Wema Bank supports innovative firms with $200,000 grant
Wema Bank on Wednesday announced that it provided $200,000 as grants to 18 innovative firms that emerged winners in the previous editions of its Hackaholics, a premier hackathon by the bank, designed to bring together the brightest minds in technology, design, and innovation.
At a press conference in Lagos announcing the call for applications for the sixth edition of the bank’s Hackaholics, the Chief Transformation Officer, Wema Bank, Babatunde Mumuni, declared that the bank had continued to support innovative start-ups to progress.
“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,” he stated.
The bank also said it would collaborate with governors in the Southwest to enhance local innovation ecosystems, utilising technology and innovation as key drivers for the necessary transformation in food systems across the region.
The Executive Director of Retail and Digital Business, Wema Bank, Tunde Mabawonku, said the bank is dedicated to fostering innovations that improve the value and resilience of smallholder farmers.
He said this will be achieved by increasing access to technological solutions and markets, addressing inefficiencies, accelerating transformation, and supporting various priorities within agri-food systems.
On the Hackaholics, Mabawonku said it was designed to identify technology startups that provide viable solutions to challenges encountered in agriculture and various other sectors while also promoting their growth on both national and international levels.
He emphasised that the event has become a transformative force in the economy, delivering innovative responses to emerging challenges, and highlighted the significant potential it has revealed within the economy.
Through collaboration with other organisations, Mabawonku noted that the initiative seeks to enhance cross-border collaboration, facilitate knowledge sharing, and attract investments to support impactful technology innovations, thereby improving the efficiency, resilience, and sustainability of business practices.
“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,” he stated.
Recall that during last year’s grand finale, the bank announced an increase in the prize pool from N75m to N145m. It emphasised its commitment to empowering the youth to shape their future.
