Driving economic prosperity in Africa: Hackaholics Digital Summit 2023’s Call To Action

In a remarkable display of its commitment to fostering innovation and technological advancement in Nigeria and across the African continent, Wema Bank, Nigeria’s foremost pioneer of digital banking with its groundbreaking ALAT platform, recently launched the maiden edition of the Hackaholics Digital Summit 2023.

This event stands as the largest gathering of disruptors, regulators, policymakers, investors, and tech enthusiasts, all converging to explore the ever-evolving digital landscape.

Under the theme “Re-Imagine: Disrupting the Ecosystem for Scale”, the summit was a hub for insights, trends and best practices in the tech industry towards the positive transformation of technology and innovation, not just in Nigeria but across the African continent.

Distinguished luminaries from various sectors graced the event, including Wole Odeleye, the Financial Services Technology Lead at Microsoft; Adaobi Okerekeocha, Chief Innovation Officer at Interswitch Group; and Dr. Ola Brown, MFR, General Partner at HealthCap Africa.

The panelists delved into riveting discussions during the session titled “Pioneering a Transformational Path: Empowering an Ecosystem via People, Processes, and Technology.”

Dr. Ola Brown spoke about venture capital, fintech and the future of finance in Africa. She emphasized the pivotal role of startups in co-creating the future and generating additional value within the ecosystem. Drawing upon HealthCap Africa’s portfolio companies as a case study, she shed light on the transformative potential of venture capital in Africa.

Highlighting the economic impact of venture capital, Dr. Ola pointed out that in the United States, a mere 0.1% of GDP is invested in venture capital, yet it powers 11% of the workforce, drives new IPO listings, and contributes significantly to total stock exchange market capitalization.

“So, I think that this ecosystem is not just about companies working together and creating value but about creating the key to our economic Prosperity as Nigeria and Africa as a continent”, She said.

Dr. Ola also shared her remarkable journey as a seasoned venture capitalist, a second-time fund manager, and an investor committed to job creation through HealthCap’s strategic investments. HealthCap Africa is a venture capital firm dedicated to early-stage investments in healthtech and fintech startups across the continent. The VC firm has played a pivotal role in generating 12,000 indirect jobs and 1,000 direct jobs through its portfolio companies, serving nearly one million customers in 12 different countries.

In addition to her outstanding contributions to the fields of finance and technology, Dr. Ola Brown stands as a medical doctor with a Master’s Degree in Finance and Economic Policy, currently pursuing a PhD in Finance, focusing on fintech and monetary policy.

Her multifaceted expertise underscores her dedication to fostering holistic growth and development in Africa’s tech and finance sectors.

The summit’s keynote address was delivered by Olugbenga Agboola, CEO of Flutterwave, who lauded Wema Bank’s role in nurturing the fintech ecosystem in Nigeria. He underscored how Fintech innovations bridge the gap between existing infrastructure and new possibilities.

Agboola passionately stressed the importance of innovation, advocating for greater access and collaboration within the industry. He applauded Wema Bank for establishing the structures necessary to support innovation in the fintech ecosystem.

Wema Bank’s Hackaholics Digital Summit 2023 not only showcased the bank’s commitment to driving innovation but also brought together industry leaders and visionaries who are actively shaping the future of technology and finance in Africa.

Dr. Ola Brown’s insightful discourse on the transformative power of venture capital, coupled with Olugbenga Agboola’s endorsement of Wema Bank’s contributions to fintech growth, highlight the importance of collaboration and innovation in the continent’s digital evolution. This event serves as a resounding call for continued investment in technology and innovation to drive economic prosperity across Africa.