Wema Bank, Nigeria’s most innovative bank and the pioneer of Africa’s first fully digital bank, ALAT, has concluded the 5th edition of its Hackaholics initiative, awarding N145 million to seven exceptional tech startups. The grand finale, held recently in Lagos, showcased groundbreaking innovations aimed at addressing real-world challenges across various sectors, including education, healthcare, and sustainable agriculture.
This year’s Hackaholics received a record-breaking 3,500 applications nationwide, with 10 finalists selected to pitch their solutions. Feegor, a B2B wholesale marketplace and SaaS platform, emerged as the overall winner, taking home the top prize of N50 million. The platform enables SMEs to source goods from verified suppliers, negotiate prices, and access credit through its Buy Now Pay Later (BNPL) model.
Empayment AI, the first runner-up, was awarded N35 million for its AI-powered invoice discounting platform that simplifies payment management for businesses. Bloom Beauty, the second runner-up, received N20 million for its AI-curated solutions revolutionizing the beauty industry.
In the women-led category, MyTherapist secured N12 million as the first runner-up for providing accessible mental health services, while MyItura, which offers remote healthcare solutions, earned N8 million as the second runner-up.
Northino and University X received honorable mentions, each awarded N10 million. Northino focuses on bridging traditional knowledge and modern technology through digital skills training for African native speakers, while University X provides a transparent platform for managing tertiary education systems.
Speaking at the event, Wema Bank’s CEO, Moruf Oseni, celebrated the ingenuity of the participants and announced the increase in the prize pool from N75 million to N145 million. “At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation. Hackaholics reflects our commitment to empowering lives and shaping the future through innovation,” he said.
Feegor’s CEO, Ugonna Ginigeme, expressed gratitude for the recognition, saying, “Winning among so many great startups and entrepreneurs is humbling. We are determined to keep building and creating a positive impact for SMEs and the Nigerian economy.”
Hackaholics 5.0 underscores Wema Bank’s commitment to fostering technological advancement and empowering Nigeria’s youth. As the initiative continues, it promises to inspire a new generation of innovators ready to reshape the country’s future.