Wema Bank Awards N145 Million to Seven Innovators at Hackaholics 5.0 Grand Finale

Wema Bank, renowned as Nigeria’s most innovative bank and the creator of Africa’s first fully digital bank, ALAT, has wrapped up the 5th edition of its flagship Hackaholics initiative. The event, held recently in Lagos, celebrated groundbreaking tech solutions, culminating in the distribution of a remarkable N145 million to seven exceptional startups—a significant increase from the initial prize pool of N75 million.

This year’s Hackaholics initiative attracted an unprecedented 3,500 applications from across Nigeria, with 10 finalists showcasing transformative solutions across sectors like education, healthcare, agriculture, and technology.

Top Innovators Recognized

Feegor, crowned the overall winner, received a grand prize of N50 million. The startup’s innovative B2B wholesale marketplace and SaaS platform empower SMEs to connect with verified suppliers, negotiate deals, and access credit through a Buy Now Pay Later (BNPL) model. This solution promises to boost SME growth and foster economic development.

The first runner-up, Empayment AI, won N35 million for its AI-driven invoice discounting platform, which is revolutionizing payment management for businesses. Bloom Beauty, the second runner-up, was awarded N20 million for its AI-curated, personalized solutions reshaping the beauty industry.

In the women-led category, MyTherapist, a platform connecting users with mental health professionals, secured N12 million as the first runner-up. MyItura, which offers remote healthcare services, claimed N8 million as the second runner-up.

Honorable mentions were awarded to Northino and University X, each receiving N10 million. Northino stood out for blending traditional knowledge with digital skills training for African native speakers, while University X impressed with its comprehensive platform for managing tertiary education.

Wema Bank’s Commitment to Innovation

Wema Bank’s CEO, Moruf Oseni, highlighted the institution’s dedication to empowering youth and fostering innovation. Addressing the audience at the grand finale, Oseni expressed pride in the participants’ ingenuity:

“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, the total prize money was N75 million, but inspired by the potential we witnessed, we increased it to N145 million. For 79 years, Wema Bank’s legacy has been rooted in innovation, and with initiatives like Hackaholics, we continue to empower lives and shape the future.”

Winners Reflect on Their Success

Ugonna Ginigeme, CEO of Feegor and the overall winner, expressed heartfelt gratitude for the recognition and support:

“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 MD, 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.”

Shaping Nigeria’s Future

Hackaholics 5.0 reaffirms Wema Bank’s role as a leader in technological and social innovation. By fostering a platform for young problem-solvers, the initiative lays the foundation for technological advancements and a brighter future for Nigeria.