Wema Bank convened the grand finale of Hackaholics 5.0, on November 27, 2024, a technology competition that aims to empower startups and youth in Africa. This event, entitled "Meta-Idea: DigiTech Solutions for Africa’s Prosperity," underscored the potential of technology to confront societal challenges and stimulate economic development.
Held as a testament to Wema Bank's commitment to innovation, Hackaholics 5.0 attracted a diverse audience of participants, government officials, tech enthusiasts, and industry leaders. The event served as a platform for showcasing transformative ideas and celebrating ingenuity.
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How Wema Bank is empowering lives through innovation
Since its inception in 2019, Hackaholics has become a significant platform for fostering creativity and entrepreneurship. Aligning with Wema Bank’s mission of “Empowering Lives Through Innovation,” the competition bridges gaps in Africa’s macroeconomic landscape by supporting the continent’s brightest minds.
Hackaholics achieved a milestone this year with a record-breaking 4,310 applications from innovators across Africa. Participants addressed issues spanning health, education, agriculture, and financial services, presenting cutting-edge solutions to complex challenges.
Wema Bank’s goals in driving STEM excellence in Africa
In his keynote address, Mr. Moruf Oseni, the MD/CEO of Wema Bank, emphasised the significance of investments in STEM (Science, Technology, Engineering, and Mathematics) for Africa’s development.
“No nation has successfully transitioned to First World status without significant investment in STEM,” he remarked. Oseni called on private and public stakeholders to foster an environment that nurtures technological innovation, emphasising that initiatives like Hackaholics catalyse this process.
Wema Bank's commitment to innovation is evident in its launch of Nigeria’s first fully digital bank, ALAT, which continues to serve as a springboard for tech-driven solutions. This year’s Hackaholics finalists competed for a prize pool exceeding ₦70 million, underscoring the bank’s dedication to empowering the youth.
Keynote highlights: The role of women in digital transformation
A standout moment of the event was the keynote speech by Debola Deji-Kurunmi, founder of Emerge Coaching Africa and a transformational leader. She spoke passionately about the role of women in Africa’s digital revolution and urged more inclusive investments in female-led tech ventures.
Deji-Kurumi highlighted the existing funding gap in tech ecosystems, where only 5% of VC funding reaches female founders. She proposed strengthening tech ecosystems for women through mentorship, funding, and education. Her vision extended to redefining technology as a sector and an enabler across industries.
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Beyond competition: Hackaholics’ broader impact
Hackaholics 5.0 was not just about competition. It offered participants mentorship, networking opportunities, and exposure to a vibrant community of innovators. Over the years, the initiative has directly engaged over 1 million participants across Africa, fostering a robust innovation ecosystem.
The finale also featured thought-provoking panel discussions, a showcase of Wema Bank’s corporate vision, and the celebration of groundbreaking startups set to redefine Africa's tech landscape.
Hackaholics 5.0 encapsulated Wema Bank's ethos of innovation and its vision for Africa’s prosperity. By providing a platform for creative minds and advocating for technological advancement, the competition continues to be a beacon of hope for Africa's future. As the event concluded, one message stood out: with suitable investments and collaborative efforts, Africa’s potential knows no bounds.
