Hackaholics 5.0: Wema Bank Awards N145m To 7 Innovators

Olawunmi Ashafa
Nov, Sat, 2024

Economy/Business

Hackaholics 5.0: Wema Bank awards N145m to 7 innovators

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By Rukayat Adeyemi

Wema Bank has disbursed N145 million in cash prizes to seven startups, winners of the fifth edition of its Hackaholics initiative that showcased innovative solutions in addressing real world challenges,

The Managing Director of Wema Bank, Mr Moruf Oseni, told newsmen on Thursday in Lagos that this year’s prize nearly doubled the previous amount of N75 million.

Hackaholics initiative is designed to empower and support the nation’s

tech innovators.

Oseni said that this year’s Hackaholics stood out with 3,500 applications from across Nigeria.

He explained that from the pool, 10 finalists showcased innovative solutions addressing real world challenges, ranging from education accessibility to sustainable agriculture, healthcare and more.

The bank said that, Feegor, the overall winner, was awarded the top prize of N50 million for its innovative B2B wholesale marketplace and SaaS platform.

He added that Feegor empowers Small and Medium Enterprises (SMEs) to discover, negotiate and source goods from verified suppliers, while accessing credit through a Buy Now Pay Later (BNPL) model.

According to him, this groundbreaking premiere ideathon is set to drive growth and create significant economic impact.

Oseni said that the first runner up, Empayment Al, received N35 million for its Al powered invoice discounting platform, revolutionising how businesses manage payments.

He alsobsaid that Bloom Beauty, the second runner up, was awarded N20 million for its personalised, Al curated solutions that are transforming the beauty industry.

In the women led category, MyTherapist secured the position of first runner up, earning N12 million.

MyTherapist connects users with mental health professionals, providing accessible and affordable therapy solutions for emotional well-being.

He stated that Myltura, an innovator delivering remote healthcare services, clinched the position of second runner up in the women led category, receiving N8 million.

Both Northino and University X earned honourable mentions at the grand finale, each receiving N10 million.

Northino was recognised for bridging traditional knowledge and modern technology through digital skills training for African native speakers, while University X impressed with its transparent, all-encompassing platform for tertiary education management.

Oseni noted that the groundbreaking innovations was significant and the bank was delighted to celebrate the brilliance of our youth through the Hackaholics initiative.

He said: “At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation.

“Initially, the total prize money was N75 million. But, inspired by the potential we saw, we decided to increase the total prize pool to N145 million.

“Wema Bank’s legacy of 79 years remains rooted in innovation, and with initiatives like Hackaholics, we continue to empower lives and shape the future.”

According to him, the Hackaholics 5.0 not only underscores the bank’s legacy of innovation but also sets the stage for further technological advancements, fostering a generation of problem- solvers poised to reshape Nigeria’s future.

Mr Ugonna Ginigeme, Chief Executive Officer of Feegor and the overall winner, expressed heartfelt gratitude for the recognition and support.

“I feel very grateful to God, my team, and everyone who has been part of this journey. Winning among so many great startups and entrepreneurs is humbling.

“I sincerely thank the MD, Wema Bank, and its management for this incredible opportunity.

“These are still early days, but we are determined to keep working, building, and creating a positive impact for SMEs and the Nigerian economy, while building an all around successful company.” Ginigeme said.

Edited by Olawunmi Ashafa

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