By Oyinkansayo Wole-Bodunde
Wema Bank, a pioneer in Nigeria’s banking industry, has successfully concluded the fifth edition of its Hackaholics initiative.
This premier ideathon aims to empower and support the nation’s brightest tech innovators.
The grand finale, held in Lagos, showcased exceptional ingenuity and problem-solving skills, with seven startups sharing a total of N145 million in prize money.
This year’s Hackaholics saw a record-breaking 3,500 applications from across Nigeria. The 10 finalists presented innovative solutions to real-world challenges, including education accessibility, sustainable agriculture, healthcare, and more.
Feegor, the overall winner, received the top prize of N50 million for its innovative B2B wholesale marketplace and SaaS platform.
Feegor’s platform empowers SMEs to discover, negotiate, and source goods from verified suppliers while accessing credit through a Buy Now Pay Later (BNPL) model. This groundbreaking approach is expected to drive growth and create significant economic impact.
Other notable winners include Empayment AI, which received N35 million for its AI-powered invoice discounting platform, and Bloom Beauty, which was awarded N20 million for its personalized, AI-curated solutions transforming the beauty industry.
Wema Bank’s CEO, Moruf Oseni, highlighted the significance of the initiative, saying, “We are delighted to celebrate the brilliance of our youth through the Hackaholics initiative.At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation. When I stood here earlier, the total prize money was N75 million. But, inspired by the potential we saw, we decided to increase the total prize pool to N145 million. Wema Bank’s legacy of 79 years remains rooted in innovation, and with initiatives like Hackaholics, we continue to empower lives and shape the future.”
Ugonna Ginigeme, CEO of Feegor and the overall winner, expressed gratitude for the recognition and support, saying, “I feel very grateful to God, my team, and everyone who has been part of this journey. Winning among so many great startups and entrepreneurs is humbling. I sincerely thank the MD, Wema Bank, and its management for this incredible opportunity. These are still early days, but we are determined to keep working, building, and creating a positive impact for SMEs and the Nigerian economy while building an all-around successful company.”
