Wema Bank Launches Hackaholics 7.0, Unveils New Social Impact Track and Multi-Million Naira Grants for Nigerian Innovators

Wema Bank Launches Hackaholics 7.0, Unveils New Social Impact Track and Multi-Million Naira Grants for Nigerian Innovators

Wema Bank has announced the seventh edition of its flagship innovation programme, Hackaholics, introducing a new Social Impact track, seven innovation verticals, and millions of naira in grant prizes aimed at empowering young Nigerian innovators and startups.

Nigeria's oldest indigenous bank, Wema Bank, has officially launched the seventh edition of its flagship innovation initiative, Hackaholics, reaffirming its commitment to supporting youth-driven technology and entrepreneurship across the country.

The announcement was made on Wednesday during a press conference held at the bank's headquarters in Lagos.

Tagged "Powering Possibilities," Hackaholics 7.0 introduces three participation tracks—the Startup Pitch Competition, Hackathon, and a newly created Social Impact Track—designed to support innovators developing technology-driven solutions across seven key sectors: financial inclusion, healthcare, digital transformation, education, sustainability, social impact, and the future of work.

Applications are now open to young Nigerian innovators through the Hackaholics portal, with successful applicants expected to participate in a nationwide innovation tour covering 10 pitch centres across Nigeria's six geopolitical zones. Winners from each regional pitch will advance to the grand finale, where the overall champions will emerge.

Since its launch in 2019, Hackaholics has grown into one of Nigeria's leading innovation platforms. According to Wema Bank, the initiative has supported more than 10,000 startups, engaged over 50,000 participants, developed more than 100 technology solutions, and awarded grant funding worth hundreds of millions to outstanding innovators.

Speaking at the launch, the Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the programme reflects the bank's commitment to driving innovation and creating opportunities for young Africans.

He noted that financial institutions have responsibilities beyond offering banking services, stressing the need to invest in innovation, provide opportunities for young people, and strengthen Africa's technology ecosystem.

According to Oseni, Hackaholics has become a platform for nurturing the next generation of innovators whose ideas can transform lives, create jobs, and contribute to economic growth.

Also speaking, Wema Bank's Divisional Executive for Business Support, Tajudeen Bakare, encouraged young Nigerians with innovative ideas to take advantage of the initiative.

He said Hackaholics 7.0 provides participants with an opportunity to transform creative ideas into viable businesses while contributing solutions to national and global challenges.

Participation in Hackaholics 7.0 is free, and interested innovators and startups are expected to submit their applications through the programme's official portal. The bank said updates throughout the competition will be available on its official channels.