Wema Financial institution Plc, by its flagship initiative, Hackaholics, has demonstrated a steadfast dedication to fostering innovation and supporting tech entrepreneurs, writes Oluchi Chibuzor
Innovation is reshaping the world at an unprecedented tempo, with technological developments reworking economies, industries, and societies. As the worldwide panorama evolves, Africa finds itself uniquely positioned on the forefront of a digital revolution, able to drive development and prosperity throughout the continent. In line with a report by the Worldwide Finance Company (IFC), Sub-Saharan Africa’s digital financial system may attain $180 billion by 2025, creating immense alternatives for innovation and entrepreneurship. Realizing this potential requires equipping the following technology of drawback solvers with the instruments to deal with the area’s distinctive challenges head-on.
Wema Financial institution, Nigeria’s most revolutionary monetary establishment and the pioneer of ALAT–Africa’s first absolutely digital bank–has persistently championed this trigger. By its flagship initiative, Hackaholics, Wema Financial institution has demonstrated a steadfast dedication to fostering innovation and supporting tech entrepreneurs. Since its inception, Hackaholics has served as a beacon for younger entrepreneurs, cultivating an ecosystem rooted in creativity, collaboration, and measurable affect. With over 1 million contributors from 5 nations, 18 universities, and $300,000 in grants awarded, Hackaholics has set a brand new benchmark for innovation initiatives in Africa.
From modest beginnings, Hackaholics has advanced right into a transformative platform, addressing real-world challenges and increasing its attain exponentially. Every version deepens its affect throughout a number of tech-driven verticals, together with fintech, agritech, healthtech, and edutech. By combining ideation, mentorship, funding, and capacity-building, Hackaholics gives a holistic framework for nurturing Africa’s subsequent technology of innovators.
This yr, Hackaholics 5.0 marked a major milestone, attracting 3,500 functions from throughout Nigeria. Themed Meta Thought: Digitech Options for Africa’s Prosperity, this version centered on scalable, sustainable digital options to a number of the continent’s most urgent challenges. The journey to the grand finale started with a nationwide tour of 9 pitch centers–eight bodily and one virtual–strategically designed to offer entry, assist, and steering to innovators.
Esteemed establishments equivalent to Nile College of Nigeria, Covenant College’s Hebron Startup Lab, Lagos State College, Bayero College in Kano, Afe Babalola College, the College of Port Harcourt, the College of Ibadan, and the Wema Financial institution Purple Academy hosted these facilities, amplifying this system’s nationwide attain.
The tour commenced at Nile College in Abuja, setting the tone with 5 distinctive pitches that mirrored the range and creativity of African innovation. Abubakar Muhammad Umar’s Northino platform empowered African native audio system with localized digital abilities, whereas Onimisi Charles Atere’s Nimsy offered solar-powered agro-equipment options to remodel farming practices. Ibrahim Ahmed-Rufai launched Our Haven, an automatic family administration system, and Hanif Adedotun’s Celia proposed seamless peer-to-peer funds. Lastly, Efemena Hilda Onovre’s Nadir linked volunteers to significant alternatives.
Constructing on this momentum, the tour progressed to Port Harcourt, the place entrepreneurs like Treasured Tom introduced Pandascrow, a safe escrow platform fostering belief in e-commerce. Equally, Kelvin Edionwe’s Paywise built-in financial savings and investments, and Ajirioghene Amadi launched TrashCoin, a platform simplifying private finance by financial savings.
The joy continued at Covenant College’s Hebron Startup Lab, the place innovators like Elegbe Osiforegan Renny pitched Hebron Chain, guaranteeing transparency in Nigeria’s meals provide chain. Bepo Pleasure’s Paystrait stood out with its QR-based platform, finishing transactions in simply seven seconds.
Lagos State College highlighted transformative concepts like Verse Hough’s Gnergy, selling compressed pure fuel as a sustainable various. Oluwadamilare Ololade’s College X revolutionized training administration, whereas Akpan Emmanuel’s AI Teacha empowered educators with customized instruments. In the meantime, Anita Orji launched Code Purple, which optimized emergency care utilizing real-time hospital mattress information.
This narrative of ingenuity continued on the College of Ibadan, the place options like Temiloluwa Shonubi’s EduGaze introduced immersive studying by augmented actuality. Innovators like Oloruntoba Ajayi (Dokia), Kemi Olakunle (Well being 4 Moni), and Lawal Oluwatimileyin (Gbale Prime) showcased options addressing well being, housing, and insurance coverage gaps.
The digital pitch heart underscored Hackaholics’ inclusivity, showcasing numerous concepts equivalent to Uyodhu Agadaga’s Airify for real-time air high quality monitoring and Michael Ikirodah’s Kwab for simplifying cash-driven transactions. Different notable pitches included Benjamin Onakoya’s Apisentry and Ugonna Ginigeme’s Feegor, a B2B wholesale market integrating credit score entry.
