Lagos: 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, reaffirmed the bank’s commitment to youth-led innovation, emphasizing the critical role of sustained investment in technology and talent for Nigeria’s economic future.
According to News Agency of Nigeria, Oseni, represented by the Chief Information Officer, Mr Adeoluwa Akomolafe, made these remarks at the Hackaholics 6.0 grand finale in Lagos. Hackaholics was created to empower innovators from as early as their undergraduate years, and Wema Bank’s role as Nigeria’s longest surviving indigenous bank has been to adapt to disruptions and spearhead innovation.
Oseni highlighted that youth empowerment and STEM development are strategic imperatives for Wema Bank. He stated that the bank is not just providing platforms but is investing in the youth financially, intellectually, and in every meaningful way. Hackaholics 6.0 toured eight campuses nationwide, attracting over 11,000 applications and engaging more than 2,000 participants through regional pitch sessions. Oseni noted that this surge in participation has evolved Hackaholics into a national innovation ecosystem for problem solvers.
Additionally, the Executive Director, Retail and Digital, Wema Bank, Mr Tunde Mabawonku, remarked that innovation must transcend algorithms to reflect local realities with global relevance. He stated that Africa must reposition itself as a global innovation hub, with Nigeria having the potential to emerge as a unicorn capital driven by youth-led technology. Mabawonku emphasized the importance of building long-term capacity and reforming support for solutions and people who will drive the next wave of innovation in finance, technology, and beyond.
At the competition, Chao and VOC AI emerged as 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, while VOC AI, a Voice of Customer software development kit, clinched the top prize in the Hackathon category.
Other Ideathon winners included 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 and startup innovators across Nigeria’s six geo-political zones, including N75 million awarded to women-led teams in 2023 and 2024 alone.