Wema Bank has reaffirmed its commitment to supporting young innovators, entrepreneurs and creative talents with the launch of the seventh edition of its innovation programme, Hackaholics 7.0.
Speaking during a press conference at the bank’s headquarters in Lagos, the Managing Director and Chief Executive Officer, Moruf Oseni, said businesses have a responsibility that goes beyond offering financial services. According to him, organisations should also create opportunities that help young people develop innovative ideas, build successful businesses and contribute to economic growth.
Oseni explained that Wema Bank believes in investing in people and supporting ideas that can improve lives and strengthen Nigeria’s innovation ecosystem.
He said the bank remains committed to providing the resources, support and environment needed for innovation to thrive, especially among young Africans with creative ideas and technological solutions.
According to him, this vision has guided the growth of Hackaholics since it was first introduced in 2019. Over the years, the programme has expanded from a simple innovation competition into one of Nigeria’s leading platforms for discovering and supporting technology-driven startups.
Oseni noted that Hackaholics has become an important platform for encouraging young innovators to turn their ideas into businesses capable of solving real-life challenges.
He added that the initiative has recorded remarkable achievements over the past seven years. More than 50,000 participants have taken part in the programme, while over 10,000 startups have received support. The platform has also helped develop more than 100 digital solutions designed to address challenges in different sectors of the economy.
The bank has also awarded a cumulative $500,000 in grant prizes to outstanding innovators across the previous six editions, providing financial support to help transform promising ideas into viable businesses.
Building on these achievements, Wema Bank has introduced Hackaholics 7.0 with the theme “Powering Possibilities.” The bank described this year’s edition as the biggest since the programme began and said it aims to create even more opportunities for young entrepreneurs across Africa.
During the event, Wema Bank officially opened the application portal for interested participants.
The bank’s Divisional Executive for Business Support, Tajudeen Bakare, encouraged young Nigerians with innovative ideas to take advantage of the programme.
He said Hackaholics 7.0 is designed to inspire participants to explore their creativity, develop practical solutions and build successful startups capable of competing in today’s rapidly changing digital economy.
Bakare added that collaboration between financial institutions, technology experts and innovators is essential for building a stronger innovation ecosystem that creates jobs and expands economic opportunities.
According to him, the programme will provide participants with mentorship, exposure, networking opportunities and the chance to present their ideas before experienced judges and industry leaders.
Hackaholics 7.0 is free for all eligible Nigerian youths with innovative ideas.
This year’s competition will focus on seven major sectors that are critical to national development. These include financial inclusion, healthcare, education, digital transformation, sustainability, social impact, and the future of work.
Participants can compete under three different categories: the Startup Pitch Competition, the Hackathon, and a newly introduced Social Impact Track, which is designed for solutions that address pressing social challenges.
After an initial online screening process, selected participants will move to the next stage of the competition through a nationwide physical tour. Wema Bank will organise pitch sessions across 10 centres located in the country’s six geopolitical zones, giving innovators from different regions equal opportunities to qualify for the grand finale.
Through Hackaholics 7.0, Wema Bank hopes to discover more innovative ideas, support emerging startups and equip young Nigerians with the tools needed to build businesses that create jobs, solve everyday problems and contribute to the country’s growing digital economy.
