WEMA Bank Empowers Innovative Start-ups with Grants

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Wema Bank has announced that it provided $200,000 in grants to 18 innovative firms that emerged winners in previous editions of its Hackaholics hackathon. The hackathon, designed to bring together the brightest minds in technology, design, and innovation has been instrumental in supporting innovative start-ups.

According to Babatunde Mumuni, Chief Transformation Officer at Wema Bank, “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 guys to progress.”

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The bank has also announced plans to collaborate with governors in the Southwest to enhance local innovation ecosystems, utilizing technology and innovation as key drivers for transformation in food systems across the region.

Tunde Mabawonku, Executive Director of Retail and Digital Business at Wema Bank, stated that the bank is dedicated to fostering innovations that improve the value and resilience of smallholder farmers. “We will achieve this by increasing access to technological solutions and markets, addressing inefficiencies, accelerating transformation, and supporting various priorities within agri-food systems.”

Mabawonku emphasized that the Hackaholics Hackathon is designed to identify technology startups that provide viable solutions to challenges encountered in agriculture and various other sectors. “The event has become a transformative force in the economy, delivering innovative responses to emerging challenges and highlighting the significant potential it has revealed within the economy.”

Through collaboration with other organizations, Mabawonku noted that the initiative seeks to enhance cross-border collaboration, facilitate knowledge sharing, and attract investments to support impactful technology innovations. “These technology start-ups have emerged as a solution to the challenges faced by Nigerian businesses, fostering a collaborative environment that addresses critical issues related to production and supply chain management, among others.”

Last year, Wema Bank announced an increase in the prize pool for the Hackaholics hackathon from N75m to N145m, emphasizing its commitment to empowering the youth to shape their future.

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