Wema Bank has concluded the 5th edition of its Hackaholics initiative, a programme designed to empower and support the nation’s brightest tech innovators.
The grand finale, which took place recently in Lagos, witnessed a remarkable showcase of ingenuity and problem-solving prowess, culminating in seven startups sharing N145m in prize money—nearly double the initial prize fund of N75m, the stated in a statement.
“This year’s Hackaholics stood out with a record-breaking 3,500 applications from across Nigeria. From this pool, 10 finalists showcased innovative solutions addressing real-world challenges, ranging from education accessibility to sustainable agriculture, healthcare, and more.
“Feegor, the overall winner, was awarded the top prize of N50m for its innovative B2B wholesale marketplace and SaaS platform. Feegor empowers SMEs to discover, negotiate, and source goods from verified suppliers while accessing credit through a Buy Now Pay Later (BNPL) model. This groundbreaking approach is set to drive growth and create a significant economic impact,” the bank stated.
It said the first runner-up, Empayment AI, received N35m for its AI-powered invoice discounting platform, revolutionising how businesses manage payments.
“Bloom Beauty, the second runner-up, was awarded N20m for its personalised, AI-curated solutions that are transforming the beauty industry,” the bank said.
In the women-led category, MyTherapist secured the position of first runner-up, earning N12m. MyTherapist connects users with mental health professionals, providing accessible and affordable therapy solutions for emotional well-being.
Meanwhile, MyItura, an innovator delivering remote healthcare services, clinched the position of second runner-up in the women-led category, receiving N8m.
Both Northino and University X earned honorable mentions at the grand finale, each receiving N10m. Northino was recognised for bridging traditional knowledge and modern technology through digital skills training for African native speakers, while University X impressed the audience with its transparent, all-encompassing platform for tertiary education management.
The significance of these innovations was highlighted by Wema Bank’s CEO, Moruf Oseni, who shared his vision for the initiative.
He said, “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 N75m.
“But, inspired by the potential we saw, we decided to increase the total prize pool to N145m. 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.”
Ugonna Ginigeme, CEO of Feegor and the overall winner, expressed heartfelt gratitude for the recognition and support.
“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,” Ginigeme said.
Hackaholics 5.0 not only underscores Wema Bank’s legacy of innovation but also sets the stage for further technological advancements, fostering a generation of problem-solvers poised to reshape Nigeria’s future.
