To foster innovation and entrepreneurship, Wema Bank has awarded $200,000 in grants to 18 startups that emerged as winners in previous editions of its flagship hackathon, Hackaholics.
At a recent press conference in Lagos where the bank also officially opened applications for the sixth edition of the initiative, it hinted of plans to collaborate with governors in the south west region to enhance local innovation ecosystems, leveraging technology to drive economic transformation and strengthen key sectors such as agriculture.
Speaking at the event, Babatunde Mumuni, Chief Transformation Officer at Wema Bank, emphasized the bank’s dedication to supporting startups and driving innovation across various sectors. He noted that Hackaholics has continued to grow in impact, with Wema Bank increasing its financial support for winners over the years to help them scale their businesses.
“From inception to date, we’ve had a total of 18 winners at Hackaholics, and we have given out about $200,000 in grants to all the winners. Over the years, we have continued to increase the prize money to empower these innovators to progress,” Mumuni said.
The Hackaholics initiative serves as a platform for entrepreneurs to develop transformative technological solutions, receive mentorship, and access market opportunities. Through this program, Wema Bank aims to nurture a thriving innovation ecosystem that not only fuels startup growth but also contributes to the broader economic development of Nigeria.
Beyond its direct financial support for tech startups, Wema Bank is now deepening its commitment to innovation by collaborating with governors in the Southwest region to enhance local innovation ecosystems.
The bank revealed plans to leverage technology to drive transformation within food systems, with a particular focus on strengthening the agricultural sector through agrotech solutions.
Tunde Mabawonku, Executive Director of Retail and Digital Business at Wema Bank, highlighted the significance of this partnership, explaining that the bank recognizes the crucial role technology plays in reshaping the agricultural landscape and addressing inefficiencies in food production and distribution.
“Technology holds the key to unlocking efficiencies, expanding market access, and accelerating transformation within agrifood systems. We are committed to driving solutions that enhance productivity and create sustainable impact,” Mabawonku said.
As the bank continues to expand its innovation drive, previous winners of Hackaholics have encouraged more entrepreneurs and startups to take advantage of the upcoming edition. They shared how their participation in the hackathon helped them secure funding, gain mentorship, and refine their business models, ultimately enabling them to scale their companies and establish a strong market presence.
With the launch of the sixth edition of Hackaholics, Wema Bank is set to reinforce its role as a key enabler of innovation, providing startups with the resources and support they need to thrive in Nigeria’s rapidly evolving digital economy
