Home Blog Page 216

Wema Bank Announces N120m Prize Pool for Hackaholics 6.0 Grand Finale

Wema Bank has announced a N120 million prize pool for the Hackaholics 6.0 grand finale following the emergence of 35 teams from regional pitch sessions that recorded 1,460 participants across seven cities in Nigeria.

The Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, disclosed that the N120 million would be distributed across several winning categories at the grand finale of the innovation challenge.

According to him, the Ideathon prizes include N25 million for the first-place winner, N20 million for the first runner-up, and N15 million for the second runner-up. In the Hackathon category, the first to fourth-place teams will receive N20 million, N15 million, N10 million, and N5 million respectively.

In addition to these, two women-led innovations, one from each vertical, will receive N5 million each in recognition of Wema Bank’s ongoing commitment to promoting female participation in technology and innovation.

Oseni said, “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 youths, and our investment in this initiative is a clear testament of our commitment to giving them the resources, mentorship, and platform.”

He added, “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 attracted 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 of these centres offered students access to masterclasses led by industry experts, hands-on mentorship sessions, and structured pitch development opportunities. These activities culminated in highly competitive presentations before panels of expert judges, resulting in the selection of the top-performing teams.

Among the 35 finalists are 17 Ideathon teams, 12 Hackathon teams, and six women-led teams, all developing innovative solutions to address challenges in fraud detection, customer experience, onboarding, acquisition, credit management, and other areas with social and economic impact.

The finalists will participate in a three-day pre-finale mentorship and shortlisting programme in Lagos ahead of the grand finale. During this stage, they will receive further guidance from professionals and prepare to present their solutions to investors, policymakers, and industry experts.

Several of the finalists shared their excitement about advancing to the Lagos stage. The team leader of Veritas University’s Hackathon winner, Tensor, Medugu Wali, explained their motivation for joining 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,” Wali said.

Babcock University’s Ideathon winner, Akobundu Gift, also expressed joy at making it to the next stage. Having participated in the Hackaholics challenge in 2023 without success, Akobundu said the experience motivated him to keep building 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.”

Similarly, Ogunlana Tosin, founder of Eutopia.ai, the women-led project winner at Veritas University, shared her excitement after being announced as a winner at her Pitch Centre. She said, “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.”

Since its introduction in 2019, Hackaholics has evolved into one of Nigeria’s most recognized youth innovation platforms. The competition has attracted over 12,000 applicants from 15 universities and has disbursed more than $300,000 in funding and support to emerging innovators. Between 2023 and 2024 alone, Wema Bank awarded ₦75 million to women-led teams as part of its inclusion and empowerment strategy.

Earlier this year, Wema Bank expanded the initiative with the launch of the Hackaholics Accelerator and Collective Program. The expansion provides ongoing support to early-stage founders beyond the competition period, ensuring that promising startups continue to receive mentorship, exposure, and access to funding opportunities.

The Hackaholics 6.0 Grand Finale is expected to bring together leading industry professionals, policymakers, investors, and technology experts in Lagos. The event will feature live pitches, product showcases, and the unveiling of a new generation of Nigerian innovators whose ideas could drive transformation across different sectors of the economy.

Advertisement

PalmPay Launches N400m Festive Rewards With Cash Prizes, Free Trips

PalmPay, Nigeria’s leading digital banking platform, has announced the launch of a N400 million festive rewards campaign aimed at rewarding users with cash prizes and fully sponsored international travel experiences for everyday transactions carried out on the PalmPay app.

According to the company, the campaign will run from December 17, 2025, to January 8, 2026, and is designed to reward routine digital banking activities with bigger lifestyle benefits. The initiative is being rolled out alongside PalmPay’s Purple December brand campaign, which wraps up the company’s key brand and community activities for the year.

At the centre of the promotion is the PalmPay World Travel Carnival, an interactive card collection feature built into the app. Through this feature, users can earn digital city cards by completing eligible transactions. The required city cards are London, New York, Dubai, Sydney, and Cape Town. When all five cards are collected and combined, users unlock a World Card that qualifies them for a share of the campaign’s cash reward pool.

