Wema Bank, Nigeria’s oldest indigenous lender valued at roughly $552 million, is steadily reshaping its identity from a traditional financial institution into a dynamic force within the country’s innovation ecosystem. Through strategic investments, accelerator programmes, and partnerships, the bank is positioning itself as a key backer of startups across sectors ranging from fintech and retail to edtech, health, and the creative economy.
At the heart of this strategy is Wema’s innovation arm, Hackaholics—a nationwide tech accelerator and idea incubator that has become one of the bank’s most visible channels for nurturing early-stage ventures. Hackaholics has evolved from a simple hackathon into a robust pipeline for spotting talent, offering mentorship, and deploying funding to promising founders solving local and global problems. Over the years, the programme has supported hundreds of startups, with winners receiving grants, business support, and access to Wema’s expansive network.
Beyond hackathons, the bank leverages its digital-first approach—embodied in ALAT, its flagship digital bank—to embed innovation directly into its operations. ALAT has grown into a launchpad for product testing and collaboration with startups. Many young companies use ALAT’s APIs, payment infrastructure, or customer base to scale rapidly, while Wema gains access to fresh ideas that enhance customer experience and operational efficiency.
Wema Bank’s investment philosophy is sector-agnostic, reflecting a deliberate move to support Nigeria’s diversified emerging economy. In retail, it backs startups building supply-chain and logistics efficiencies. In fintech, it supports ventures expanding digital payments and lending. In edtech and health, it funds companies advancing inclusion, remote learning, and digital wellness solutions. The bank also invests in creators and small businesses through specialised programmes that offer financial literacy, market access, and tailored credit products.
This startup-friendly posture is part of Wema’s broader ambition to remain competitive in a fast-digitizing financial landscape. By aligning capital with innovation, the bank improves its ability to grow deposits, deepen digital adoption, and build ecosystems that drive long-term revenue.
As Nigerian banks increasingly turn to technology to stay relevant, Wema Bank’s cross-sector startup investment strategy reinforces its role as both a financial institution and a catalyst for nationwide innovation.
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