Wema Bank has announced the seventh edition of its flagship innovation challenge, Hackaholics, introducing three competition tracks, seven innovation categories and millions of naira in grant prizes to support young Nigerian innovators and startups.
The announcement was made on Wednesday, July 1, 2026, during a press conference at the bank's headquarters in Lagos, where the bank reaffirmed its commitment to driving innovation, entrepreneurship and digital transformation across Africa.
Since its launch in 2019, Hackaholics has become one of Nigeria's leading technology and startup platforms, providing young innovators with opportunities to transform creative ideas into viable businesses. According to Wema Bank, the initiative has supported more than 10,000 startups, engaged over 50,000 participants, developed more than 100 innovative solutions and awarded about $500,000 in grants to outstanding innovators over the past six editions.
The 2026 edition, themed "Powering Possibilities," is expected to be the biggest yet, with applications now open for innovators across seven focus areas: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and the Future of Work.
A major highlight of this year's competition is the introduction of three participation tracks—the Startup Pitch Competition, Hackathon and a new Social Impact Track—designed to accommodate innovators at different stages of development.
After the application stage, Hackaholics 7.0 will embark on a nationwide tour covering 10 pitch centres across Nigeria's six geopolitical zones. Participants will pitch their solutions before judges, with successful innovators advancing to the grand finale where winners will receive grants and other support to scale their businesses.
Speaking at the launch, Wema Bank's Managing Director and Chief Executive Officer, Moruf Oseni, said the initiative reflects the bank's commitment to empowering young people and strengthening Africa's innovation ecosystem.
He explained that Hackaholics goes beyond banking by creating opportunities for young entrepreneurs to develop solutions capable of addressing real-life challenges while contributing to economic growth.
"At Wema Bank, we believe institutions have a responsibility beyond providing financial services. We must create opportunities, provide the right resources, enable innovation and support the ecosystems that will shape tomorrow's economy. Hackaholics is our investment in the next generation of innovators whose ideas can transform lives and drive national development," he said.
Also speaking, the bank's Divisional Executive for Business Support, Tajudeen Bakare, encouraged young Nigerians to seize the opportunity by submitting innovative solutions capable of solving societal challenges.
According to him, Hackaholics continues to provide a platform where innovation can thrive while helping young entrepreneurs become founders of successful technology-driven businesses.
Participation in Hackaholics 7.0 is free, and interested innovators can submit applications through the official Hackaholics portal.
With the launch of its seventh edition, Wema Bank is once again positioning Hackaholics as a platform that nurtures innovation, empowers young entrepreneurs and contributes to building a stronger digital economy in Nigeria and across Africa.