PalmPay explained that the more World Cards a user creates, the higher their share of the cash rewards. Users with extra uncombined cards can also swap with friends and other PalmPay users to help complete additional World Cards.

Beyond cash prizes, the campaign also offers Free Global Trips. In each round, the top two users with the highest number of eligible transactions, defined as 100 or more, and who also hold at least one World Card, will win an all-expense-paid international trip.

The travel package covers visa fees, round-trip international airfare, five days and four nights hotel accommodation, side attractions, meal expenses, airport pick-up and drop-off, and transportation for scheduled tour activities during the trip.

Winners will be selected through a transparent leaderboard system, with prizes credited automatically at the end of each round on December 25, December 31, and January 8.

To participate, users are required to complete listed tasks on the PalmPay app, including airtime purchase, data subscription, transfers, and other eligible transactions, collect the five city cards, swap cards where necessary, combine them into a World Card, and perform more transactions to climb the leaderboard.

PalmPay stated that strict rules apply, warning that cheating, bots, fake accounts, or manipulation may lead to disqualification or account bans. The company also noted that the free travel prize is limited to one per user throughout the campaign.

Speaking on the launch, Head of Marketing and Communication, Femi Hanson, said, “This festive rewards campaign is about turning everyday banking into meaningful value for our users. With the World Travel Carnival as the headline activation, we are reinforcing PalmPay’s promise of being the smarter way to bank, where smart financial decisions unlock bigger opportunities.”

FG begins payment of N25,000 to RRR conditional cash transfer beneficiaries

The Federal Government has commenced payment of the N25,000 monthly stipend for the Renewed Hope Conditional Cash Transfer (CCT) programme to beneficiaries. Eligible households are now receiving credit alerts of N25,000.

Vulnerable households have confirmed that they have been paid, with social media, especially Facebook, being flooded with posts like, “Renewed Hope Cash Conditional Transfer (CCT) payments ongoing. Expect yours if you qualified.” The payment of the RRR cash transfer to households began on December 19 from the National Cash Transfer Office (NCTO).

As gathered by Nigeria Startup News, one of the viral SMS messages reads: “Credit: 316XXXX552 Amt: NGN25,000.00 Date: 19-DEC-2025 21:38:36 Desc: REM:R-1398134734/NATIONAL C: NationalSoci. Bal: NGN25,146.32CR Pay with FirstOnline”

This massive disbursement of RRR CCT cash transfer is going to households who have not yet been paid all three tranches. The Federal Government aims to ensure that the remaining households receive their payments before the end of 2025.

The total conditional cash amount is N75,000 per household, paid as N25,000 in three tranches.

Beneficiaries will no longer be paid physically by their State Cash Transfer Units at the ward level.

The Federal Government now pays N25,000 CCT funds through bank transfer.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, confirmed that over 15 million households are being targeted for the ongoing disbursement.

Those who are yet to receive bank alerts are advised to be patient, as theirs will come soon. There is no official registration portal for the RRR cash transfer, as payment is done using the National Social Register to eligible poor households who have NIN and a bank account.

Congratulations to all conditional cash beneficiaries.

The December N25,000 cash transfer is part of the ward-based development initiative introduced by the Federal Government to channel funds directly to all 8,809 wards across 774 local government areas in Nigeria.

Apply: DBN Innovation Hub for MSMEs in North-East and North-West Nigeria

1

The DBN Innovation Hub has opened applications for Micro, Small, and Medium Enterprises (MSMEs) operating in Nigeria’s North-East and North-West regions, launching a structured pathway for business growth and inclusion.

The DBN Innovation Hub Project is a 24-month entrepreneurship acceleration program designed to equip founders with skills, resources, and networks needed for sustainable growth. The initiative is led by the and focuses on transforming lives through enterprise development.

