as a beacon for young entrepreneurs, cultivating an ecosystem rooted in creativity, collaboration, and measurable impact. With over 1 million participants from five countries, 18 universities, and $300,000 in grants awarded, Hackaholics has set a new benchmark for innovation initiatives in Africa.
From modest beginnings, Hackaholics has evolved into a transformative platform, addressing real-world challenges and expanding its reach exponentially. Each edition deepens its impact across multiple tech-driven verticals, including fintech, agritech, healthtech, and edutech. By combining ideation, mentorship, funding, and capacity-building, Hackaholics offers a holistic framework for nurturing Africa’s next generation of innovators.
This year, Hackaholics 5.0 marked a significant milestone, attracting 3,500 applications from across Nigeria. Themed Meta Idea: Digitech Solutions for Africa’s Prosperity, this edition focused on scalable, sustainable digital solutions to some of the continent’s most pressing challenges. The journey to the grand finale began with a nationwide tour of nine pitch centers–eight physical and one virtual–strategically designed to provide access, support, and guidance to innovators.
Esteemed institutions such as Nile University of Nigeria, Covenant University’s Hebron Startup Lab, Lagos State University, Bayero University in Kano, Afe Babalola University, the University of Port Harcourt, the University of Ibadan, and the Wema Bank Purple Academy hosted these centers, amplifying the program’s national reach.
The tour commenced at Nile University in Abuja, setting the tone with five exceptional pitches that reflected the diversity and creativity of African innovation. Abubakar Muhammad Umar’s Northino platform empowered African native speakers with localized digital skills, while Onimisi Charles Atere’s Nimsy provided solar-powered agro-equipment solutions to transform farming practices. Ibrahim Ahmed-Rufai introduced Our Haven, an automated household management system, and Hanif Adedotun’s Celia proposed seamless peer-to-peer payments. Finally, Efemena Hilda Onovre’s Nadir connected volunteers to meaningful opportunities.
Building on this momentum, the tour progressed to Port Harcourt, where entrepreneurs like Precious Tom presented Pandascrow, a secure escrow platform fostering trust in e-commerce. Similarly, Kelvin Edionwe’s Paywise integrated savings and investments, and Ajirioghene Amadi introduced TrashCoin, a platform simplifying personal finance through savings.
The excitement continued at Covenant University’s Hebron Startup Lab, where innovators like Elegbe Osiforegan Renny pitched Hebron Chain, ensuring transparency in Nigeria’s food supply chain. Bepo Joy’s Paystrait stood out with its QR-based platform, completing transactions in just seven seconds.
Lagos State University highlighted transformative ideas like Verse Hough’s Gnergy, promoting compressed natural gas as a sustainable alternative. Oluwadamilare Ololade’s University X revolutionized education management, while Akpan Emmanuel’s AI Teacha empowered educators with personalized tools. Meanwhile, Anita Orji introduced Code Red, which optimized emergency care using real-time hospital bed data.
This narrative of ingenuity continued at the University of Ibadan, where solutions like Temiloluwa Shonubi’s EduGaze brought immersive learning through augmented reality. Innovators like Oloruntoba Ajayi (Dokia), Kemi Olakunle (Health 4 Moni), and Lawal Oluwatimileyin (Gbale Prime) showcased solutions addressing health, housing, and insurance gaps.
The virtual pitch center underscored Hackaholics’ inclusivity, showcasing diverse ideas such as Uyodhu Agadaga’s Airify for real-time air quality monitoring and Michael Ikirodah’s Kwab for simplifying cash-driven transactions. Other notable pitches included Benjamin Onakoya’s Apisentry and Ugonna Ginigeme’s Feegor, a B2B wholesale marketplace integrating credit access.
The final stages of the tour included Afe Babalola University, Bayero University in Kano, and Wema Bank Purple Academy, presenting revolutionary ideas from fields like healthtech, agritech, and edutech. Among the standout innovations were MyItura, DigiLands, Bloom Beauty, and Preview, reflecting the program’s far-reaching impact.
