The fifth edition of Wema Bank’s Hackaholics program, a premier ideathon created to empower and encourage the country’s most talented tech innovators, has successfully ended.
Wema Bank is Nigeria’s most innovative bank and the forerunner of Africa’s first totally digital bank, ALAT. Following a spectacular display of creativity and problem-solving skills at the grand finale, which was held recently in Lagos, seven businesses shared an astounding N145 million in prize money, which is over twice the initial N75 million prize pool.
In addition to highlighting Wema Bank’s history of invention, Hackaholics 5.0 lays the groundwork for future technical developments and produces a new generation of problem-solvers that have the potential to completely transform Nigeria’s future.
Continuing, with a record 3,500 applications from all around Nigeria, 5.0’s Hackaholics were particularly noteworthy. Ten finalists from this group presented creative answers to pressing issues in fields like sustainable agriculture, healthcare, and education accessibility.
The overall winner, Feegor, received N50 million as the top prize for their cutting-edge SaaS platform and B2B wholesale marketplace. Through a Buy Now Pay Later (BNPL) approach, Feegor enables SMEs to find, negotiate, and acquire products from trusted suppliers while gaining access to finance. This innovative strategy is expected to spur expansion and have a big economic impact.
Empayment AI, the first runner-up, was awarded N35 million for their AI-powered invoice discounting technology, which is transforming the way companies handle payments.
The second-place finisher, Bloom Beauty, received N20 million for their AI-curated, customized solutions that are revolutionizing the beauty sector.
MyTherapist earned N12 million, placing them as the first runner-up in the women’s category. MyTherapist offers easily accessible and reasonably priced treatment options for emotional well-being by connecting consumers with mental health professionals.
With N8 million, MyItura, a pioneer in providing remote medical services, secured the second-place finish in the women-led category. At the grand finale, University X and Northino both received N10 million for honorable mentions.
By providing digital skills training for native African speakers, Northino was acknowledged for bridging the gap between traditional knowledge and contemporary technology, while University X made an impression with its comprehensive, transparent platform for managing higher education.
Moruf Oseni, the CEO of Wema Bank, outlined his vision for the program to BrandSpur banking and finance news desk, and emphasized the importance of these ground-breaking technologies.
According to him: “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.”
The ultimate winner and CEO of Feegor, Ugonna Ginigeme, conveyed sincere appreciation for the support and acknowledgment.
He had this to say: “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.”
