Wema Bank Awards N145m to Innovators at Hackaholics 5.0.


Lagos: Wema Bank has disbursed N145 million in cash prizes to seven startups, winners of the fifth edition of its Hackaholics initiative that showcased innovative solutions in addressing real-world challenges. The Managing Director of Wema Bank, Mr Moruf Oseni, told newsmen on Thursday in Lagos that this year’s prize nearly doubled the previous amount of N75 million.

According to News Agency of Nigeria, the Hackaholics initiative is designed to empower and support the nation’s tech innovators. Oseni highlighted that this year’s Hackaholics stood out with 3,500 applications from across Nigeria. From this pool, 10 finalists were selected to showcase innovative solutions addressing real-world challenges, ranging from education accessibility to sustainable agriculture, healthcare, and more.

Feegor, the overall winner, was awarded the top prize of N50 million for its innovative B2B wholesale marketplace and SaaS platform. The platform empowers Small and Medium Enterprises (SMEs) to discover, negotiate, and sourc
e goods from verified suppliers, while accessing credit through a Buy Now Pay Later (BNPL) model. Oseni stated that this groundbreaking premiere ideathon is set to drive growth and create a significant economic impact.

The first runner-up, Empayment AI, received N35 million for its AI-powered invoice discounting platform, revolutionizing how businesses manage payments. Bloom Beauty, the second runner-up, was awarded N20 million for its personalized, AI-curated solutions, which are transforming the beauty industry.

In the women-led category, MyTherapist secured the position of first runner-up, earning N12 million. MyTherapist connects users with mental health professionals, providing accessible and affordable therapy solutions for emotional well-being. Myltura, an innovator delivering remote healthcare services, clinched the position of second runner-up in the women-led category, receiving N8 million.

Both Northino and University X earned honorable mentions at the grand finale, each receiving N10 million. N
orthino was recognized for bridging traditional knowledge and modern technology through digital skills training for African native speakers, while University X impressed with its transparent, all-encompassing platform for tertiary education management.

Oseni noted that the groundbreaking innovations were significant, and the bank was delighted to celebrate the brilliance of youth through the Hackaholics initiative. He stated, “At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation. Initially, the total prize money was N75 million. But, inspired by the potential we saw, we decided to increase the total prize pool to N145 million.”

He emphasized that Wema Bank’s legacy of 79 years remains rooted in innovation, and with initiatives like Hackaholics, they continue to empower lives and shape the future. The Hackaholics 5.0 not only underscores the bank’s legacy of innovation but also sets the stage for further technological advancements, fostering a generation of problem-s
olvers poised to reshape Nigeria’s future.

Mr Ugonna Ginigeme, Chief Executive Officer of Feegor and the overall winner, expressed heartfelt gratitude for the recognition and support. He commented, “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. I sincerely thank the MD, Wema Bank, and its management for this incredible opportunity. These are still early days, but we are determined to keep working, building, and creating a positive impact for SMEs and the Nigerian economy, while building an all-around successful company.”