Wema Bank looks to scale digital innovation in Nigeria

Wema Bank, a leading financial institution in Nigeria, is making significant strides in scaling digital innovation to transform the country's economy. The Managing Director and CEO of Wema Bank, Moruf Oseni, emphasized the importance of investing in the digital ecosystem to drive innovation during an interview with CNBC Africa at the 4th edition of the Wema Bank Hackaholics Summit. Oseni highlighted that Nigerian universities serve as a breeding ground for innovative ideas and that the bank is committed to exploring various verticals to tap into the talents of young disruptors. Wema Bank's journey into digital innovation began in 2017 with the launch of Alat, the first digital bank in Africa. Recognizing the need for a continuous flow of innovative products, the bank initiated the Hackaholics program four years ago. Despite challenges posed by the COVID-19 pandemic, Wema Bank persevered and organized successive editions of the summit. This year, the bank aimed to elevate the competition by inviting thought leaders, investors, and venture capitalists to support budding entrepreneurs in scaling their businesses. Oseni underscored the pivotal role of technology in propelling Nigeria's growth, stating that the country's youth population presents a vast opportunity for technological advancement. By fostering a tech-focused mindset among the youth, Wema Bank envisions harnessing the potential of two to three million young individuals to drive the nation's progress. With a strong commitment to digital transformation, Wema Bank positions itself as a catalyst for innovation and a supporter of young talents. The selection process for the Hackaholics winners is rigorous and transparent, with judges evaluating pitches from various universities. Top performers from the initial rounds advance to the final stage, where the top three participants are chosen. Emphasizing the significance of the journey rather than just the destination, Oseni encouraged all participants, stating that each individual has the potential to become a future unicorn startup. In addition to the Hackaholics Summit, Wema Bank has taken a step further by initiating the STEM Endowment Fund. This fund aims to impact universities positively by providing financial support to winners and enabling their institutions to benefit as well. By nurturing a conducive environment for innovation within the academic sphere, Wema Bank hopes to replicate the success stories of global tech giants that originated from prestigious universities. Looking ahead, Wema Bank aims to expand the reach of the STEM Endowment Fund to more universities in Nigeria, fostering a robust ecosystem that connects students, established companies, and financial institutions. With a strategic focus on technology, innovation, and inclusivity, Wema Bank demonstrates its commitment to driving socio-economic transformation through digital empowerment. As Marufo Sene succinctly put it, 'We are putting our money where our mouth is,' underscoring the bank's dedication to supporting technological advancement and nurturing young entrepreneurs.