Wema Bank has disbursed N120 million in grants to youth-led startups, aimed at solving the nation’s development challenges through technology.
The Managing Director of Wema Bank, Mr Moruf Oseni, who reaffirmed the bank’s commitment to youth-led innovation, said sustained investment in technology and talent is critical to Nigeria’s economic future.
Oseni, who was represented by the Chief Information Officer, Wema Bank, Mr Adeoluwa Akomolafe, stated this at the Hackaholics 6.0 grand finale in Lagos on Friday, where the bank disbursed N120 million in grants to emerging startups.
He said Hackaholics was created to go beyond innovation to deliberately empower innovators from as early as their undergraduate years.
“For eight decades, we have stood as Nigeria’s longest surviving indigenous bank, adapting to disruptions and spearheading innovation.
“With Hackaholics, we chose to become the bank that empowers innovators,” Oseni said.
He described youth empowerment and STEM development as strategic imperatives for the bank, rather than corporate social responsibility.
“We are not just providing platforms; we are investing in the youth financially, intellectually and in every way that matters,” he added.
Oseni said Hackaholics 6.0 toured eight campuses nationwide, attracted over 11,000 applications and engaged more than 2,000 participants through regional pitch sessions.
According to him, the surge in participation showed that Hackaholics had evolved into a national innovation ecosystem for problem solvers.
“The quality of ideas we continue to see reinforces our belief that the African challenge is the African opportunity. As a bank, we will keep fueling innovators who can turn opportunity into impact,” he said.
Also speaking, the Executive Director, Retail and Digital, Wema Bank, Mr Tunde Mabawonku, said innovation must move beyond algorithms to reflect local realities with global relevance.
Mabawonku said Africa must reposition itself as a global innovation hub, adding that Nigeria had the potential to emerge as a unicorn capital driven by youth-led technology.
“The digital and AI revolution is already here. The task before us is to build capacity, invest in people and design solutions that create real impact,” he said.
He said the bank’s investment in innovation ecosystems was aimed at building long-term capacity rather than short-term rewards.
“We are reforming our support for solutions and the people who will drive the next wave of innovation in finance, technology and beyond,” Mabawonku said.
At the competition, Chao and VOC AI emerged winners in the Ideathon and Hackathon categories respectively, out of nine winning teams.
Chao, a solution designed to help food vendors operate more efficiently, won the Ideathon category with a N25 million prize.
VOC AI, a Voice of Customer software development kit, clinched the top prize in the Hackathon category.
Other Ideathon winners include Varsity Scape, which placed second with N20 million; Farmslate, third with N15 million; Sane AI, fourth with N5 million; and Fertitude, which won the women-led category with N5 million.
In the Hackathon category, Illumitrust came second with N15 million, Fix Fraud AI placed third with N10 million, while Rapid Dev received N5 million.
Since its launch in 2019, Hackaholics has disbursed over $300,000 to youth aDelivering the keynote address, the Executive Director, Retail and Digital, Wema Banknd startup innovators across Nigeria’s six geo-political zones.
This include N75 million awarded to women-led teams in 2023 and 2024 alone.
