Wema Bank startup funding has received a major boost following the bank’s decision to award a combined ₦300 million to 11 Nigerian startups and innovators at the seventh edition of its Hackaholics innovation programme. The selected businesses are developing technology-driven solutions across agriculture, healthcare, education, artificial intelligence and other sectors.
Wema Bank startup funding was announced at the grand finale of Hackaholics 7.0, held in Lagos on November 6, 2026. The event, themed “Festival of the Future”, brought together young entrepreneurs, technology enthusiasts and industry stakeholders to recognise innovative ideas designed to address economic and social challenges.
Wema Bank startup funding attracted significant interest, with 5,329 participants submitting 1,632 ideas and solutions across seven pitch centres in Uyo, Kano, Yaba College of Technology, Benin, Ibadan, Enugu and Lagos. Following the nationwide selection process, 59 participants emerged, while 21 finalists advanced to the grand finale to compete across four categories: Startup/Ideathon, Social Impact, Women-Led and Hackathon.
Wema Bank startup funding saw 11 innovators receive financial awards for projects addressing different challenges in Nigeria and beyond. The winning solutions cover agricultural technology, digital healthcare, education, accessibility, environmental sustainability, artificial intelligence and business services.
Tony Niteon Nwose, founder of Niteon, emerged as the overall winner, receiving the ₦60 million grand prize for an agricultural technology platform that connects African farmers with processors, financial services and international markets. It aims to improve farmers’ access to finance and reliable buyers.
Other winners received funding for solutions targeting specific problems. Emmanuel Adeboje of Acceede secured ₦40 million for an education-focused innovation, while David Lawani of All-Arbitrates received ₦20 million to improve access to arbitration.
In the Social Impact category, Kabir Olaosebikan of Craft Planet received ₦40 million for developing sustainable building materials from plastic waste. Samuel Ayomide Shonubi of SocialSign secured ₦30 million for sign language technology to improve communication and accessibility, while Oluwaseyi Whyte Akinlolu of Harthio received ₦20 million for a mental wellness solution.
Artificial intelligence also featured among the winning projects. Kelvin Nnadi of Neural Forge received ₦30 million for an AI-powered medical diagnostic solution, while David Campbell of Nexa AI secured ₦20 million to help businesses understand customer interactions. Uti Henry of Vhorde received ₦10 million for IRIS, an AI-powered smart glasses solution to help visually impaired people navigate.
The competition also recognised women-led businesses. Zainab Boluwatife Adeagbo of MamaAlert received ₦20 million for a digital healthcare solution to improve women’s access to healthcare. Precious Zino of URI secured ₦10 million for an AI-powered marketing platform to improve customer engagement.
Speaking at the event, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the ₦300 million award reflected the bank’s commitment to supporting young innovators and helping them turn ideas into practical solutions. He said funding, mentorship, technical support and industry networks can help promising ideas become sustainable businesses.
The programme comes as many Nigerian startups seek funding to develop products, attract customers and expand. However, access to early-stage capital remains a challenge for founders yet to generate consistent revenue. In this environment, Wema Bank startup funding offers selected teams an opportunity to move their ideas closer to commercial development.
Since its introduction in 2019, Hackaholics has developed into a platform for identifying and supporting emerging innovators. Reports say the initiative has recorded more than 21,000 applicants, engaged over 50,000 participants, supported more than 10,000 startups across three countries and contributed to the development of over 100 solutions.
The winning projects show how Nigerian entrepreneurs are applying technology to challenges in agriculture, healthcare, education, sustainability and artificial intelligence. The Wema Bank startup funding initiative also shows how private-sector programmes can complement other support available to founders.
Receiving funding is only one stage in building a successful business. The winning teams must still improve their products, understand customers and build sustainable business models. Their ability to turn the awards into long-term growth will be an important measure of the programme’s impact.
For Nigeria’s startup ecosystem, the ₦300 million commitment provides another example of how financial institutions can support innovation beyond traditional banking services. Effective use of the funds could help beneficiaries improve products, reach customers and create jobs. Further details about post-award support were not specified.