From a pool of 35 exceptional innovators, the top 10 finalists advanced to the grand finale. These finalists represented the very best ideas from the pitch centers, encompassing scalable, impactful, and forward-thinking solutions. Feegor, a B2B wholesale marketplace integrating credit through a Buy Now, Pay Later (BNPL) model, emerged as the overall winner at the Hackaholics grand finale. Ugonna Ginigeme, Feegor’s CEO, expressed heartfelt gratitude, saying, “I feel very grateful to God, my team, and everyone who has been part of this journey. Winning among so many great startups and entrepreneurs is humbling. I sincerely thank the Managing Director, Wema Bank, and its management for this incredible opportunity. These are still early days, but we are determined to keep working, building, and creating a positive impact for SMEs and the Nigerian economy while building an all-around successful company.”
The grand finale also attracted dignitaries and industry leaders, including Commissioner for Science, Innovation, and Digital Economy, Ekiti State, Seun Fakuade, who passionately highlighted innovation’s role in driving Nigeria’s economic growth.
He remarked, “The next 5 to 10 years will be catalytic for Nigeria. Wema Bank’s investment in young people and the startup ecosystem is transformative. Initiatives like this give underserved areas the tools to harness digital skills, creating an inclusive economy across all states.”
Similarly, Commissioner, Innovation, Science, and Technology, Lagos State, Tubosun Alake, lauded Wema Bank’s pivotal role in advancing innovation. “When I was invited to this event, I thought, How wonderful. You can’t write the story of financial sector innovation without Wema Bank. It’s incredible to see the bank set up a platform like Hackaholics to enhance innovation.”
Keynote speaker and Founder and Executive Director of Ideathon Hub Africa, Debola Deji-Kurunmi, shared insights on technology’s transformative power. She noted, “Tech is no longer a sector; it’s an enabler for every sector. We must shift the narrative for women, positioning tech as an enabler to democratize opportunity. Hackaholics exemplifies Wema Bank’s commitment to empowering the next generation of African entrepreneurs.”
The grand finale culminated in a record-breaking N145 million prize pool, nearly double the previous amount, reflecting Wema Bank’s belief in the ingenuity of Nigeria’s brightest minds. Feegor emerged as the overall winner, receiving N50 million for its innovative solutions. Empayment AI secured the first runner-up position with N35 million for its AI-powered invoice discounting platform, while Bloom Beauty claimed second runner-up with N20 million for its personalized, AI-driven beauty solutions.
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In the women-led category, MyTherapist took home N12 million for its accessible mental health therapy platform, and MyItura earned N8 million for its remote healthcare services. Honorable mentions included Northino and University X, which received N10 million each. Northino was lauded for bridging traditional knowledge with modern technology through digital skills training for African native speakers, while University X impressed with its tertiary education management platform.
Reflecting on the grand finale and Wema Bank’s longstanding dedication to innovation, CEO Moruf Oseni declared, “We are delighted to celebrate the brilliance of our youth through the Hackaholics initiative. At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation. Earlier today, the total prize money was N75 million. But, inspired by the potential I saw, I decided to nearly double the prize pool to N145 million. Wema Bank’s legacy of 80 years remains rooted in innovation. Through initiatives like Hackaholics, we continue to empower lives, shape futures, and drive prosperity for Nigeria and Africa. This is not the end; it is only the beginning.”
QUOTES
“We are delighted to celebrate the brilliance of our youth through the Hackaholics initiative. At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation. Earlier today, the total prize money was N75 million. But, inspired by the potential I saw, I decided to nearly double the prize pool to N145 million. Wema Bank’s legacy of 80 years remains rooted in innovation. Through initiatives like Hackaholics, we continue to empower lives, shape futures, and drive prosperity for Nigeria and Africa. This is not the end; it is only the beginning.”
“The next 5 to 10 years will be catalytic for Nigeria. Wema Bank’s investment in young people and the startup ecosystem is transformative. Initiatives like this give underserved areas the tools to harness digital skills, creating an inclusive economy across all states.”
