Tech Startups
Tech Startups

Wema Bank to Grant N70 Million to Innovators in Hackaholics Contest

Wema Bank says it will award the best innovators in Africa the sum of N70 million through its startup-focused tech competition, Hackaholics.

According to a statement from the bank, the Hackaholics themed, “Meta-Idea: DigiTech Solutions for Africa’s Prosperity”, marks the the 5th edition of the competition.

Wema Bank said the grand scale edition will be executed over six months, touring 10 universities across Africa and challenging the youths to pitch unique, innovative, and practical Digi-Tech solutions to positively impact the acceleration of progress, development, and prosperity in Nigeria and across the African continent.

Expatiating on the details of Hackaholics 5.0, Solomon Ayodele, Wema Bank’s Head of Innovation, said:“The theme for this year ‘Meta-Idea: DigiTech Solutions for Africa’s Prosperity is anchored on two principal factors—The Meta Idea and African Prosperity.

“We are challenging the youth to develop extraordinary ideas that will proffer practical solutions to our local problems as Africans. This year, we are widening our scope across the six geopolitical zones in Nigeria, and we are also touching Africa.

“As you may know, we launched the Hackaholics Digital Summit last year, culminating the Hackaholics 4.0 journey in grand style. This year, you’re going to experience the Coachella of the tech industry at our Hackaholics 5.0 grand finale tech festival, and the journey begins today.

“For this year’s Hackaholics, we are not limiting entries to any specific verticals. Any verticals you can think of will be accepted. Our focus for Hackaholics 5.0 is the brilliance of your mind so we leave it to you to discover a problem area that matters and develop an innovative solution that will drive positive impact.

“Our goal is to birth solutions that address diverse aspects of real-world challenges, and you have the opportunity to be a part of this transformative journey.”

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

According to him, the bank targets ‘Empowering Lives Through Innovation’ and this is the exact purpose behind Hackaholics.