The ultimate phases of the tour included Afe Babalola College, Bayero College in Kano, and Wema Financial institution Purple Academy, presenting revolutionary concepts from fields like healthtech, agritech, and edutech. Among the many standout improvements have been MyItura, DigiLands, Bloom Magnificence, and Preview, reflecting this system’s far-reaching affect.
From a pool of 35 distinctive innovators, the highest 10 finalists superior to the grand finale. These finalists represented the easiest concepts from the pitch facilities, encompassing scalable, impactful, and forward-thinking options. Feegor, a B2B wholesale market integrating credit score by a Purchase Now, Pay Later (BNPL) mannequin, emerged as the general winner on the Hackaholics grand finale. Ugonna Ginigeme, Feegor’s CEO, expressed heartfelt gratitude, saying, “I really feel very grateful to God, my crew, and everybody who has been a part of this journey. Profitable amongst so many nice startups and entrepreneurs is humbling. I sincerely thank the Managing Director, Wema Financial institution, and its administration for this unbelievable alternative. These are nonetheless early days, however we’re decided to maintain working, constructing, and making a optimistic affect for SMEs and the Nigerian financial system whereas constructing an all-around profitable firm.”
The grand finale additionally attracted dignitaries and trade leaders, together with Commissioner for Science, Innovation, and Digital Economic system, Ekiti State, Seun Fakuade, who passionately highlighted innovation’s position in driving Nigeria’s financial development.
He remarked, “The subsequent 5 to 10 years will probably be catalytic for Nigeria. Wema Financial institution’s funding in younger folks and the startup ecosystem is transformative. Initiatives like this give underserved areas the instruments to harness digital abilities, creating an inclusive financial system throughout all states.”
Equally, Commissioner, Innovation, Science, and Know-how, Lagos State, Tubosun Alake, lauded Wema Financial institution’s pivotal position in advancing innovation. “After I was invited to this occasion, I believed, How fantastic. You’ll be able to’t write the story of monetary sector innovation with out Wema Financial institution. It is unbelievable to see the financial institution arrange a platform like Hackaholics to reinforce innovation.”
Keynote speaker and Founder and Government Director of Ideathon Hub Africa, Debola Deji-Kurunmi, shared insights on know-how’s transformative energy. She famous, “Tech is now not a sector; it is an enabler for each sector. We should shift the narrative for ladies, positioning tech as an enabler to democratize alternative. Hackaholics exemplifies Wema Financial institution’s dedication to empowering the following technology of African entrepreneurs.”
The grand finale culminated in a record-breaking N145 million prize pool, almost double the earlier quantity, reflecting Wema Financial institution’s perception within the ingenuity of Nigeria’s brightest minds. Feegor emerged as the general winner, receiving N50 million for its revolutionary options. Empayment AI secured the primary runner-up place with N35 million for its AI-powered bill discounting platform, whereas Bloom Magnificence claimed second runner-up with N20 million for its customized, AI-driven magnificence options.
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Within the women-led class, MyTherapist took house N12 million for its accessible psychological well being remedy platform, and MyItura earned N8 million for its distant healthcare companies. Honorable mentions included Northino and College X, which acquired N10 million every. Northino was lauded for bridging conventional information with trendy know-how by digital abilities coaching for African native audio system, whereas College X impressed with its tertiary training administration platform.
Reflecting on the grand finale and Wema Financial institution’s longstanding dedication to innovation, CEO Moruf Oseni declared, “We’re delighted to have a good time the brilliance of our youth by the Hackaholics initiative. At Wema Financial institution, we’re greater than a financial institution; we’re enablers of goals and drivers of transformation. Earlier in the present day, the entire prize cash was N75 million. However, impressed by the potential I noticed, I made a decision to almost double the prize pool to N145 million. Wema Financial institution’s legacy of 80 years stays rooted in innovation. By initiatives like Hackaholics, we proceed to empower lives, form futures, and drive prosperity for Nigeria and Africa. This isn’t the tip; it is just the start.”
QUOTES
“We’re delighted to have a good time the brilliance of our youth by the Hackaholics initiative. At Wema Financial institution, we’re greater than a financial institution; we’re enablers of goals and drivers of transformation. Earlier in the present day, the entire prize cash was N75 million. However, impressed by the potential I noticed, I made a decision to almost double the prize pool to N145 million. Wema Financial institution’s legacy of 80 years stays rooted in innovation. By initiatives like Hackaholics, we proceed to empower lives, form futures, and drive prosperity for Nigeria and Africa. This isn’t the tip; it is just the start.”
“The subsequent 5 to 10 years will probably be catalytic for Nigeria. Wema Financial institution’s funding in younger folks and the startup ecosystem is transformative. Initiatives like this give underserved areas the instruments to harness digital abilities, creating an inclusive financial system throughout all states.”
