Wema Bank has just finished its fifth round of a special program called Hackaholics, created to help and encourage some of the country’s most talented technology innovators.
The final event took place recently in Lagos, where a variety of brilliant ideas and solutions were presented. Seven startup companies received a total of 145 million Naira (about $350,000), which is almost double the original prize pool of 75 million Naira that was announced earlier.
This year’s Hackaholics program saw a record number of applicants—3,500 from all over Nigeria. From these, 10 finalists were chosen to present their creative solutions to real-life problems. These problems included important issues like making education more accessible, promoting sustainable farming, improving healthcare, and more.
The overall winner was a startup named Feegor, which received the top prize of 50 million Naira (around $120,000). Feegor runs a unique platform that allows small and medium-sized businesses to find, negotiate for, and purchase products from verified suppliers. They also provide an option for businesses to buy now and pay later, making it easier for them to manage their expenses. This innovative approach is expected to help many businesses grow and have a positive impact on the economy.
The runner-up in the competition was a company called Empayment AI, which was awarded 35 million Naira for creating an artificial intelligence (AI) platform that helps businesses manage their payment processes more efficiently.
Another startup, Bloom Beauty, came in third and received 20 million Naira for its AI-driven solutions designed to personalize beauty products for consumers, making the beauty industry more tailored to individual needs.
In the category specifically for women-led businesses, MyTherapist took first place and won 12 million Naira. This startup connects users with mental health professionals and offers affordable therapy services to help improve emotional well-being. MyItura, another female-led business providing remote healthcare services, came in second in this category and earned 8 million Naira.
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Additionally, two other startups, Northino and University X, received honorable mentions and a prize of 10 million Naira each. Northino is working to blend traditional knowledge with modern technology through digital skills training for African speakers, while University X impressed judges with its comprehensive platform for managing university education.
The CEO of Wema Bank, Moruf Oseni, spoke about the importance of these innovations. He expressed that the bank is committed to supporting young talent and helping to change lives. He initially planned for a prize pool of 75 million Naira, but after witnessing the incredible potential of the ideas presented, they decided to raise it to 145 million Naira.
Ugonna Ginigeme, CEO of Feegor and the competition’s overall winner, shared his gratitude for the support and recognition. He expressed his thankfulness to his team and everyone who helped along the way, emphasizing that their journey is just beginning. He committed to continue working hard to create positive changes for small businesses in Nigeria and build a successful company.
In summary, the Hackaholics 5.0 event not only highlights Wema Bank’s long-standing commitment to innovation but also paves the way for more technological advancements, inspiring a new generation of innovators who have the potential to transform Nigeria’s future.