As part of the rollout, this call for applications has been launched for 80 incubation spots, with winners selected to receive grant funding. Over 10,000 entrepreneurs are encouraged to complete the DBN courses on the BizAid digital platform, which is a compulsory step for participation.

Program benefits include tailored training and business diagnostics, one-on-one mentorship from industry experts, investor readiness and pitch preparation support, market expansion and access opportunities, networking with potential investors and partners, as well as post-program support and an alumni network.

Eligibility is limited to small and medium businesses located in North-East or North-West Nigeria, operating in fast-growing sectors, and showing clear potential to grow and innovate. Applicants must be founders willing to fully participate in the program. Eligible businesses are required to have been running for at least three years and demonstrate strong potential to create many jobs.

Participation requires compulsory training and certification.

Only MSMEs with a certificate of completion from the DBN BizAid courses can apply, and a training certificate or email notification must be attached to the application as proof.

To apply, interested applicants should visit www.dbninnovationhub.com and apply.

World Bank Approves $500m Loan to Expand MSME Credit in Nigeria

The World Bank has approved $500 million in financing to expand access to credit for micro, small and medium enterprises (MSMEs) in Nigeria, aiming to close long-standing funding gaps that have slowed business growth across the country.

In a statement released on Saturday, the global financial institution said the approval covers the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) project. The package is structured as a blended facility, with $400 million coming from the International Bank for Reconstruction and Development (IBRD) and $100 million from the International Development Association (IDA).

According to the World Bank, the project will be implemented by the Development Bank of Nigeria (DBN), while credit guarantees will be delivered through its subsidiary, Impact Credit Guarantee Limited. The initiative targets Nigeria’s MSME sector, which dominates the country’s business landscape and contributes nearly half of the national gross domestic product. MSMEs also play a major role in employment generation, but access to formal credit remains limited. The Bank noted that fewer than one in twenty MSMEs are able to secure bank loans, while the few available loans are often short-term, expensive and demand collateral that most small businesses cannot meet.

The World Bank also pointed out that women-led enterprises are disproportionately affected by financing challenges. These businesses face higher rejection rates and have fewer financial products designed to meet their needs. Similarly, agribusinesses, which are vital for food security and rural livelihoods, struggle to access long-term funding required for machinery, processing, storage and logistics.

The FINCLUDE project is designed to address these challenges by expanding access to affordable and longer-term financing, with a special focus on women-led enterprises and agribusinesses. Through the Development Bank of Nigeria, the programme will strengthen the capacity of commercial banks, microfinance banks and non-bank financial institutions, including fintech firms, to provide larger loans with flexible repayment terms.

Through Impact Credit Guarantee Limited, the project will scale up partial credit guarantees to encourage lenders to finance MSMEs that might otherwise be considered high-risk. The World Bank added that FINCLUDE will include technical assistance to modernise loan appraisal systems through AI-enabled digital platforms, enhance data use, speed up credit decisions and improve impact measurement among participating institutions.

Speaking on the approval, the World Bank Country Director for Nigeria, Mathew Verghis, said the project will boost job creation, economic inclusion and opportunities across the country. Verghis said, “FINCLUDE is about jobs, opportunity, and inclusion. By opening finance for viable MSMEs particularly women-led firms and agribusinesses—Nigeria can accelerate growth and deliver tangible benefits in communities nationwide. The project will make it easier for deserving small businesses to get the finance they need to grow and hire workers. With better support for lenders that practice inclusive finance and fairer, longer-term loans for entrepreneurs, we are backing the people who power Nigeria’s economy especially women and those in agriculture.”

Beyond direct lending, the World Bank stated that FINCLUDE is expected to mobilise about $1.89 billion in private capital and expand debt financing to around 250,000 MSMEs nationwide. Out of this number, about 150,000 are projected to be women-led businesses, while 100,000 will be agribusinesses.

The programme also plans to issue up to $800 million in credit guarantees to stimulate additional lending from financial institutions.

