Wema Bank sets ₦120m prize pool as 35 teams advance to Hackaholics 6.0 grand finale

Wema Bank managing Director Chief Executive Officer, Moruf Oseni

Wema Bank has announced a ₦120 million prize pool for the grand finale of its flagship innovation programme, Hackaholics 6.0, following the emergence of 35 finalist teams from regional pitch sessions held across Nigeria.

The finalists were selected from a pool of 1,460 participants who took part in regional pitches across seven cities, as the competition continues to position itself as one of the country’s most influential youth-focused innovation platforms.

Speaking on the development, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the prize money would be distributed across multiple categories at the Lagos finale.

Under the Ideathon category, the first-place team will receive ₦25 million, followed by ₦20 million for the first runner-up and ₦15 million for the second runner-up. In the Hackathon category, prizes range from ₦20 million for first place to ₦5 million for fourth place. In addition, two women-led innovations—one from each category—will each receive ₦5 million, reinforcing the bank’s commitment to advancing female participation in technology and innovation.

“Hackaholics continues to demonstrate the power of young people to shape the future of technology and nation-building,” Oseni said. “We believe strongly in the ideas, resilience, and ingenuity of the youths, and our investment in this initiative is a clear testament of our commitment to giving them the resources, mentorship, and platform.”

He added that the bank is confident the finalists’ innovations will create meaningful impact across industries and communities as they prepare for the Lagos finale.

The 35 finalist teams emerged from a regional pitch cycle that attracted over 1,000 applications across eight pitch centres, including Ahmadu Bello University, Zaria; Federal University of Technology, Akure; Lagos State University; University of Uyo; Babcock University; University of Ibadan; Veritas University, Abuja; and Purple Academy, Lagos.

Each pitch centre hosted industry-led masterclasses, hands-on mentorship, and structured pitch development sessions, culminating in competitive presentations before panels of expert judges.

The finalists comprise 17 Ideathon teams, 12 Hackathon teams, and six women-led teams, addressing challenges spanning fraud detection, customer experience, onboarding, customer acquisition, credit management, and broader social impact areas.

All teams will take part in a three-day pre-finale mentorship and shortlisting programme ahead of the grand finale in Lagos.

Several finalists expressed excitement about advancing to the next stage. Medugu Wali, team lead of Tensor, the Hackathon winner at Veritas University, said his team built its solution, Wallet Padi, to improve how Nigerians manage their finances.

“Advancing to the pre-finale leg of Wema Bank Hackaholics is a big step toward bringing that vision to life,” Wali said.

Babcock University’s Ideathon winner, Akobundu Gift, described reaching the finals again as a reflection of growth. His startup, Chao, began as a campus food-delivery idea in 2023.

“Reaching the Hackaholics finals again reflects how much we’ve evolved,” he said. “We’re grateful to Wema Bank for the opportunity and excited to compete at the next stage.”

Ogunlana Tosin, founder of Eutopia.ai and winner of the women-led category at Veritas University, said persistence played a key role in her team’s success.

“Not making it at Babcock was honestly painful, but we took the feedback, refined our solution and returned stronger,” she said, adding that Wema Bank’s continued focus on women empowerment has been instrumental in supporting women-led innovation.

Since launching in 2019, Hackaholics has attracted more than 12,000 applicants across 15 schools and disbursed over $300,000 in funding and support. Between 2023 and 2024 alone, ₦75 million was awarded to women-led teams.

Earlier this year, Wema Bank expanded the initiative with the launch of the Hackaholics Accelerator and Collective Program, offering sustained 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.