Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has announced a ₦120 million prize pool for the Hackaholics 6.0 Grand Finale.
This announcement follows the emergence of 35 teams from regional pitch sessions that recorded 1,460 participants across seven cities in Nigeria.
Announcing the prize structure, MD/CEO Wema Bank, Moruf Oseni, disclosed that the ₦120 million will be awarded across several winning categories at the finale.
The Ideathon prizes include ₦25 million for first place, ₦20 million for the first runner-up and ₦15 million for the second runner-up.
In the Hackathon category, the first to fourth-place teams will receive ₦20 million, ₦15 million, ₦10 million and ₦5 million respectively.
In addition, two women-led innovations, one from each vertical, will receive ₦5 million each in recognition of Wema Bank’s commitment to advancing female participation in technology and innovation.
According to Oseni, “Hackaholics continues to demonstrate the power of young people to shape the future of technology and nation-building. We believe strongly in the ideas, resilience, and ingenuity of the Nigerian youth, and our investment in this initiative is a clear testament of our commitment to giving them the resources, mentorship, and platform they need to transform their ideas into real-world solutions. As these finalists head to Lagos, we are confident that their innovations will create meaningful impact across industries and communities, and we are proud to be a champion for that transformation.”
The 35 finalist teams emerged from a regional pitch cycle that received over a thousand applications across eight pitch centres: Ahmadu Bello University (ABU Zaria), Federal University of Technology Akure (FUTA), Lagos State University (LASU), University of Uyo (UNIUYO), Babcock University, University of Ibadan (UI), Veritas University Abuja and Purple Academy Lagos.
Each centre provided students with access to industry-led masterclasses, hands-on mentorship and structured pitch development sessions, culminating in highly competitive presentations before expert judges.
The finalists include 17 Ideathon teams, 12 Hackathon teams and six women-led teams, each tackling challenges across fraud detection, customer experience, onboarding, acquisition, credit management and other social impact areas.
All teams will participate in a three-day pre-finale mentorship and shortlisting programme ahead of the Grand Finale in Lagos.
Finalists expressed excitement about advancing to the Lagos finale and the opportunities ahead.
The team leader of Veritas’ Hackathon winner, Tensor, Medugu Wali, shared the reason they are participating in the competition.
“We built ‘Wallet Padi’ because we believe it can genuinely improve how Nigerians manage their money. Advancing to the pre finale leg of Wema Bank Hackaholics is a big step toward bringing that vision to life, and we appreciate Wema Bank for creating this platform.”
Babcock’s Ideathon winner, Akobundu Gift, a participant who had earlier attempted the Hackaholics challenge in 2023 but didn’t win, expressed great enthusiasm at the prospect of moving on to the next stage.
Extending his gratitude to Wema Bank, he reminisced on the journey of his Startup, ‘Chao’.
According to him, “Chao started as a small campus food-delivery idea in 2023, and it has grown far beyond what we imagined. Reaching the Hackaholics finals again reflects how much we’ve evolved. We’re grateful to Wema Bank for the opportunity and excited to compete at the next stage.”
Ogunlana Tosin, founder of Eutopia.ai, the women-led project winner at Veritas University, also shared her joy after being announced winner at her Pitch Centre, adding “Not making it at Babcock was honestly painful, but we were determined to win so we took the feedback, refined our solution and returned to try again. Advancing beyond the preliminaries this time showed me what’s possible when we don’t give up. I’m truly grateful to Wema Bank for this opportunity and for continuing to champion women empowerment, helping women-led innovation to thrive, and supporting women through initiatives like SARA,” she said.
Since its inception in 2019, Hackaholics has grown into one of Nigeria’s most influential youth innovation platforms, attracting more than 12,000 applicants across 15 schools and disbursing over $300,000 in funding and support. Between 2023 and 2024 alone, ₦75 million was awarded to women-led teams.
With the launch of the Hackaholics Accelerator and Collective Program earlier this year, Wema Bank now provides ongoing support to early-stage founders beyond the competition cycle.
The Hackaholics 6.0 Grand Finale will bring together industry leaders, policymakers, investors and technology experts in Lagos for live pitches, product showcases and the unveiling of Nigeria’s next generation of transformative founders.
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