Wema Bank has unveiled plans to award a total of N70 million to innovative minds across Africa through its startup-focused tech competition, Hackaholics.

The fifth edition of Hackaholics, themed “Meta-Idea: DigiTech Solutions for Africa’s Prosperity,” will challenge participants to pitch unique and practical digital technology solutions aimed at accelerating progress, development, and prosperity in Nigeria and across the African continent.

Solomon Ayodele, Wema Bank’s Head of Innovation, elaborated on the competition’s details, emphasizing its focus on fostering extraordinary ideas that address local problems faced by Africans. This year’s edition will encompass a six-month journey, touring 10 universities across Africa to engage and inspire young innovators.

Ayodele highlighted the broad scope of Hackaholics 5.0, encouraging entries from various verticals and emphasizing the importance of innovative solutions that drive positive impact in real-world challenges.

Tunde Mabawonku, Wema Bank’s Executive Director of Retail and Digital Business, reiterated the bank’s commitment to championing innovation and empowering innovators. He emphasized the transformative role of Hackaholics in bridging gaps in Africa’s macroeconomic landscape through innovation.

Mabawonku emphasized the bank’s mission of “Empowering Lives Through Innovation,” stating that Hackaholics serves as a platform to nurture creative minds, bring ideas to life, and provide essential tools and resources to amplify these ideas for the benefit of society.

Hackaholics 5.0 promises to be a transformative journey, fostering collaboration, creativity, and impactful solutions that address the diverse needs of Africans and contribute to the continent’s prosperity and development.

The competition reaffirms Wema Bank’s commitment to driving innovation and supporting the growth of the African tech ecosystem, positioning itself as a catalyst for positive change and progress.