Wema Bank unveils Hackaholics 7.0 to back Africa’s next generation of tech innovators

This Video Is Trending Right Now →

Key Points

• Wema Bank Plc has launched the seventh edition of its flagship innovation programme, Hackaholics 7.0.
• The initiative introduces three competition tracks and seven innovation verticals.
• The programme will feature a nationwide tour covering 10 pitch centres across Nigeria’s six geopolitical zones.
• Winners will compete for millions of naira in grant prizes.
• Since its inception in 2019, Hackaholics has supported over 10,000 startups, engaged 50,000 participants, and developed more than 100 tech solutions.

Main Story

Wema Bank has launched the seventh edition of its flagship innovation initiative, Hackaholics, introducing new competition tracks and expanded opportunities aimed at supporting technology-driven startups and young innovators across Nigeria and Africa.

The programme, unveiled at a press conference held on Wednesday at the bank’s headquarters in Lagos, is themed “Powering Possibilities” and marks what the lender describes as its most ambitious edition since the initiative was launched in 2019.

Designed to nurture technology-driven entrepreneurship, Hackaholics serves as a platform for innovators to transform ideas into scalable businesses while contributing solutions to social and economic challenges.

This year’s edition introduces three participation tracks—the Startup Pitch Competition, Hackathon, and a newly created Social Impact Track—allowing innovators to compete based on the maturity and focus of their ideas.

Participants are expected to submit applications under one of seven innovation verticals, namely Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact, and Future of Work.

Following the application phase, the programme will embark on a nationwide innovation tour, with pitch events scheduled across 10 centres spanning Nigeria’s six geopolitical zones. Successful participants from each regional pitch event will qualify for the national grand finale, where winners will receive grant funding and business support.

Since its launch seven years ago, Hackaholics has evolved into one of Nigeria’s largest innovation platforms. According to Wema Bank, the initiative has supported more than 10,000 startups, engaged over 50,000 participants, developed more than 100 technology solutions, and awarded approximately $500,000 in grant funding to outstanding innovators. (Editor’s note: The original release states “$500,000,000”. Given the scale of the programme, this appears likely to be a typographical error and should be confirmed with Wema Bank before publication.)

Speaking at the launch, Moruf Oseni said the initiative reflects the bank’s commitment to supporting innovation and creating opportunities for young Africans.

According to him, institutions have a responsibility that goes beyond providing financial services to creating platforms that enable innovation, empower young people and contribute to long-term economic development.

He noted that Hackaholics has continued to invest in emerging innovators while strengthening Nigeria’s startup ecosystem by providing funding, mentorship and opportunities for entrepreneurs to commercialise their ideas.

Also speaking, Tajudeen Bakare described the launch of Hackaholics 7.0 as another opportunity for young Nigerians to transform innovative ideas into viable businesses.

He encouraged aspiring innovators and startup founders to leverage the platform to showcase their solutions and contribute to building a stronger innovation ecosystem capable of addressing future economic challenges.

Applications for Hackaholics 7.0 are open to Nigerian youths with technology-driven ideas and solutions, while participation in the programme is free.

The Issues

Nigeria’s technology ecosystem has continued to expand despite funding constraints and a more cautious global investment climate. However, access to early-stage capital, mentorship and market opportunities remains a significant challenge for many startups.

Industry observers believe initiatives such as Hackaholics can help bridge these gaps by providing entrepreneurs with seed funding, business exposure and access to strategic networks that improve the chances of commercial success.

What’s Being Said

Moruf Oseni

“At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy.”

Tajudeen Bakare

“As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders.”

What’s Next

Applications are now open through the Hackaholics portal. Successful applicants will participate in regional pitch events before progressing to the national finale, where winners will receive grant funding, mentorship and opportunities to scale their innovations.

Wema Bank said updates on the competition will be available through its official website and social media platforms throughout the programme.

Bottom Line

With Hackaholics entering its seventh year, Wema Bank is reinforcing its position as one of Nigeria’s leading corporate supporters of innovation. By expanding the programme’s reach, introducing new competition tracks and increasing opportunities for young entrepreneurs, the bank hopes to accelerate the development of home-grown solutions capable of driving economic growth and digital transformation across Africa.