Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the 5th edition of its Hackaholics initiative—a premier ideathon designed to empower and support the nation’s brightest tech innovators.
The grand finale, held recently in Lagos, showcased an impressive display of creativity and problem-solving, culminating in seven startups sharing an extraordinary ₦145 million in prize money, nearly double the initial prize fund of ₦75 million.
This year’s Hackaholics attracted a record-breaking 3,500 applications from across Nigeria. Out of this pool, 10 finalists presented innovative solutions addressing real-world challenges, ranging from education accessibility to sustainable agriculture and healthcare.
Feegor, the overall winner, claimed the ₦50 million grand prize for its innovative B2B wholesale marketplace and SaaS platform. Feegor empowers SMEs by enabling them to discover, negotiate, and source goods from verified suppliers while providing access to credit through a Buy Now, Pay Later (BNPL) model.
Empayment AI, the first runner-up, received ₦35 million for its AI-powered invoice discounting platform, revolutionizing how businesses manage payments.
Bloom Beauty, the second runner-up, earned ₦20 million for its personalized, AI-driven solutions transforming the beauty industry.
MyTherapist, the first runner-up, won ₦12 million for its platform that connects users with mental health professionals, making therapy accessible and affordable.
MyItura, which provides remote healthcare services, secured the second runner-up position with ₦8 million.
Additionally, Northino and University X received ₦10 million each as honorable mentions.
Northino was recognized for its efforts in bridging traditional knowledge and modern technology through digital skills training for African native speakers.
University X impressed with its transparent, all-encompassing platform for tertiary education management.
Wema Bank’s CEO, Moruf Oseni, emphasized the importance of Hackaholics in fostering innovation and transformation.
"We are delighted to celebrate the brilliance of our youth through the Hackaholics initiative. At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation. When I stood here earlier, the total prize money was ₦75 million. But, inspired by the potential we saw, we decided to increase the total prize pool to ₦145 million. Wema Bank’s legacy of 79 years remains rooted in innovation, and with initiatives like Hackaholics, we continue to empower lives and shape the future," Oseni stated.
Ugonna Ginigeme, CEO of Feegor and the overall winner, expressed heartfelt gratitude:
"I feel very grateful to God, my team, and everyone who has been part of this journey. Winning among so many great startups and entrepreneurs is humbling. I sincerely thank the MD, Wema Bank, and its management for this incredible opportunity. These are still early days, but we are determined to keep working, building, and creating a positive impact for SMEs and the Nigerian economy while building an all-around successful company."
Hackaholics 5.0 not only reinforces Wema Bank’s legacy of innovation but also serves as a platform to nurture a generation of problem-solvers poised to drive Nigeria’s technological advancements and shape its future.
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