Wema Bank has officially announced a massive N120 million prize pool for the grand finale of its flagship youth innovation competition, Hackaholics 6.0. This revelation comes after the successful conclusion of regional pitch sessions that saw 35 finalist teams emerge from a pool of 1,460 participants across seven Nigerian cities.
A Breakdown of the Multi-Million Naira Prize Structure
The bank's Managing Director and Chief Executive Officer, Moruf Oseni, detailed how the N120 million will be distributed across various winning categories. In the Ideathon track, the first-place team will receive N25 million, followed by N20 million for the first runner-up and N15 million for the second runner-up.
For the Hackathon category, prizes are allocated as follows: N20 million for first place, N15 million for second, N10 million for third, and N5 million for fourth place. In a significant move to promote gender inclusion in tech, Wema Bank will award an additional N5 million each to two women-led innovations, one from each competition vertical.
The Road to Lagos: Regional Pitch Centers and Finalist Selection
The 35 finalist teams were selected after a rigorous regional pitch cycle that received over a thousand applications. The process took place across eight pitch centers located in universities and academies nationwide:
- 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
At each center, participants benefited from industry-led masterclasses, hands-on mentorship, and structured pitch development sessions, culminating in highly competitive presentations judged by experts. The finalists comprise 17 Ideathon teams, 12 Hackathon teams, and six women-led teams, all working on solutions addressing critical areas like fraud detection, customer experience, credit management, and social impact.
Finalists Express Enthusiasm and Share Their Journeys
Excitement is high among the teams advancing to the Lagos finale. Medugu Wali, team leader of Tensor, the Hackathon winner from Veritas University, explained their motivation. Their project, 'Wallet Padi', aims to improve how Nigerians manage their finances. Wali described advancing to the pre-finale stage as a major step toward realizing this vision and thanked Wema Bank for the platform.
Akobundu Gift, whose team won the Ideathon at Babcock University, shared a story of persistence. Having participated in Hackaholics in 2023 without winning, he expressed great enthusiasm for this second chance. His startup, 'Chao', began as a small campus food-delivery idea in 2023 and has since grown significantly. He credited Wema Bank for the opportunity to showcase this evolution.
Ogunlana Tosin, founder of the women-led project Eutopia.ai from Veritas University, highlighted the importance of resilience. After not succeeding at Babcock, her team refined their solution based on feedback and tried again. She expressed profound gratitude to Wema Bank for championing women empowerment through initiatives like SARA and for supporting women-led innovation.
Hackaholics: A Growing Legacy of Empowering Nigerian Youth
Since its inception in 2019, Hackaholics has grown into one of Nigeria's most influential youth innovation platforms. It has attracted over 12,000 applicants from 15 schools and has disbursed more than $300,000 in funding and support. Notably, between 2023 and 2024 alone, the bank awarded N75 million specifically to women-led teams.
The initiative's impact now extends beyond the competition cycle. With the launch of the Hackaholics Accelerator and Collective Program earlier this year, Wema Bank provides ongoing support to early-stage founders. The upcoming Hackaholics 6.0 Grand Finale in Lagos will gather industry leaders, policymakers, investors, and tech experts for live pitches and product showcases, set to unveil Nigeria's next generation of transformative founders.
In his statement, Moruf Oseni emphasized the bank's belief in the power of young people to shape the future of technology and nation-building. He stated that Hackaholics is a testament to Wema Bank's commitment to providing youths with the necessary resources, mentorship, and platform to bring their innovative ideas to life.
