Efforts by the management of Wema Bank Plc to position Nigeria for a greater digital future have been positive as a total sum of $200,000 in grants to 18 winners innovative startups in the previous editions of its premier hackathon are strategically growing the Nigerian economy.
Babatunde Mumuni, chief transformation officer of Wema Bank, who made the disclosure at a press conference in Lagos, said the bank remains dedicated to supporting innovative enterprises.
While calling for applications for the sixth edition of Hackaholics, He said: “From inception to date, we’ve had a total of 18 winners at Hackaholics, and we have given out about $200,000 in grants to all the winners. Over the years, we have continued to increase the prize money to empower these innovators to progress”
According to him, the Hackaholics initiative, designed to foster technological advancements and entrepreneurship, aligns with the bank’s commitment to empowering startups with funding, mentorship, and market access.
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Tunde Mabawonku, executive director of retail and digital business at Wema Bank said the bank remains dedicated to fostering innovation, particularly in agriculture.
He highlighted the importance of technological solutions in increasing market access, addressing inefficiencies, and accelerating transformation within agrifood systems.
Also, winners of the previous editions of the Hackaholics encourage more participation in the coming edition, explaining the impact of the Hackaholics and how they have grown their company and gained dominance in the market.
He also emphasised the bank’s plans to collaborate with governors in the Southwest region to enhance local innovation ecosystems, leveraging technology to drive transformation in food systems.
This partnership, according to him, is expected to strengthen agrotech solutions and improve productivity in the agricultural sector.
At the grand finale last year, the bank announced an increase in the prize pool from N75 million to N145 million.
