Wema Bank bets big on Startups with Hackaholics 7.0

Wema Bank has unveiled the seventh edition of its flagship innovation programme, Hackaholics, introducing new competition tracks, expanded focus areas and multi-million naira grant prizes as it intensifies efforts to nurture Africa’s next generation of technology entrepreneurs.

The lender announced the launch of Hackaholics 7.0 at a press conference held Wednesday at its headquarters in Lagos, describing this year’s edition as the biggest since the initiative was introduced in 2019.

The programme, themed “Powering Possibilities,” seeks to identify, support and fund innovative technology-driven ideas capable of addressing socio-economic challenges while creating jobs and accelerating Nigeria’s digital economy.

This year’s competition features three participation tracks-the Startup Pitch Competition, Hackathon and a newly introduced Social Impact Track, alongside seven innovation verticals covering financial inclusion, healthcare, digital transformation, education, sustainability, social impact and the future of work.

Successful applicants will also participate in a nationwide innovation tour spanning 10 pitch centres across Nigeria’s six geopolitical zones before finalists emerge for the grand finale.

Speaking at the unveiling, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the bank’s commitment to innovation extends beyond banking services to creating opportunities that empower young Africans and strengthen the continent’s innovation ecosystem.

“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 noted that the initiative has evolved into one of Nigeria’s leading innovation platforms, investing in startups capable of transforming lives and driving economic growth.

According to the bank, Hackaholics has, over the past seven years, engaged more than 50,000 participants, supported over 10,000 startups, developed more than 100 technology solutions, and awarded millions of naira in grants to outstanding innovators.

Also speaking, the Divisional Executive, Business Support, Tajudeen Bakare, declared the application portal open, urging young innovators to take advantage of the platform to transform creative ideas into viable businesses.

“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 said the initiative was designed to build an ecosystem where innovation flourishes, opportunities expand and young Nigerians are empowered to develop solutions capable of shaping the future.

Hackaholics 7.0 is open to Nigerian innovators and startup founders at no cost, with applications to be submitted through the programme’s dedicated online portal before the commencement of regional pitch competitions.