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Wema Bank Unveils ₦120M Grand Prize Pool as 35 Teams Advance to Hackaholics 6.0 Finale

Published

9 months ago

December 12, 2025

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Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has announced a ₦120 million prize pool for the Hackaholics 6.0 Grand Finale.

The announcement follows the emergence of 35 teams from regional pitch sessions that recorded 1,460 participants across seven cities in Nigeria.

Announcing the prize structure, MD/CEO Wema Bank, Moruf Oseni, disclosed that the ₦120 million will be awarded across several winning categories at the finale. The Ideathon prizes include ₦25 million for first place, ₦20 million for the first runner-up and ₦15 million for the second runner-up. In the Hackathon category, the first to fourth-place teams will receive ₦20 million, ₦15 million, ₦10 million and ₦5 million respectively. In addition, two women-led innovations, one from each vertical, will receive ₦5 million each in recognition of Wema Bank’s commitment to advancing female participation in technology and innovation.

According to Moruf Oseni, “Hackaholics continues to demonstrate the power of young people to shape the future of technology and nation-building. We believe strongly in the ideas, resilience, and ingenuity of the Nigerian youth, and our investment in this initiative is a clear testament of our commitment to giving them the resources, mentorship, and platform they need to transform their ideas into real-world solutions.

“As these finalists head to Lagos, we are confident that their innovations will create meaningful impact across industries and communities, and we are proud to be a champion for that transformation.”

The 35 finalist teams emerged from a regional pitch cycle that received over a thousand applications across eight pitch centres: Ahmadu Bello University (ABU Zaria), Federal University of Technology Akure (FUTA), Lagos State University (LASU), University of Uyo (UNIUYO), Babcock University, University of Ibadan (UI), Veritas University Abuja and Purple Academy Lagos.

Each centre provided students with access to industry-led masterclasses, hands-on mentorship and structured pitch development sessions, culminating in highly competitive presentations before expert judges.

The finalists include 17 Ideathon teams, 12 Hackathon teams and six women-led teams, each tackling challenges across fraud detection, customer experience, onboarding, acquisition, credit management and other social impact areas.

All teams will participate in a three-day pre-finale mentorship and shortlisting programme ahead of the Grand Finale in Lagos.

Finalists expressed excitement about advancing to the Lagos finale and the opportunities ahead. The team leader of Veritas’ Hackathon winner, Tensor, Medugu Wali, shared the reason they are participating in the competition.

“We built ‘Wallet Padi’ because we believe it can genuinely improve how Nigerians manage their money. Advancing to the pre finale leg of Wema Bank Hackaholics is a big step toward bringing that vision to life, and we appreciate Wema Bank for creating this platform.”

Babcock’s Ideathon winner, Akobundu Gift, a participant who had earlier attempted the Hackaholics challenge in 2023 but didn’t win, expressed great enthusiasm at the prospect of moving on to the next stage.

Extending his gratitude to Wema Bank, he reminisced on the journey of his Startup, ‘Chao’. According to him, “Chao started as a small campus food-delivery idea in 2023, and it has grown far beyond what we imagined. Reaching the Hackaholics finals again reflects how much we’ve evolved. We’re grateful to Wema Bank for the opportunity and excited to compete at the next stage.”

Ogunlana Tosin, founder of Eutopia.ai, the women-led project winner at Veritas University, also shared her joy after being announced winner at her Pitch Centre, adding “Not making it at Babcock was honestly painful, but we were determined to win so we took the feedback, refined our solution and returned to try again.

Advancing beyond the preliminaries this time showed me what’s possible when we don’t give up. I’m truly grateful to Wema Bank for this opportunity and for continuing to champion women empowerment, helping women-led innovation to thrive, and supporting women through initiatives like SARA,” she said.

Since its inception in 2019, Hackaholics has grown into one of Nigeria’s most influential youth innovation platforms, attracting more than 12,000 applicants across 15 schools and disbursing over $300,000 in funding and support. Between 2023 and 2024 alone, ₦75 million was awarded to women-led teams. With the launch of the Hackaholics Accelerator and Collective Program earlier this year, Wema Bank now provides ongoing support to early-stage founders beyond the competition cycle.

The Hackaholics 6.0 Grand Finale will bring together industry leaders, policymakers, investors and technology experts in Lagos for live pitches, product showcases and the unveiling of Nigeria’s next generation of transformative founders.

For more information, visit hackaholics.wemabank.com or follow Wema Bank’s digital platforms.

Related Topics:Hackaholics 6.0 Finale WEMA BANK

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Nigeria’s foreign reserves rise to $52.66 billion, highest in 17 years

Published

4 weeks ago

August 24, 2026

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Nigeria’s gross external reserves surged to $52.66 billion as of August 19, reaching their highest level in more than 17 years.

