Wema Bank concludes Hackaholics 5.0, increases total prize pool from N75 million to N145 million
Wema Bank Plc wrapped up the fifth edition of its Hackaholics program, a flagship innovation challenge aimed at empowering tech-savvy youth to develop groundbreaking solutions for societal impact.
The event marked a bold step in fostering youth-driven innovation and entrepreneurship with a bold commitment to advancing youth-driven innovation.
The 5th edition of Hackaholics was held in Lagos state, themed “Meta Idea: Catalysing Africa’s Growth Through Innovation,”
At the grand finale, the MD/CEO, Moruf Oseni, announced an increase in the prize pool from N75 million to N145 million.
He highlighted Wema Bank’s vision of not just banking the youth but empowering them to shape their future.
“Our aim is to go just beyond banking the youth, to helping them write the success stories of their lives and of the future,” he said
This year’s Hackaholics featured:
3,517 applications
9 pitch centers across Nigeria
35 teams selected for the finale
Initial Prize distribution includes:
Winner: N30 million
First runner-up: N20 million
Second Runner-up: N15 million
Women-led team: N10 million
University Stem Endowment: N15 million
Doubling the prize pool
In a surprise move, Oseni doubled the prize pool during the event, increasing the total from N75 million to N145 million. He emphasized that Corporate Nigeria must focus on initiatives that will sustainably power the nation
“So for me, Corporate Nigeria, we need to start putting money behind what will power our nation sustainably. Looking at this figure of N75 million, I think before this event is over… I wouldn’t stop at that today, because we just need to work harder.
With the right investments in STEM, I have no doubt that the superlative youth of Nigeria will keep focusing on entertainment and sports but also embrace what is the catalyst that will take Nigeria to greatness.”
Oseni added that platforms like Hackaholics can help Nigeria leapfrog challenges and achieve greatness
“We don’t have to go the path of other great nations. We could use this platform, which I call ThingsOut, to leapfrog and get Nigeria to where it needs to be.”
The revised prizes
Winner: N50 million
1st runner up: N35 million
2nd runner up: N20 million
3rd runner up: N10 million
4th runner up: N10 million
Women winners
1st runner-up: N8 million
Winner in women’s finalist- N12 million
Investment in STEM
Oseni emphasized the vital role of STEM(Science, Technology, Engineering, and Mathematics) in Nigeria’s journey toward sustainable development. He argued that no country has advanced without prioritizing science and technology, calling on leaders to align their intentions with concrete actions.
“I must say that this is not enough, for no nation has made a successful transition from third, second to first world status without significant investment in science, technology, engineering, and mathematics. As such, there is a huge responsibility on leaders across both the public and private sectors to put our money where our mouths are, and align noble intention with action.”
Oseni added that the aspirations for national growth will remain unattainable unless investments are made in core sciences, as they are the foundation of innovation and nation-building.
The event highlighted the bank’s dedication to fostering tech-driven solutions across diverse sectors, with 35 teams competing for top prizes in a groundbreaking display of creativity and innovation.
Top ten finalists recognized for their groundbreaking ideas
Universityx
Empayment AI
Bloom Beauty
Accetde
Feegor
Northino
Nimsy Agro
My Therapist
Gbaleprime
Myitura
Call for partnership and collaboration
Oseni called on private and public stakeholders to collaborate in creating an enabling environment for tech-driven innovation.
“Some of the biggest companies in the U.S. started in universities. Nigeria can emulate this by putting money behind our youth’s ideas to create world-class solutions that power our economy,” he stated.
