Wema Bank is betting big on the next generation of African innovators with the launch of Hackaholics 7.0, a programme that has become one of Nigeria’s most ambitious platforms for nurturing technology entrepreneurship. Unveiled at the bank’s Lagos headquarters on Wednesday, the seventh edition introduces an expanded structure featuring three distinct participation tracks and seven innovation focus areas, positioning itself as a comprehensive incubator for startups tackling the continent’s most pressing challenges.
Since its inception in 2019, Hackaholics has evolved from a modest youth initiative into a cornerstone of Nigeria’s tech ecosystem. The programme has supported thousands of startups, engaged tens of thousands of participants, and developed over 100 solutions addressing real world problems. Previous winners have received grant funding to scale their innovations, creating a ripple effect across multiple sectors. What sets this year’s edition apart is its thematic breadth and structural sophistication, reflecting both the maturation of Nigeria’s startup landscape and the growing complexity of challenges requiring technological solutions.
Operating under the theme “Powering Possibilities”, Hackaholics 7.0 will channel innovation efforts across seven strategic sectors. Financial inclusion remains a priority, alongside healthcare, digital transformation, education, sustainability, social impact, and the future of work. Each area represents a critical frontier where technology can deliver measurable improvements to millions of Africans. The inclusion of sustainability and social impact as standalone categories signals a recognition that successful innovation must address not just commercial viability but also environmental and societal outcomes.
Participants will compete across three distinct categories, each designed to attract different types of innovators and ideas. The Startup Pitch Competition targets entrepreneurs with elished business models seeking acceleration and funding. The Hackathon track focuses on rapid prototyping and technical problem solving, appealing to developers and engineers. Most notably, the newly introduced Social Impact track acknowledges that some of the most important innovations may not fit traditional commercial frameworks but nonetheless deserve support and recognition. Applications will be processed through the official Hackaholics portal before successful candidates embark on a national innovation tour spanning 10 pitch centres across Nigeria’s six geopolitical zones.
Moruf Oseni, managing director and chief executive officer of Wema Bank, positioned the initiative within a broader vision of institutional responsibility that transcends conventional banking. He emphasized that financial institutions must actively create opportunities and enable ecosystems rather than simply provide transactional services. “At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services,” Oseni stated. “We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy.” His comments reflect an increasingly common perspective among African financial institutions that youth unemployment and economic stagnation require proactive corporate engagement rather than passive market participation.
As Nigeria grapples with youth unemployment rates exceeding 40 percent and an economy increasingly dependent on technology for growth, initiatives like Hackaholics represent more than corporate social responsibility. They function as critical infrastructure for economic transformation, bridging the gap between raw talent and market readiness. The coming months will determine which innovations emerge from the regional pitch centres to compete at the grand finale, but the real measure of success will be how many of these startups survive beyond the programme to create jobs, attract investment, and solve problems at scale. With Africa’s technology sector attracting billions in venture capital despite global economic headwinds, the timing could hardly be better for a new cohort of innovators to make their mark.
You May Like
Leave a comment