Wema Bank has concluded the fifth edition of its Hackaholics initiative, awarding an impressive N145 million to seven tech startups during the grand finale held recently in Lagos.
The initiative, which has become a premier platform for discovering and supporting Nigeria’s brightest innovators, nearly doubled its initial prize pool of N75 million in response to the exceptional talent showcased.
The Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, highlighted the importance of the initiative, describing it as a cornerstone of the bank’s commitment to fostering innovation.
“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,” Oseni said.
He further explained that the bank increased the prize pool to N145 million due to the groundbreaking potential of the solutions presented.
“Wema Bank’s legacy of 79 years remains rooted in innovation, and with initiatives like Hackaholics, we continue to empower lives and shape the future,” he added.
This year’s Hackaholics attracted over 3,500 applications from across Nigeria, setting a new benchmark for participation.
PLATFORM TIMES reports that out of this pool, 10 finalists emerged, presenting innovative solutions addressing critical challenges in education, healthcare, agriculture, and more.
Feegor, the grand prize winner, was awarded N50 million for its innovative B2B wholesale marketplace and SaaS platform.
The platform connects SMEs with verified suppliers, offering negotiation and sourcing tools alongside a Buy Now Pay Later (BNPL) credit model designed to drive economic growth.
Empayment AI, the first runner-up, received N35 million for its AI-powered invoice discounting platform, which is revolutionizing business payment processes.
The second runner-up, Bloom Beauty, secured N20 million for its personalized, AI-curated beauty solutions.
The women-led category also witnessed remarkable achievements.
MyTherapist, a platform connecting users with mental health professionals for accessible and affordable therapy, was awarded N12 million as the first runner-up. MyItura, a startup delivering remote healthcare services, received N8 million as the second runner-up.
Additionally, Northino and University X earned honorable mentions, each receiving N10 million. Northino impressed judges with its initiative to bridge traditional knowledge and modern technology through digital skills training for African native speakers. University X stood out for its comprehensive and transparent tertiary education management platform.
Ugonna Ginigeme, CEO of Feegor, expressed gratitude for the recognition, describing the award as a pivotal moment for his team.
“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,” Ginigeme said.
He added that Feegor is determined to create a positive impact on SMEs and the Nigerian economy, emphasizing the company’s commitment to growth and innovation.
The Hackaholics 5.0 finale not only cemented Wema Bank’s role as a driver of technological advancement but also showcased Nigeria’s potential as a hub for transformative solutions.
By empowering young innovators, the initiative paves the way for a generation of problem-solvers poised to reshape the country’s future.
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