Wema Bank has successfully wrapped up the 5th edition of its Hackaholics program, an initiative aimed at fostering and supporting Nigeria’s brightest tech innovators. The grand finale, held recently in Lagos, featured an impressive display of creativity and problem-solving skills, with seven startups sharing a total of N145 million in prize money—almost double the initial prize pool of N75 million, according to a statement from the bank.
“This year’s Hackaholics was exceptional, receiving a record-breaking 3,500 applications from across the country. From this pool, 10 finalists presented innovative solutions tackling real-world challenges, including education accessibility, sustainable agriculture, healthcare, and more. The competition was fierce, and the creativity on display was remarkable,” the statement read.
Feegor, the overall winner, walked away with the grand prize of N50 million for its innovative B2B wholesale marketplace and SaaS platform. Feegor enables small and medium-sized enterprises (SMEs) to discover, negotiate, and source products from verified suppliers, while also offering credit through a Buy Now Pay Later (BNPL) model. This innovative approach is poised to fuel growth and have a significant economic impact.
Empayment AI, the first runner-up, earned N35 million for its AI-powered invoice discounting platform, which is transforming the way businesses handle payments. Bloom Beauty, the second runner-up, was awarded N20 million for its AI-curated, personalized solutions that are revolutionizing the beauty industry.
In the women-led category, MyTherapist took the first runner-up spot, receiving N12 million for its platform connecting users to mental health professionals, providing affordable and accessible therapy for emotional well-being. MyItura, which offers remote healthcare services, was named second runner-up in the women-led category, taking home N8 million.
Northino and University X were both recognized with honorable mentions, each receiving N10 million. Northino was acknowledged for merging traditional knowledge with modern technology through its digital skills training for African native speakers, while University X impressed the judges with its transparent, all-encompassing platform for tertiary education management.
Wema Bank’s CEO, Moruf Oseni, highlighted the importance of these innovations, sharing his vision for the program: “We are thrilled to celebrate the brilliance of young Nigerians through Hackaholics. Wema Bank is not just a financial institution; we are enablers of dreams and catalysts of transformation. Initially, the total prize pool was set at N75 million, but inspired by the incredible potential we saw, we decided to increase it to N145 million. With our 79-year legacy rooted in innovation, we are committed to empowering lives and shaping the future through initiatives like Hackaholics.”
Ugonna Ginigeme, CEO of Feegor and the overall winner, expressed his gratitude: “I’m deeply thankful to God, my team, and everyone who has supported us on this journey. Winning among such talented startups and entrepreneurs is truly humbling. A big thank you to the MD and management of Wema Bank for this incredible opportunity. While we’re just getting started, we’re committed to continuing to build, innovate, and create a positive impact for SMEs and the Nigerian economy.”
