Wema Bank Supports 18 Startups with $200,000 in Grants to Boost Innovation

Wema Bank Plc has awarded a total of $200,000 in grants to 18 startups through its Hackaholics initiative, aiming to foster digital transformation and contribute to Nigeria’s economic growth. The initiative, which encourages technological advancements and entrepreneurship, has been a platform for innovative startups to secure funding, mentorship, and market access.

Babatunde Mumuni, the bank’s chief transformation officer, shared this at a press conference in Lagos. He reiterated Wema Bank’s commitment to supporting innovation-driven enterprises and creating opportunities for entrepreneurs. He announced the call for applications for the sixth edition of Hackaholics, encouraging startups to participate in the program.

Mumuni emphasized the impact of the Hackaholics program, noting that since its inception, it has provided financial and strategic support to startups, helping them scale their businesses. He highlighted how the bank has consistently increased prize money over the years to further empower entrepreneurs, ensuring they have the resources needed to develop their ideas.

Tunde Mabawonku, Wema Bank’s executive director of retail and digital business, reinforced the bank’s dedication to fostering innovation, particularly in agriculture. He pointed out the role of technology in addressing inefficiencies, expanding market access, and transforming agrifood systems. He explained that the bank aims to collaborate with state governments in the Southwest region to enhance local innovation ecosystems. This partnership is expected to leverage technology to improve food systems, strengthen agrotech solutions, and boost agricultural productivity.

Past winners of the Hackaholics competition have also encouraged more startups to apply, sharing their success stories and the growth they have experienced through the program. Many have reported gaining significant market presence and scaling their businesses thanks to the exposure and funding received.

Last year, during the grand finale of the event, Wema Bank increased the total prize pool from N75 million to N145 million, further demonstrating its commitment to supporting the Nigerian startup ecosystem. With the upcoming sixth edition, the bank continues to position itself as a key player in driving digital innovation and entrepreneurship across the country.