In a significant move to bolster Nigeria’s homegrown tech talent, Wema Bank has disbursed N120 million in grants to youth-led startups through its flagship Hackaholics 6.0 competition. This investment underscores a strategic pivot by financial institutions from traditional funding to actively cultivating the innovation that will define the nation’s economic future.
By Taiye Olayemi
Lagos, Dec. 20, 2025 (NAN) – At the grand finale of Hackaholics 6.0 in Lagos, Wema Bank reaffirmed its commitment to transforming Nigeria’s development challenges into technological opportunities. The event marked the culmination of a nationwide tour that engaged over 2,000 participants from more than 11,000 applications, signaling a massive appetite for structured innovation support among Nigerian youth.
Beyond CSR: A Strategic Imperative for National Growth
Mr. Moruf Oseni, Managing Director of Wema Bank, framed the initiative not as corporate social responsibility, but as a core strategic imperative. Represented by the Chief Information Officer, Mr. Adeoluwa Akomolafe, Oseni stated, “For eight decades, we have stood as Nigeria’s longest surviving indigenous bank, adapting to disruptions. With Hackaholics, we chose to become the bank that empowers innovators from their undergraduate years.”
This perspective highlights a critical evolution in corporate Nigeria: recognizing that sustainable economic growth is inextricably linked to investing in human capital and technology. “We are investing in the youth financially, intellectually, and in every way that matters,” Oseni added, emphasizing a holistic support system that goes beyond mere prize money to include mentorship, platform access, and capacity building.
From Algorithms to Impact: Solving Local Problems with Global Relevance
Mr. Tunde Mabawonku, Executive Director of Retail and Digital at Wema Bank, stressed the need for innovation to be deeply contextual. “Innovation must move beyond algorithms to reflect local realities with global relevance,” he said. This philosophy was evident in the winning solutions, which tackled quintessentially Nigerian challenges with scalable technology.
The competition crowned two major winners. Chao, which won the Ideathon category and N25 million, addresses the operational inefficiencies faced by countless Nigerian food vendors—a massive informal sector critical to the national economy. VOC AI, the Hackathon champion, offers a Voice of Customer software development kit, enabling businesses to better understand and serve their market.
Other winners demonstrated the breadth of innovation:
- Varsity Scape (2nd, Ideathon, N20m): Likely a platform addressing student ecosystem needs.
- Farmslate (3rd, Ideathon, N15m): Presumably an agritech solution for Nigeria’s crucial agricultural sector.
- Sane AI (4th, Ideathon, N5m) & Fertitude (Women-led winner, N5m): Highlighting diversity in tech focus areas.
- Illumitrust (2nd, Hackathon, N15m) & Fix Fraud AI (3rd, Hackathon, N10m): Focusing on trust, security, and fraud prevention in digital finance.
Building an Ecosystem, Not Just Hosting a Contest
Hackaholics has evolved from a single event into a sustained national innovation ecosystem. Since its 2019 launch, the platform has disbursed over $300,000, including N75 million specifically to women-led teams in 2023 and 2024. This consistent, multi-year commitment is what separates true ecosystem building from one-off sponsorships. It creates a pipeline of talent and ideas, giving innovators the confidence that there is a tangible pathway from concept to funding.
Mabawonku captured this long-term vision: “We are reforming our support for solutions and the people who will drive the next wave of innovation… building long-term capacity rather than seeking short-term rewards.” The goal is clear: to reposition Africa as a global innovation hub and nurture Nigeria into a “unicorn capital” powered by its youth.
The Larger Signal: A Blueprint for Corporate-Nation Building
The N120 million disbursement is more than a headline figure; it represents a viable blueprint for how Nigerian corporations can participate in nation-building. By providing non-dilutive grant funding (which doesn’t require founders to give up equity), Wema Bank is de-risking early-stage innovation. This allows entrepreneurs to validate ideas, build prototypes, and become investment-ready for larger venture capital.
As the digital and AI revolution accelerates, initiatives like Hackaholics provide the essential fuel—capital, confidence, and community—to ensure Nigeria’s brightest minds are equipped to lead it. The bank’s message is unequivocal: the African challenge is indeed the African opportunity, and the time to invest in those turning opportunity into impact is now. (NAN)(www.nannews.ng)
PTB/AWA
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Edited by Olawunmi Ashafa
