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To tackle food insecurity, Wema Bank Plc is partnering with South West governors to foster innovation-driven transformation in Nigeria’s food systems.
The synergy seeks to optimise the deployment of local technologies in the agric ecosystems.
Through the collaboration, the bank aims to empower smallholder farmers with cutting-edge solutions that improve productivity, resilience and market access.
Speaking at a press conference to announce the call for applications for the sixth edition of its Hackaholics initiative, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, who was represented by the Executive Director, Retail and Digital Business, Tunde Mabawonku, highlighted the bank’s dedication to championing innovations that tackle inefficiencies and accelerate agricultural transformation.
“Our goal is to extend beyond merely banking the youth; we aim to assist them in crafting their success stories and shaping the future,” he stated.
Mabawonku further explained that Hackaholics, being Wema Bank’s flagship innovation challenge, was designed to identify and support tech startups offering viable solutions to challenges in agriculture and other critical sectors. Over the years, the initiative has catalyzed economic transformation by nurturing homegrown innovations and attracting investments to enhance business efficiency and sustainability.
“So far, Wema Bank has provided grants totaling $300,000 to 18 successful startups from previous editions of Hackaholics,” he revealed.
During last year’s grand finale, the bank increased its prize pool from N75 million to N145 million, reinforcing its commitment to youth empowerment.
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The ED called on corporate Nigeria to invest in sustainable initiatives, emphasizing the transformative potential of STEM (Science, Technology, Engineering, and Mathematics) in Nigeria’s economic future.
“With appropriate investments in STEM, I am confident that Nigeria’s exceptional youth will not only continue to excel in entertainment and sports but will also embrace the innovations that will propel Nigeria toward greatness,” he said.
He urged leaders across both public and private sectors to translate their noble intentions into concrete action.
“No nation has made a successful transition from third-world to first-world status without significant investment in science, technology, engineering, and mathematics. As such, there is a huge responsibility on leaders to put our money where our mouths are,” he declared.
Highlighting the need for a collaborative innovation ecosystem, Mabawonku encouraged public and private stakeholders to support technology-driven solutions that power economic growth.
“Some of the biggest companies in the US started in universities. Nigeria can emulate this by putting money behind our youth’s ideas to create world-class solutions that drive our economy,” he stated.
He added that the bank’s investment in fostering innovation via Hackaholics stands as a fulcrum of opportunity that could position Nigeria as a hub for sustainable solutions in food security, agribusiness and beyond.
