By Ayomide Otitoju
Wema Bank, recognized as Nigeria’s most innovative financial institution and the pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the 5th edition of its Hackaholics initiative. The event, which took place recently in Lagos, showcased some of the brightest tech innovators from across the nation, culminating in seven startups sharing a prize fund of N145 million—almost double the initial N75 million prize pool.
This year’s Hackaholics saw a record-breaking 3,500 applications, from which 10 finalists were selected to present their innovative solutions to pressing challenges in sectors such as education, agriculture, healthcare, and more.
The overall winner, Feegor, walked away with N50 million for its B2B wholesale marketplace and SaaS platform, designed to empower SMEs by providing access to verified suppliers and enabling them to buy goods using a Buy Now, Pay Later (BNPL) model. Feegor’s approach is set to foster economic growth and innovation within the SME sector.
Empayment AI, which developed an AI-powered invoice discounting platform, secured the first runner-up spot and N35 million. The second runner-up, Bloom Beauty, received N20 million for its AI-curated beauty solutions that personalize products for customers.
In the women-led category, MyTherapist, an online platform connecting users with affordable mental health professionals, clinched first runner-up, earning N12 million. MyItura, which provides remote healthcare services, took second runner-up and N8 million.
Northino and University X received honorable mentions, with each awarded N10 million. Northino was recognized for its digital skills training for African native speakers, while University X impressed with its comprehensive, transparent platform for managing tertiary education.
The significance of these innovations was emphasized by Wema Bank’s CEO, Moruf Oseni, who highlighted the bank’s role in driving transformation. “We are more than a bank; we are enablers of dreams,” Oseni said. “Wema Bank’s legacy of 79 years is built on innovation, and initiatives like Hackaholics allow us to continue empowering lives and shaping the future.”
The event also saw heartfelt gratitude from Ugonna Ginigeme, CEO of Feegor, who expressed appreciation for the recognition and support. “Winning among so many great startups is humbling,” Ginigeme said. “We are determined to keep building and creating a positive impact for SMEs and the Nigerian economy.”
Hackaholics 5.0 not only underscored Wema Bank’s commitment to innovation but also set the stage for future technological advancements, nurturing a generation of problem-solvers ready to reshape Nigeria’s future.