According to Hadija Kamayo, Task Team Leader for FINCLUDE, the project is structured to turn increased access to finance into tangible productivity gains, investments and job creation. She explained that by extending the average maturity of MSME loans to around three years, businesses would have the financial space to invest in new equipment, facilities and workforce expansion, ultimately driving growth and employment across Nigeria.

NBTE, Rahjou Institute Open Online AI and HVAC Training Programme

0

The National Board for Technical Education (NBTE), in partnership with the Rahjou Institute, Iran, has invited participants to apply for a specialised online training programme in Artificial Intelligence (AI) and Heating, Ventilation and Air Conditioning (HVAC).

The programme is designed to strengthen Nigeria’s Technical and Vocational Education and Training (TVET) ecosystem by building capacity among educators and practitioners and preparing them for future work demands driven by technology and technical skills.

Under the AI track, participants will gain hands-on skills in AI image generation for designers, use of Stable Diffusion, ComfyUI and other AI tools, prompt engineering and AI model optimisation, professional image enhancement, and project-based practical training aimed at real-world application.

For the HVAC component, participants can choose from several focused courses including Cold Room Refrigeration Training Course, Domestic Refrigerator Training Course, Split Air Conditioning Training Course, Vapour Compression Refrigeration System Training Course, and Washing Machine and Dishwasher Training Course.

On certification, NBTE stated that upon successful completion of the course and final examination, participants will be awarded a Certificate of Achievement jointly issued by Hellotechnic, ITC–Iran TVTO, and NBTE. It added that participants can also obtain a European Digital Qualification Framework (EDQF) Badge aligned with the European Qualification Framework (EQF) and secured with blockchain technology for an additional fee. Nigerian participants may optionally enroll in an NSQ training Centre for NSQF assessment leading to national certification.

The training costs are $70 for AI Image Generation for Designers, $50 each for Cold Room Refrigeration, Domestic Refrigerator Technology, Split Air Conditioning, and Washing Machine and Dishwasher Technology, while Vapour Compression Refrigeration Systems costs $150. Payment details will be communicated directly to nominees.

Interested participants are advised to register online, stating that “Interested participants should complete the Google Form below: bit.ly/4pfKnE6.

Edo targets EU foreign direct jobs to curb irregular migration

0

The Edo State Government has announced new plans to attract foreign direct employment opportunities from countries within the European Union, as part of its efforts to promote safe, orderly and regular migration for citizens.

The Director-General of the Edo State Migration Agency (EDMA), Lucky Agazuma, made this known while speaking with journalists in Benin City during a sensitization roadshow held to commemorate World Migrant Day across major streets of the state capital.

Agazuma explained that the administration of Governor Monday Okpebholo has made the protection of Edo citizens at home and abroad a top priority, achieving significant results in rescuing and reintegrating citizens who were stranded in various countries.

He noted that the current administration has restored confidence among Edo youths by focusing on local engagement and development efforts. This approach, he said, has encouraged many returnees to come back home and participate in rebuilding the state.

According to Agazuma, Edo State is adopting a strategic migration policy modeled after global best practices. He pointed out that the policy takes inspiration from systems in countries such as the Philippines, where structured foreign direct employment is widely used. He also revealed that the European Union has invited Edo State to Abuja for talks on expanding direct employment opportunities for residents.

“We have made a strong case, and we have received commitments that foreign direct employment opportunities from the European Union will be extended to Edo State. We have officially been invited to Abuja to engage in modalities for implementation,” Agazuma said.

He further stated that promoting safe migration requires consistent cooperation with foreign embassies. He noted that discussions are ongoing to reduce visa denial rates and to address challenges that drive irregular migration, including high travel costs that often push youths to take unsafe routes.

The EDMA Director-General also said the agency is working with security agencies across African countries to control cross-border irregular migration. He described the issue as a continental concern that needs joint efforts to resolve.

Agazuma cautioned families to stay alert during the festive season, warning against fraudulent schemes that deceive young people into trafficking and prostitution. He stressed that many lives have been lost due to unsafe migration attempts.

