Wema Bank has successfully concluded the fifth edition of its Hackaholics initiative, aimed at empowering Nigeria’s most talented tech innovators. The grand finale, held in Lagos, showcased a dazzling display of creativity and problem-solving skills, leading to seven startups being awarded a total of N145 million in prize money – nearly double the initial prize amount of N75 million. The event saw a record-breaking 3,500 applications across the nation, from which ten finalists emerged, presenting innovative solutions to pressing challenges such as education, sustainable agriculture, healthcare, and more. This year’s increased participation indicates a growing interest in technology-driven solutions among Nigerian entrepreneurs.
The pinnacle of the event was marked by Feegor, which emerged as the overall winner, taking home N50 million for its pioneering B2B wholesale marketplace and Software as a Service (SaaS) platform. Feegor’s platform enables small and medium-sized enterprises (SMEs) to easily find, negotiate with, and source goods from verified suppliers. Additionally, it offers a Buy Now Pay Later (BNPL) credit model, making it an essential tool for economic empowerment and growth in Nigeria’s SME sector. The first runner-up, Empayment AI, received N35 million for its innovative AI-powered invoice discounting platform that streamlines payment processes for businesses.
In the competition’s women-led category, MyTherapist earned the first runner-up position and received N12 million for its platform that connects users with mental health professionals, offering accessible and affordable therapy solutions. Second runner-up MyItura, which focuses on providing remote healthcare services, was awarded N8 million, highlighting the importance of health innovation in the tech space. Honorable mentions were given to Northino and University X, both receiving N10 million. Northino focuses on bridging traditional knowledge with modern technology through digital skills training, while University X offers a transparent platform for managing tertiary education, emphasizing the potential for technology to transform various sectors.
The significance of this year’s Hackaholics initiative was underscored by Wema Bank’s CEO, Moruf Oseni, who articulated the bank’s commitment to fostering innovation and driving transformation within the community. He expressed his satisfaction at witnessing the brilliance of Nigerian youth, aligning the increased prize pool with the potential displayed by the participants. Wema Bank’s rich history of 79 years is rooted in innovation, demonstrating its determination to serve not just as a financial institution but as a pivotal enabler of change and progress in Nigeria.
Ugonna Ginigeme, CEO of Feegor, shared his appreciation for the recognition, noting the humbling experience of competing against numerous promising startups. He acknowledged the support of his team and the opportunities provided by Wema Bank, emphasizing their ongoing commitment to impacting SMEs positively and contributing to Nigeria’s economy. This recognition consolidates Feegor’s vision of growth and innovation in the marketplace, underlining the role of entrepreneurial initiatives in supporting local businesses.
Overall, Hackaholics 5.0 is a testament to Wema Bank’s dedication to nurturing a culture of innovation and technological advancement in Nigeria. By celebrating the remarkable ingenuity of local tech startups, the initiative not only highlights the bank’s commitment to empowerment but also sets the groundwork for future innovators to address societal challenges. This year’s program has cultivated a new generation of problem-solvers who are well-positioned to reshape Nigeria’s future through technology, paving the way for further advancements and positive change in the economy.
