Get Guardian on GoogleWema Bank has awarded up to N300 million in prizes, funding and ecosystem support to young innovators and technology startups at the seventh edition of its Hackaholics initiative, following the participation of 5,329 youths who submitted 1,632 ideas aimed at addressing various challenges.
The programme, which ended with a grand finale in Lagos under the theme, ‘Festival of the Future’, shortlisted 21 startups for the final stage, with 11 teams emerging as winners across the competition’s categories. Niteon Team emerged as the overall winner, securing a record N60 million grand prize.
Speaking at the grand finale, the Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the programme was established to bridge the gap between the creative abilities of young Nigerians and the resources required to turn their ideas into viable businesses.
Oseni said the bank had spent the past four months engaging innovators across the country’s six geopolitical zones, including Kano, Uyo, Benin, Enugu, Ibadan and Lagos.
He noted that the strong participation reflected the willingness of young Nigerians to develop solutions to problems despite challenges such as inadequate funding, poor infrastructure and limited access to resources.
Oseni explained that the initiative was built on the understanding that talented young people needed more than encouragement to succeed, stressing the importance of access to funding, mentorship, technical support and opportunities to develop their innovations.
The bank’s chief executive also urged participants to prioritise public trust and practical needs when developing technology products, noting that innovations must work for ordinary Nigerians rather than only those with access to sophisticated devices and reliable internet connections.
He called on investors, business leaders and other stakeholders to support young innovators beyond competitions, arguing that promising ideas could fail without the financial and institutional backing required to develop them.
Former President and Co-Chief Executive Officer of OPay Nigeria, Olu Akanmu, said digital technology could improve economic productivity by reducing transaction costs, connecting buyers with sellers and making services more accessible.
Akanmu, who is now Chief Executive Officer of Philips and Samuel Advisory Services and Executive in Residence at Lagos Business School, said technology had created opportunities for businesses and individuals to perform transactions that previously required considerable time and resources.