He encouraged Edo citizens to remain hopeful and supportive of the state’s development agenda, assuring that the Okpebholo administration is rebuilding the economy and creating job opportunities that will benefit everyone.

Some returnees, including Odigie Osaretin, Glory Agbomoba and Ese Ogbebor, expressed appreciation to the Edo State Government and the International Organization for Migration (IOM) for facilitating their safe return and providing empowerment support. They said the training and assistance they received have helped them restart their lives and find stability back home.

Yobe to Support 8000 Beneficiaries With Christmas Food Baskets

0

The Yobe State Government is set to support over 1,000 direct and 7,000 indirect beneficiaries under Governor Mai Mala Buni’s inclusive seasonal support for vulnerable families during Christmas and the New Year 2026.

The programme, titled “Extends Inclusive Christmas Seasonal Food Basket Support to Communities in Yobe State,” will hold on December 20, 2025, in Damaturu. According to the government, the support is meant to complement household food baskets, strengthen family unity, and ensure vulnerable households share festive joy.

A statement said the initiative is to ensure “no family is left out during the season” across communities statewide this year.

Lagos Hosts 7th National Cooperatives Awards with CRAYSoN

0

Lagos State partnered with the Cooperative Rating Society of Nigeria (CRAYSoN) to host the 7th edition of the National Cooperatives Awards, Symposium, and Exhibition 2025, held recently in Lagos, under the theme, “Renewed Hope for Cooperatives: Harnessing the Cooperatives Reform and Revamp Programme to Foster Sustainable Development in Nigeria.”

The event brought together leaders in national cooperative movements from across the country and featured the Honourable Minister of Agriculture and Food Security, who also supervises Cooperative services, Senator Dr. Aliyu Sabi Abdullahi.

Speaking at the programme, the Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada Ambrose, urged cooperative stakeholders to adopt a bold and comprehensive agenda of policy innovation anchored on three core principles.

She listed the principles as inclusivity and democratic participation, sustainability, and innovation and adaptability. According to her, inclusivity and democratic participation would ensure cooperatives remain true to voluntary membership, democratic control, and member-driven governance.

Ambrose explained that sustainability should cover economic, social, and environmental dimensions so cooperatives can generate economic surplus while delivering social benefits, promoting environmental stewardship, and supporting long-term national resilience.

On innovation and adaptability, she said cooperatives must embrace digital tools, adopt modern management practices, and engage in continuous learning through stronger training institutions and peer networks, noting that these principles would guide policy pillars shaping the next phase of cooperative development in Nigeria.

The commissioner said Lagos State, under the leadership of Governor Babajide Sanwo-Olu, has continued to pursue cooperative development and a strong, inclusive economy through digitisation initiatives that are already producing positive results.

She cited the Cooperative Management Information System (CMIS) platform, which she said has improved the registration, monitoring, and evaluation of cooperatives in a more seamless, transparent, and efficient manner.

“It is helping us to build a stronger database that will guide our policymaking, improve service delivery, and reduce bottlenecks that hinder the growth of genuine cooperatives,” she said, at the national cooperative gathering there.

Foundation Distributes Food, Cash to Over 100 Widows in Ondo, Ekiti

A Non Governmental Organization, the Heart of Gold Foundation, has distributed food items and cash gifts to over 100 widows in Ondo and Ekiti states as part of its 2025 December Widow Outreach, aimed at easing the burden faced by widows during the Christmas season.

The outreach programme was held in selected communities across the two states and attracted widows from different backgrounds, many of whom lost their spouses under difficult circumstances. The initiative focused on providing both material support and emotional encouragement to help beneficiaries celebrate the festive period with dignity.

Speaking during the ceremony, the Director General of the Foundation, Pastor Femi Akinlabi, said the outreach was driven by compassion and a desire to identify with widows who often struggle during festive seasons. He said the foundation considered it important to support widows who might otherwise find it hard to celebrate Christmas.

