Wema Bank has awarded N300 million to 11 winning teams during the seventh edition of its Hackaholics innovation programme. The funding is intended to support the development and commercialisation of technology-driven solutions aimed at addressing various economic and societal challenges.
The announcement was made during the grand finale of Hackaholics 7.0, which was held in Lagos under the theme “Festival of the Future.” The competition identified high-potential innovators capable of building scalable tools to navigate the complexities of the modern economy.
The Hackaholics 7.0 programme provides essential capital to help these 11 teams move their technological concepts from the early development stage into active, revenue-generating commercial operations.
Scaling technology solutions for economic impact
The Hackaholics initiative serves as a strategic bridge for Nigerian startups, providing the financial runway necessary to tackle the high costs of technical research and market entry. By focusing on technology-driven solutions, Wema Bank is targeting sectors where digital transformation can effectively mitigate economic pressures.
The selection of the 11 winners follows a rigorous assessment of their ability to create products that are not only innovative but also commercially viable within the Nigerian and broader African markets. The bank’s objective is to foster an environment where tech talent can translate ideas into tools that solve real-world problems, such as financial inclusion, logistics, or digital commerce.
This injection of capital comes at a time when the Nigerian fintech and tech sectors are seeking diverse funding sources to sustain growth. While international venture capital has seen fluctuations, local institutional support through bank-led accelerators offers a stable pathway for homegrown innovators to scale their operations.
Beyond the immediate N300 million award, the winners are expected to benefit from the momentum generated by the programme to attract further investment and partnership opportunities. The successful deployment of these technologies will determine their ability to integrate into the wider financial services value chain.
The 11 winning teams are now tasked with utilising the funds to enhance their technical infrastructure and expand their reach to target users. The long-term impact of these solutions will depend on how effectively they can transition from the Hackaholics platform into established market players.
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