Wema Bank unveils ₦120M prize pool for Hackaholics 6.0 Grand Finale, supporting youth innovation, women-led projects, and transformative startups

Wema Bank, Nigeria’s pioneer of Africa’s first fully digital bank, ALAT, has announced a ₦120 million prize pool for the Hackaholics 6.0 Grand Finale, the bank’s flagship youth innovation competition.

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The announcement follows regional pitch sessions that saw 1,460 participants across seven cities, producing 35 finalist teams. The prize structure includes ₦25 million for the first-place Ideathon winner, ₦20 million for the runner-up, and ₦15 million for the second runner-up.

Hackathon prizes range from ₦20 million for first place to ₦5 million for fourth place. In addition, two women-led teams, one from each category, will each receive ₦5 million in recognition of female innovation.

MD/CEO of Wema Bank, Moruf Oseni, said, “Hackaholics continues to demonstrate the power of young people to shape the future of technology and nation-building.

Our investment reflects our commitment to giving them resources, mentorship, and a platform to transform ideas into real-world solutions.”

The 35 finalists emerged from eight pitch centres, including Ahmadu Bello University (ABU Zaria), Lagos State University (LASU), University of Uyo (UNIUYO), Babcock University, University of Ibadan (UI), Veritas University Abuja, and Purple Academy Lagos. Students received masterclasses, hands-on mentorship, and structured pitch development before competing before expert judges.

Finalists include 17 Ideathon teams, 12 Hackathon teams, and six women-led teams tackling challenges across fraud detection, customer experience, onboarding, credit management, and social impact solutions. All teams will participate in a three-day pre-finale mentorship programme ahead of the Lagos Grand Finale.

Medugu Wali, leader of Veritas University’s Hackathon-winning team, Tensor, said, “We built ‘Wallet Padi’ because it can genuinely improve how Nigerians manage their money.

Advancing to the pre-finale is a big step toward realising that vision, and we appreciate Wema Bank for creating this platform.”

Babcock University Ideathon winner Akobundu Gift and Veritas University women-led project winner Ogunlana Tosin praised the competition for its role in refining their ideas and promoting women-led innovation.

Since 2019, Hackaholics has attracted over 12,000 applicants across 15 schools, distributing more than $300,000 in funding. Between 2023 and 2024, ₦75 million was awarded to women-led teams. With the Hackaholics Accelerator and Collective Program launched earlier this year, Wema Bank continues to support early-stage founders beyond the competition cycle.

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The Hackaholics 6.0 Grand Finale will bring together investors, policymakers, industry leaders, and technology experts in Lagos for live pitches, product showcases, and the unveiling of Nigeria’s next generation of transformative founders.