Wema Bank sets aside $10,000 for innovative technologies

Wema Bank Plc says it has earmarked 10,000 dollars for the winning solutions that will boost the use of innovative technologies in the finance and other sectors.

Wema Bank’s Managing Director, Mr Ademola Adebise, said during the bank Hackaholics programme in Lagos, that the project was the bank’s first hackathon.

Adebise said that Hackaholics was a gathering of developers, web designers and creative thinkers interested in building products and developing solutions to improving financial services and other sectors of Nigerian life.

He said that over 212 entries were received while 20 teams were shortlisted for the programme.

”We are particularly excited about potential innovations in personal finance, big data, retail banking, mobile payments, risk management, currency and stock trading, investment, regulatory compliance as well as health and the environment.

”Winning solutions will get full technical support and funding up to $10,000 and stand a chance of being incubated and developed into marketable solutions.

”Talented individuals who will exhibit their agility and innovative thinking during the Hackathon will be approached to work further with the bank, in a full time basis,” he said.

The Corporate Strategy, Wema Bank, Femi Akinfolarin said that the programme was all about the digital space, as everybody was now online, adding that the bank was exploring the options of finding solutions from the people who used digital products.

”So what we have gathered here are some of the brightest brains in Nigeria, and they are trying to hack the problems faced by users, by interacting with facts.

”Whoever comes up with the best solution, we will now work with them over the next six months to one year, to actualise offerings to create whatever product they come up with, and then use it in the bank.

The hackathon ends on Sunday.