Wema Bank has announced its intention to grant N75 million to the top innovators in Africa through its technology competition, Hackaholics 5.0.

The event, titled “Meta Idea: Catalysing Africa’s growth through innovation,” is set for November 27 and will gather Nigeria’s most talented innovators from universities and tech communities to present their digital solutions aimed at enhancing Africa’s economic and social development.

Participants will showcase their Digi-Tech solutions, which are designed to address real-world challenges and contribute to the continent's progress.

This event marks the conclusion of several months of rigorous competition, collaboration, and mentorship, offering a platform for youth-driven tech initiatives to flourish.

As stated by the bank, the theme emphasizes the potential of technology-driven solutions to accelerate Africa’s development by leveraging the continent’s growth opportunities through innovation and digital transformation.

This year’s competition has attracted over 10,000 aspiring tech innovators and entrepreneurs across the nation, with 34 finalists chosen to present their ideas at the pre-pitch stage.

Moruf Oseni, MD/CEO of Wema Bank, remarked, “Hackaholics is a movement aimed at equipping Nigeria’s youth with the skills, networks, and resources necessary for Africa’s digital transformation. We are eager to witness how participants envision and create the Africa of tomorrow.”

The winning team will be awarded ₦30 million, while the first runner-up will receive ₦20 million and the second runner-up ₦15 million. Additionally, a special grant of ₦10 million will be given to the female-led team to encourage gender diversity in technology innovation.

Wema Bank’s Hackaholics highlights its dedication to shaping Africa’s future through innovation and entrepreneurship. The competition provides winners with cash prizes, grants, mentorship opportunities, industry connections, and resources to help scale their innovations on a global level.

Since its inception in 2019, Wema Hackaholics has empowered thousands of young individuals, creating a platform for tech-driven ideas to come to fruition.

Hackaholics serves as a testament to the Bank’s commitment to fostering innovation and entrepreneurship in Africa. The fifth edition of Hackaholics commenced with a nationwide call for submissions earlier this year, engaging over 10,000 aspiring tech innovators and entrepreneurs throughout Nigeria.

With 2,297 applications submitted across eight physical pitch centers and one virtual pitch center, 34 innovators from all locations are prepared to present their ideas at the pre-pitch stage, leading up to the grand finale in Lagos.

Through Hackaholics, Wema Bank has established a platform for youth to transform their creativity and entrepreneurial ambitions into practical tech solutions that tackle Africa’s most urgent challenges. Over the years, this initiative has evolved into one of the largest and most impactful tech competitions in Nigeria, influencing thousands of young minds.

The competition not only provides cash prizes and grants to winners but also offers access to mentorship, industry networks, and resources to facilitate the global scaling of their innovations. This initiative is a crucial component of Wema Bank’s broader strategy to leverage technology as a catalyst for socio-economic development in Africa.