Wema Bank Announces ₦120m Prize Pool as 35 Finalist Teams Head to Hackaholics 6.0 Grand Finale

Wema Bank Announces ₦120m Prize Pool as 35 Finalist Teams Head to Hackaholics 6.0 Grand Finale

Wema Bank, Nigeria’s most innovative financial institution and the pioneer of Africa’s first fully digital bank, ALAT, has unveiled a ₦120 million prize pool for the Hackaholics 6.0 Grand Finale, following the emergence of 35 finalist teams from nationwide regional pitch sessions. This year’s regional tour recorded 1,460 participants across seven cities.

Announcing the prize structure, Wema Bank’s Managing Director/CEO, Moruf Oseni, revealed that winners across both the Ideathon and Hackathon categories will share the ₦120 million purse. In the Ideathon category, first place takes home ₦25 million, the first runner-up ₦20 million, and the second runner-up ₦15 million. For the Hackathon category, prizes include ₦20 million, ₦15 million, ₦10 million, and ₦5 million for first to fourth place respectively. Additionally, two women-led teams—one from each vertical—will receive ₦5 million each, reinforcing the bank’s commitment to female inclusion in technology and innovation.

According to Oseni, Hackaholics continues to showcase the transformative power of young innovators across Nigeria. “Hackaholics demonstrates the ability of young people to shape the future of technology and nation-building. We believe strongly in their ideas, resilience, and ingenuity, and our investment reflects our commitment to giving them the resources, mentorship, and platforms they need to transform ideas into real-world solutions. As these finalists head to Lagos, we are confident their innovations will create meaningful impact across industries and communities,” he said.

The finalists were selected from eight pitch centres: Ahmadu Bello University (ABU Zaria), Federal University of Technology Akure (FUTA), Lagos State University (LASU), University of Uyo (UNIUYO), Babcock University, University of Ibadan (UI), Veritas University Abuja, and Purple Academy Lagos. At each centre, participants gained access to masterclasses, mentorship sessions, and pitch development workshops before delivering their innovations to expert juries.

The 35 teams advancing to the finale include 17 Ideathon teams, 12 Hackathon teams, and six women-led teams. Their solutions address challenges across fraud detection, customer experience, acquisition, credit management, onboarding, and broader social impact areas. All finalists will participate in a three-day pre-finale boot camp ahead of the Lagos finale.

Several participants expressed excitement at advancing to the final stage. Medugu Wali, team lead of Tensor from Veritas University, said they built their solution, Wallet Padi, to improve how Nigerians manage money. “Advancing to the pre-finale leg is a big step toward bringing that vision to life, and we appreciate Wema Bank for this platform,” he said.

Babcock University’s Ideathon winner, Akobundu Gift—who first attempted Hackaholics in 2023—shared his delight in returning as a finalist. He described the evolution of his startup, Chao, from a small campus food-delivery idea to a scalable solution gaining nationwide attention.

Similarly, Ogunlana Tosin, founder of Eutopia.ai and winner of the women-led category at Veritas University, spoke on her resilience after an earlier setback. “Not making it at Babcock was painful, but we took the feedback, refined our solution, and tried again. Advancing this time shows what’s possible when we don’t give up,” she said, commending Wema Bank for empowering women in technology through initiatives like SARA.

Since launching in 2019, Hackaholics has evolved into one of Nigeria’s most influential youth innovation platforms, attracting more than 12,000 applicants across 15 institutions and disbursing over $300,000 in funding. Between 2023 and 2024 alone, women-led teams received ₦75 million. With the recent introduction of the Hackaholics Accelerator and Collective Program, Wema Bank now extends long-term support to founders beyond the competition.

The Hackaholics 6.0 Grand Finale will convene industry leaders, investors, policymakers, and technology experts in Lagos for live pitches, product exhibitions, and the unveiling of Nigeria’s next wave of transformative founders. More information is available at hackaholics.wemabank.com and across Wema Bank’s digital platforms.