In a celebration of innovation and creativity among Nigerian youth, Wema Bank has revealed the ten finalists for Hackaholics 5.0, its sixth annual hackathon dedicated to startups and entrepreneurs. The selected teams, which include University X, Empayment AI, BloomBeauty, Aceede, Fegor, Northino, Nimsy, MyTherapist, GbalePrime, and MyItura, will compete for a substantial prize pool of N75 million. This competition aims to highlight technology-driven solutions across various essential sectors, including agriculture, finance, education, healthcare, sustainability, and artificial intelligence. The event’s grand finale is set to take place on Wednesday, following an inspiring journey that commenced on April 18, 2024, with outreach across multiple Nigerian institutions.
Hackaholics has steadily gained traction since its inception, receiving an impressive 3,500 applications this year, which underscores the growing interest in tech innovation among Nigerian youths. Wema Bank, through this initiative, seeks to emphasize the importance of mentoring and support for startups, providing a platform for young innovators to showcase their ideas. The pre-pitch ceremony preceding the finals sets an exciting stage for the participants, as they prepare to demonstrate their capabilities before a panel of judges and an encouraging audience.
The prize distribution is strategically designed to reward various levels of achievement among the finalists. The grand prize winner will take home N30 million, while the first and second runners-up will receive N20 million and N15 million, respectively. Additionally, the top women-led team will earn N10 million, further promoting gender inclusivity in the tech space. Beyond financial rewards, the participating teams will have the chance to benefit from invaluable mentorship and networking opportunities, allowing them to connect with industry leaders and resources that can propel their innovations to a global scale.
Babatunde Mumuni, Wema Bank’s Chief Transformation Officer, highlighted the transformative potential of the Hackaholics initiative. He illustrated how the competition not only fosters individual creativity but also addresses broader economic challenges faced by Africa. By providing a supportive environment for young entrepreneurs, Wema Bank aims to stimulate socio-economic progress on the continent. The enthusiasm exhibited by participants during their campus tours reflects a wellspring of creativity among Nigerian youth, reinforcing the need for platforms like Hackaholics that nurture these talents.
Mumuni emphasized that Hackaholics serves a dual purpose: it encourages technological advancements while empowering the next generation of innovators who can tackle significant challenges in Africa. By focusing on the nexus of entrepreneurship and technology, Hackaholics aligns with Wema Bank’s mission to help stimulate economic growth and development on the continent. He expressed confidence that the final competition would bring forth groundbreaking ideas that can potentially reshape Africa’s economic landscape and establish Nigeria as a key player in global innovation.
As anticipation builds for the Hackaholics 5.0 Grand Finale, the ten competing teams represent a hopeful vision for Africa’s tech-driven future. Their participation marks a significant step in realizing the untapped potential of youth-led innovations, showcasing the profound impact that such initiatives can have on the broader socio-economic environment. The collaboration between Wema Bank and emerging entrepreneurs serves as a testament to the effectiveness of creating conducive platforms for innovation, ultimately shaping the trajectory of Africa’s growth through technology and entrepreneurship.
