Wema Bank Unveils Hackaholics 5.0 Grand Finale: ₦75 Million in Prizes for Top Innovators

Wema Bank, a trailblazer in Nigeria’s financial sector and the innovator behind Africa’s first fully digital bank, ALAT, has announced the grand finale of its flagship tech competition, Hackaholics 5.0. Scheduled for November 27, 2024, the highly anticipated event will take place under the theme, “Meta Idea: Catalyzing Africa’s Growth Through Innovation.”

The Hackaholics initiative, launched in 2019, aims to empower young entrepreneurs and tech enthusiasts by providing a platform to transform their innovative ideas into tangible solutions. This year’s edition focuses on showcasing how technology can unlock Africa’s growth potential through innovation and digital transformation.

The grand finale will feature Nigeria’s brightest minds from universities and tech communities, pitching cutting-edge solutions designed to address real-world challenges and contribute to Africa’s development. The event serves as the culmination of months of rigorous competition, mentorship, and collaboration.

Wema Bank’s Commitment to Innovation
Moruf Oseni, Managing Director and CEO of Wema Bank, emphasized the institution’s vision for Hackaholics. “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,” he said.

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

₦75 Million Worth of Prizes Up for Grabs
Speaking on the rewards, Oseni announced, “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. This year, we are offering prizes worth ₦75,000,000.”

Breakdown of the prizes:

• ₦30,000,000 for the winning team
• ₦20,000,000 for the first runner-up
• ₦15,000,000 for the second runner-up
• ₦10,000,000 special grant for the best female-led team, promoting gender diversity in tech innovation

A Nationwide Movement for Change
This year’s Hackaholics competition saw over 10,000 young innovators and entrepreneurs participate across Nigeria. Following a nationwide call for entries, 2,297 applications were received across eight physical pitch centers and one virtual pitch center. Thirty-four innovators emerged from the pre-pitch stage and will now compete at the grand finale in Lagos.

Hackaholics has become one of Nigeria’s most impactful tech competitions, creating opportunities for youth to tackle Africa’s pressing challenges through creativity and entrepreneurship. Winners receive not just financial rewards but also mentorship, industry exposure, and the tools to scale their innovations globally.

Transforming Africa’s Future
Wema Bank’s Hackaholics underscores the institution’s commitment to leveraging technology to drive socio-economic growth across Africa. “Through initiatives like Hackaholics, we are not just fostering innovation but also shaping the future of Africa by empowering the next generation of tech leaders,” said Oseni.

Registration for the grand finale is now open, and interested individuals can sign up at Hackaholics Grand Finale Registration.

With the promise of groundbreaking solutions and the brightest talents in tech on display, Hackaholics 5.0 is poised to inspire and redefine innovation for Africa’s future.