This was contained in the latest data from the Central Bank of Nigeria (CBN).

The reserves stood at $52.65 billion on August 19, up from $45.56 billion recorded on January 2, representing an increase of about $7.09 billion or 15.6 percent in less than eight months.

The latest position also surpasses the previous 2026 peak of about $52.04 billion recorded in July.

Data from the CBN showed that reserves crossed the $52 billion mark for the first time this year in July, reaching $52.02 billion on July 20.

The figure was the highest since January 2009, when reserves stood at about $52.01 billion.

The reserve position had declined earlier in the year, falling from $49.18 billion on April 1 to about $48.33 billion in early May.

It subsequently recovered, crossing the $50 billion mark in June and rising above $51 billion before surpassing $52 billion in July.

The governor of the CBN, Olayemi Cardoso, had earlier attributed the increase in reserves to stronger foreign exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.

Cardoso also said the reserve level provided import cover for about 11 months of goods and services, significantly above the three-month international benchmark.

The increase in the external buffer has coincided with improved foreign exchange liquidity and a stronger naira.

Recent market data showed the naira appreciating to about N1,346.49 per dollar in the official market last week.

Also, in its 2026 macroeconomic outlook, the apex bank projected that Nigeria’s external reserves would rise to about $51.04 billion by the end of the year.

The latest figure is about $1.62 billion above that projection.

Business

Wema Bank wins Euromoney’s Nigeria’s best digital bank for consumers 2026 award

Published

2 months ago

July 20, 2026

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… Recognition affirms bank’s leadership in digital innovation and customer-centric banking

Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, recently added another feather to its already heavily-studded cap after it was named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.

The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.

Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value.

In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.

Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer and more rewarding for every customer.

“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria.”

A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships.

Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.

Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.

For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight and innovation to deliver seamless, secure and inclusive financial solutions for individuals, businesses and communities.

The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.

Business

CBN revokes licences of 46 microfinance banks

Published

3 months ago

July 2, 2026

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs).

The apex bank cited the failure of the banks to meet regulatory requirements for continued operation.

In a statement issued on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.

“According to the revocation order, the action became necessary because of one or more of the circumstances: Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” CBN said.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement reads.

CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.

The affected microfinance banks are:

1. Minji-Se Churchill MFB (tier 1) in Rivers

2. Merchant MFB (tier 2) in Abia

3. Janmaa MFB (tier 1) in Kwara

4. Busu MFB (tier 2) in Niger

5. Gold MFB (tier 1) in Lagos

6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano

7. Bompai MFB (tier 1) in Kano

8. Ajwa MFB (tier 2) in Kano

9. Now Now Digital MFB (tier 2) in Kano

10. Crystabel Microfinance Bank (tier 1) in Bayelsa

11. Chanelle MFB (state-based) in Lagos

12. Abia SME MFB (tier 1) in Abia

13. Kamba MFB (tier 2) in Kebbi

14. Iwade MFB (tier 2) in Ogun

15. Winview MFB (tier 1) in Abuja

16. Zuru MFB (tier 2) in Kebbi

17. Minjibir MFB (tier 1) in Kano

18. Shanono MFB (tier 2) in Kano

19. Sumaila MFB (tier 2) in Kano

20. Rimin Gado MFB (tier 2) in Kano

21. Mwaghavul MFB (state-based) in Plateau

22. Sycamore MFB (tier 2) Kano

23. TOFA MFB (tier 2) in Kano

24. Safegate MFB (tier 1) in Lagos

25. Creekline MFB (tier 2) in Delta

26. Bestar MFB (tier 1) in Oyo

27. Livingspring MFB (tier 1) in Cross River

28. Apple MFB (tier 2) in Ogun

29. Stanford MFB (state-based) in Uyo

30. Frontline MFB (tier 2) in Anambra

31. Zafec MFB (tier 2) in Kaduna

32. Supreme MFB (tier 1) in Lagos

33. Bejin-Doko MFB (tier 2) in Niger

34. Kanopoly MFB (tier 1) in Kano

35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano

36. Yeneng MFB (tier 2) in Plateau

37. Creditville MFB (tier 1) in Lagos

38. MBAG MFB (tier 1) in Lagos

39. Straight Sahara MFB (tier 1) in Benue

40. Our Pass MFB (tier 2) in Ondo

41. VERDANT MFB (tier 1) in Lagos

42. Basawa MFB (tier 2) in Kaduna

43. Casha MFB (tier 2) in Abuja

44. Esteem MFB (tier 2) in Kano

45. Enterpreneur MFB (tier 1) in Lagos

46. Avantus MFB (tier 2) in Osun

It would be recalled that the CBN increased the capital base for banks, in March 2024, giving them until March 31, 2026, to meet the requirements.

On March 6, 2026, the financial regulator disclosed that 30 banks have met the minimum capital requirement.