“The initiative was motivated by compassion and a commitment to support widows who might otherwise struggle to celebrate the Christmas season with joy and dignity,” Akinlabi said.

Akinlabi, who spoke through the foundation’s Deputy Director General, Mr. Wole Akingbasote, explained that the foundation was relatively new but determined to make impact. He noted that despite being registered less than six months ago and commencing operations in October 2025, the foundation was already hosting its maiden outreach barely three months after its establishment.

He said the programme was funded entirely through personal contributions from members of the foundation, without grants or external sponsorship. According to him, about N5 million was spent on the outreach across Ondo and Ekiti states.

Akinlabi assured the widows that they had not been forgotten and encouraged them to remain hopeful despite their current challenges. He urged them to continue praying for the foundation so it could grow and reach more vulnerable people.

According to him, “with your prayers the foundation would grow and stabilize to be able to reach more vulnerable people in the future.

“We may not have much, but we identified the need around us and decided to act. Our goal is to put smiles on the faces of widows and reassure them that God has not forgotten them.

“This vision is borne out of the word of God as contained in the Bible (1 Timothy 5 vs 3- ‘Honour Widows that are widows indeed’). We are gathered here today to obey this word of God and within our limited resources, decided to honour the widows here today.

“We are doing this not because we have surplus money or because we are very rich but we have the felt need to help the widow around us who may find it difficult to celebrate Christmas.

“We want to spread the joy of Christmas to their homes in our own little way. We want to assure you that God is on your side and He will not forsake you.”

Also speaking at the event, the foundation’s Director of Programmes, Mrs Oluwatoyin Adegbenro, advised the widows to stay strong and move forward with their lives after the death of their husbands. She encouraged them not to allow anger or negative treatment from inlaws to weigh them down.

Adegbenro noted that the outreach would be sustained, adding that more widows and children would be empowered in both Ondo and Ekiti states. She said the foundation was committed to giving back to society.

According to her, “we’ll continue to give back to the society. We pray that all your labour over your children after death of your husbands won’t be in vain.”

The Commissioner for Women Affairs, Dr. Oluwaseun Osamaye, commended the Heart of Gold Foundation for what she described as a timely and compassionate intervention. She emphasized that the foundation’s effort to support widows at the grassroots level was commendable and impactful.

Osamaye said gestures like the outreach would not only provide immediate relief to vulnerable widows but also empower them socially and economically. According to her, “the initiative reinforce the importance of community-driven support alongside government programs aimed at enhancing the welfare of marginalized groups.”

Speaking on behalf of the beneficiaries, Mrs Iyabode Alayo praised the foundation for the timely support, describing the distribution of food items and cash gifts as a welcome relief during a period that can be financially and emotionally challenging.

She said the assistance would help the widows celebrate the festive season with dignity, joy and renewed hope. According to her, “gestures like this will not only address immediate needs of the widows but also restore their sense of worth and belonging within the community.”

Alayo added that the initiative reinforced the message that widows are not forgotten and that acts of compassion can transform lives during the yuletide season.

In his goodwill message, Elder Titus Orimijupa Olaniran said his presence at the event was driven by a deep spirit of generosity and compassion, describing the outreach as a profound honour to humanity.

He thanked the foundation “for their thoughtfulness and unwavering commitment to the welfare of the most vulnerable,” while expressing gratitude to widows, whom he described as resilient and courageous.

“To the widows who grace this hall with their presence: your strength, resilience, and grace are a beacon to us all,” he said.

“You embody the true spirit of perseverance, and today, we celebrate not only the gifts you receive but the invaluable gifts you continue to give to your families and to our community as the head of families, by providence.”

Orimijupa encouraged the widows to remain hopeful and focused, especially in raising their children, noting that the foundation’s gesture reaffirmed society’s shared responsibility toward the vulnerable.

“Let me reassure you that the spirit of generosity of this foundation proves further that God isn’t done with any of you,” he added.