Wema Bank Plc has reinforced its commitment to fostering innovation in Nigeria by awarding $200,000 in grants to 18 promising startups through its premier hackathon, Hackaholics.
The bank disclosed this at the announcement of the sixth edition of the event, Hackaholics 6.0.
Babatunde Mumuni, Chief Transformation Officer of Wema Bank, said the hackathon has evolved into a pivotal platform for supporting innovative enterprises across the country.
According to him, the bank has progressively increased its financial backing for the competition to empower innovators with funding, mentorship, and access to markets.
“From inception to date, we have had a total of 18 winners at Hackaholics. And we have given out about $200,000 in grants to all the winners,” Mumuni stated.
He reaffirmed the bank’s strategic vision of promoting technological advancements and entrepreneurship, aligning with its upcoming 80th-anniversary celebrations in 2025.
According to the bank, the hackaholics look to train and support local talents in key areas like artificial intelligence (AI), blockchain, renewable energy, customer experience and cybersecurity.
Wema Bank’s support for startups extends beyond financial assistance, encompassing technical mentorship and a robust network to accelerate market access for emerging solutions.
This year’s edition will focus on leveraging agrotech to boost the productivity of the nation’s agricultural sector.
In line with this goal, the bank announced plans to collaborate with state governors in the Southwest to drive local innovation and enhance food systems using technology.
The initiative is expected to unlock new growth avenues for agriculture, a sector seen as pivotal to Nigeria’s economic diversification agenda.
Tunde Mabawonku, Executive Director of Retail and Digital Business at Wema Bank, disclosed that the collaboration with regional governments would focus on integrating cutting-edge solutions to tackle challenges in agriculture.
“We remain dedicated to improving innovation, especially with respect to agriculture,” Mabawonku noted.
He added that Hackaholics 6.0 would prioritize innovative solutions capable of reshaping key sectors and generating employment.
Since its inception, Hackaholics has recorded notable successes in transportation, healthcare, and STEM (Science, Technology, Engineering, and Mathematics).
