Wema Bank’s Hackaholics 6.0: ₦120 Million in Rewards for Nigeria’s Next Tech Pioneers

Wema Bank, Nigeria’s most innovative banking institution and pioneer of Africa’s first fully digital bank, ALAT, has unveiled a ₦120 million prize pool for the upcoming Hackaholics 6.0 Grand Finale. This announcement follows the selection of 35 teams that advanced from regional pitch sessions, following a competitive process that attracted 1,460 participants across seven Nigerian cities.

In detailing the prize distribution, MD/CEO Moruf Oseni explained that the ₦120 million will be allocated across various categories at the final event. The Ideathon winners will share ₦60 million—₦25 million for first place, ₦20 million for the first runner-up, and ₦15 million for the second runner-up. The Hackathon winners will receive ₦50 million, distributed among the top four teams as ₦20 million, ₦15 million, ₦10 million, and ₦5 million respectively. Additionally, two women-led innovations—one from each vertical—will each be awarded ₦5 million, illustrating Wema Bank’s dedication to promoting female participation in tech and innovation.

Moruf Oseni shared his thoughts on the initiative: “Hackaholics continues to demonstrate the power of young people to shape the future of technology and nation-building. We believe strongly in the ideas, resilience, and ingenuity of the Nigerian youth, and our investment in this initiative is a clear testament of our commitment to giving them the resources, mentorship, and platform they need to transform their ideas into real-world solutions. As these finalists head to Lagos, we are confident that their innovations will create meaningful impact across industries and communities, and we are proud to be a champion for that transformation.”

The 35 finalist teams emerged from a rigorous regional pitch cycle, which received over a thousand applications from eight centers: 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. Each center provided students access to masterclasses, mentorship, and structured pitch development sessions, culminating in competitive presentations judged by industry experts.

The finalists comprise 17 Ideathon teams, 12 Hackathon teams, and six women-led projects, all addressing challenges such as fraud detection, customer experience, onboarding, credit management, and social impact. All finalists will engage in a three-day mentorship and shortlisting program before the Lagos grand finale.

Expressing excitement about the journey, team leaders shared their motivations. Veritas’ Hackathon winner, Tensor’s Medugu Wali, said, “We built ‘Wallet Padi’ because we believe it can genuinely improve how Nigerians manage their money. Advancing to the pre-finale leg of Wema Bank Hackaholics is a big step toward bringing that vision to life, and we appreciate Wema Bank for creating this platform.”

Similarly, Akobundu Gift, winner of Babcock’s Ideathon, reflected on his journey: “Chao started as a small campus food-delivery idea in 2023, and it has grown far beyond what we imagined. Reaching the Hackaholics finals again reflects how much we’ve evolved. We’re grateful to Wema Bank for the opportunity and excited to compete at the next stage.”

Ogunlana Tosin, founder of Eutopia.ai, a women-led project that won at Veritas University, shared her experience: “Not making it at Babcock was honestly painful, but we were determined to win so we took the feedback, refined our solution and returned to try again. Advancing beyond the preliminaries this time showed me what’s possible when we don’t give up. I’m truly grateful to Wema Bank for this opportunity and for continuing to champion women empowerment, helping women-led innovation to thrive, and supporting women through initiatives like SARA,” she said.

Since launching in 2019, Hackaholics has become one of Nigeria’s leading youth innovation platforms, attracting over 12,000 applicants from 15 institutions and disbursing more than $300,000 in funding and support. Between 2023 and 2024, ₦75 million was awarded to women-led teams. With the addition of the Hackaholics Accelerator and Collective Program earlier this year, Wema Bank now offers ongoing support to early-stage startups beyond the competition.

The Hackaholics 6.0 Grand Finale will convene industry leaders, policymakers, investors, and tech experts in Lagos for live pitches, product showcases, and the unveiling of Nigeria’s next wave of transformative entrepreneurs. For more details, visit hackaholics.wemabank.com or follow Wema Bank’s digital channels.