Wema Bank, Nigeria’s most innovative financial institution and pioneer of the country’s first fully digital bank, ALAT, has announced a ₦120 million prize pool for the Grand Finale of Hackaholics 6.0—its flagship tech and innovation challenge.
The announcement comes as 35 finalist teams emerged from a competitive regional pitch round that recorded 1,460 participants across seven cities nationwide.
Speaking on the prize structure, Managing Director/CEO of Wema Bank, Moruf Oseni, said the ₦120 million fund had been allocated across multiple winning categories. For the Ideathon, winners will receive ₦25 million for first place, ₦20 million for first runner-up, and ₦15 million for second runner-up.
In the Hackathon category, winners will receive ₦20 million, ₦15 million, ₦10 million, and ₦5 million for the first to fourth positions. Additionally, two women-led solutions—one from each category—will be awarded ₦5 million each, underscoring Wema Bank’s commitment to driving female inclusion in technology.
Oseni praised the creativity and resilience of young innovators participating in Hackaholics.
“Hackaholics continues to show the power of Nigerian youth to shape the future of technology and nation-building. Our investment in this initiative reflects our belief in their capacity to build real-world solutions that transform industries and communities,” he said.
The 35 finalist teams emerged from pitch centres located at:
- Ahmadu Bello University (ABU), Zaria
- Federal University of Technology Akure (FUTA)
- Lagos State University (LASU)
- University of Uyo (UNIUYO)
- Babcock University
- University of Ibadan (UI)
- Veritas University, Abuja
- Purple Academy, Lagos
Students at each centre participated in industry-led masterclasses, mentorship sessions and pitch development workshops before presenting to expert judges.
In total, 17 Ideathon teams, 12 Hackathon teams, and six women-led teams secured spots in the finale, with projects spanning fraud detection, customer experience, digital onboarding, credit management and broader social impact solutions.
Medugu Wali, team lead of Tensor, the Hackathon winner from Veritas University, said their innovation—Wallet Padi—was designed to improve financial management for everyday Nigerians.
“Making it to the pre-finale stage is a big step toward bringing our vision to life,” he said.
Babcock University’s Ideathon winner, Akobundu Gift, who first attempted Hackaholics in 2023 without success, expressed gratitude for the platform:
“From a small campus food-delivery idea in 2023, ‘Chao’ has grown beyond our expectations. Reaching the finals again shows our growth, and we appreciate Wema Bank for this life-changing opportunity.”
Women-led category winner, Ogunlana Tosin of Eutopia.ai, Veritas University, said the recognition strengthened her resolve.
“Not making it last year was painful, but we refined our solution and came back stronger. Advancing this year shows what persistence can achieve,” she said, praising Wema Bank’s support for women-led innovation through programmes like SARA.
Since its launch in 2019, Hackaholics has grown into one of Nigeria’s most influential youth innovation platforms, attracting over 12,000 applicants across 15 universities, and disbursing more than $300,000 in funding and support. Between 2023 and 2024 alone, ₦75 million was awarded to women-led teams.
With the recent introduction of the Hackaholics Accelerator and Collective Program, Wema Bank now provides long-term support to founders beyond the competition cycle.
The Hackaholics 6.0 Grand Finale will assemble industry leaders, investors, policymakers and top technology experts in Lagos for live pitches, product showcases and the unveiling of Nigeria’s next generation of transformative founders.
More information is available at hackaholics.wemabank.com or via Wema Bank’s official digital platforms.
