By Ayomide Otitoju
Wema Bank, Nigeria’s most innovative lender and operator of Africa’s first fully digital bank, ALAT, has unveiled a ₦120 million prize pool for the Hackaholics 6.0 Grand Finale. The announcement follows the emergence of 35 finalist teams from regional pitch sessions that attracted 1,460 participants across seven Nigerian cities.
Managing Director/CEO of Wema Bank, Moruf Oseni, outlined the prize structure, stating that winners across multiple categories would share the ₦120 million reward. In the Ideathon category, first place will receive ₦25 million, the first runner-up ₦20 million and the second runner-up ₦15 million. For the Hackathon, the top four teams will take home ₦20 million, ₦15 million, ₦10 million and ₦5 million respectively. Additionally, two women-led innovations—one from each vertical—will receive ₦5 million each, reflecting the bank’s commitment to female participation in technology.
Oseni said Hackaholics continues to showcase the creativity and capacity of young Nigerians to shape the future of technology and national development.
“We believe strongly in the ideas, resilience and ingenuity of the Nigerian youth. Our investment in this initiative demonstrates our commitment to giving them the resources, mentorship and platform they need to transform ideas into real-world solutions,” he said. “As these finalists head to Lagos, we are confident that their innovations will create meaningful impact across industries and communities.”
The 35 finalists emerged from a pitch cycle held across eight centres, including 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. Participants benefited from masterclasses, mentorship sessions and structured pitch development programmes before presenting to expert judges.
This year’s finalists comprise 17 Ideathon teams, 12 Hackathon teams and six women-led teams with solutions spanning fraud detection, customer experience, onboarding, credit management and other social impact issues. All teams will undergo a three-day pre-finale mentorship and shortlisting boot camp ahead of the Lagos finale.
Several finalists expressed excitement about advancing. Medugu Wali, leader of Veritas University’s Hackathon-winning team Tensor, said their product, Wallet Padi, was built to help Nigerians better manage their finances.
Babcock University’s Ideathon winner, Akobundu Gift, who first attempted Hackaholics in 2023, said returning as a finalist reflects the growth of his startup, Chao, which began as a campus food delivery idea.
Ogunlana Tosin, founder of Eutopia.ai and the women-led category winner at Veritas University, described her success as a lesson in perseverance, praising Wema Bank for fostering an ecosystem where women-led innovation can thrive.
Since launching in 2019, Hackaholics has grown into one of Nigeria’s most influential youth innovation programmes, drawing more than 12,000 applicants from 15 institutions and disbursing over $300,000 in funding and support. Between 2023 and 2024 alone, women-led teams received ₦75 million. With the introduction of the Hackaholics Accelerator and Collective Program earlier this year, Wema Bank now provides long-term support to early-stage founders beyond the competition cycle.
The Hackaholics 6.0 Grand Finale will convene industry leaders, policymakers, investors and technology experts in Lagos for live pitches, product showcases and the unveiling of Nigeria’s next generation of innovators.
