Wema Bank empowers innovative startups with $200,000

Wema Bank has awarded a total of $200,000 in grants to 18 innovative startups that emerged winners in the previous editions of its premier hackathon.

The bank disclosed this at a press conference in Lagos to announce the call for applications for the sixth edition of Hackaholics

Babatunde Mumuni, chief transformation officer of Wema Bank, said the bank remains dedicated to supporting innovative enterprises.

“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,” Mumuni said.

Read also: Five financial documents accepted during student visa application

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.

Meanwhile, the bank further revealed its plans to collaborate with governors in the Southwest region to enhance local innovation ecosystems, leveraging technology to drive transformation in food systems.

This partnership is expected to strengthen agrotech solutions and improve productivity in the agricultural sector.

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.