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, which took place recently in Lagos, witnessed a remarkable showcase of ingenuity and problem-solving prowess, culminating in seven startups sharing an impressive N145 million in prize money—nearly double the initial prize fund of N75 million.
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 N50 million 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 significant economic impact.
The first runner-up, Empayment AI, received N35 million for its AI-powered invoice discounting platform, revolutionizing how businesses manage payments. Bloom Beauty, the second runner-up, was awarded N20 million for its personalized, AI-curated solutions that are transforming the beauty industry.
In the women-led category, MyTherapist secured the position of first runner-up, earning N12 million.
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 N8 million.
Both Northino and University X earned honorable mentions at the grand finale, each receiving N10 million. Northino was recognized for bridging traditional knowledge and modern technology through digital skills training for African native speakers, while University X impressed with its transparent, all-encompassing platform for tertiary education management.
The significance of these groundbreaking innovations was highlighted by Wema Bank’s CEO, Moruf Oseni, who shared his vision for the initiative. In his words, “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 N75 million. But, inspired by the potential we saw, we decided to increase the total prize pool to N145 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.”
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.
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