The fifth iteration of Wema Bank’s Hackaholics program, a premier ideathon created to empower and encourage the country’s most talented tech innovators, has been successfully ended. Wema Bank is Nigeria’s most innovative bank and the forerunner of Africa’s first totally digital bank, ALAT.
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Following a spectacular display of creativity and problem-solving skills at the grand finale, which was held recently in Lagos, seven businesses shared an astounding N145 million in prize money, which is over twice the initial N75 million prize pool. With a record 3,500 applications from all around Nigeria, this year’s Hackaholics were particularly noteworthy.
Ten finalists from this group presented creative answers to pressing issues in fields like sustainable agriculture, healthcare, and education accessibility. The overall winner, Feegor, received N50 million as the top prize for their cutting-edge SaaS platform and B2B wholesale marketplace. Through a Buy Now Pay Later (BNPL) approach, Feegor enables SMEs to find, negotiate, and acquire products from trusted suppliers while gaining access to finance.
This innovative strategy is expected to spur expansion and have a big economic impact. Empayment AI, the first runner-up, was awarded N35 million for their AI-powered invoice discounting technology, which is transforming the way companies handle payments. The second-place finisher, Bloom Beauty, received N20 million for their AI-curated, customized solutions that are revolutionizing the beauty sector. MyTherapist earned N12 million, placing them as the first runner-up in the women’s category.
MyTherapist offers easily accessible and reasonably priced treatment options for emotional well-being by connecting consumers with mental health professionals. With N8 million, MyItura, a pioneer in providing remote medical services, secured the second-place finish in the women-led category. At the grand finale, University X and Northino both received N10 million for honorable mentions.
By providing digital skills training for native African speakers, Northino was acknowledged for bridging the gap between traditional knowledge and contemporary technology, while University X made an impression with its comprehensive, transparent platform for managing higher education. Moruf Oseni, the CEO of Wema Bank, outlined his vision for the program and emphasized the importance of these ground-breaking technologies. “We are thrilled to celebrate the genius of our youth through the Hackaholics initiative,” he said.
Wema Bank is more than just a bank; we are catalysts for change and the realization of dreams. The entire reward money was N75 million when I was standing here earlier. However, motivated by the potential we observed, we made the decision to raise the total prize fund to N145 million. Wema Bank’s 79-year history is still based on innovation, and we continue to change the world and improve lives through programs like Hackaholics.
The ultimate winner and CEO of Feegor, Ugonna Ginigeme, conveyed sincere appreciation for the support and acknowledgment. “God, my team, and everyone who has shared in this adventure have my sincere gratitude. It is humble to win in a field full with outstanding startups and entrepreneurs. I want to express my gratitude to the MD, Wema Bank, and its management for this amazing chance.
Even if it is still early, we are committed to continuing to work, develop, and positively influence SMEs and the Nigerian economy while establishing a successful business overall. “Ginigeme said.” In addition to highlighting Wema Bank’s history of invention, Hackaholics 5.0 lays the groundwork for future technical developments and produces a new generation of problem-solvers that have the potential to completely transform Nigeria’s future.
