The Managing Director of Wema Bank, Moruf Oseni, and former President and Co-Chief Executive Officer of OPay Nigeria, Olu Akanmu, have called for increased investment in innovation, technology and digital solutions to accelerate Nigeria’s economic growth and address major developmental challenges.
The two business leaders made the call at the grand finale of Wema Bank’s Hackaholics 7.0 innovation programme in Lagos, where they highlighted the need to strengthen the relationship between innovative ideas, access to funding and the development of practical technology solutions.
Oseni said Nigeria has no shortage of creative minds and entrepreneurial ideas but continues to struggle with providing the financial resources, technical assistance, mentorship and business environment needed to turn promising ideas into successful businesses.
He urged financial institutions, investors, corporate organisations and other stakeholders to move beyond celebrating innovation and begin investing in young entrepreneurs and technology developers whose ideas can provide solutions to the country’s challenges.
According to him, the funding gap remains one of the major obstacles preventing Nigeria from building a strong and sustainable startup ecosystem.
He explained that transforming an idea into a commercially successful business capable of reaching millions of people requires adequate funding, mentorship, strategic partnerships and access to relevant business networks.
Oseni maintained that Nigeria could not develop a competitive innovation-driven economy by merely recognising the creativity of young people without providing the necessary financial support, infrastructure and opportunities to help them succeed.
He therefore challenged investors and business leaders to engage more actively with emerging entrepreneurs, assess their innovations and provide the resources required to turn their ideas into marketable products and services.
The Wema Bank managing director explained that the Hackaholics initiative was established to provide young Nigerians with a platform to develop innovative ideas, create practical solutions and compete in the rapidly growing global technology industry.
He said the programme was designed to identify emerging talents, promote entrepreneurship and encourage young people, including undergraduates, to transform their ideas into sustainable businesses.
Giving an overview of this year’s competition, Oseni disclosed that Hackaholics 7.0 attracted 5,329 participants, who submitted a total of 1,632 ideas aimed at addressing various economic and social challenges through technology.
The competition featured four categories: Startup Idea, Corporate, Social Impact Technology and Women-Led.
He explained that the Startup Idea category focused on helping participants develop business concepts with the potential to become successful enterprises, while the Corporate category targeted innovative solutions to business and organisational challenges.
Oseni further disclosed that 59 participants advanced through the selection process, with 11 teams eventually emerging as finalists.
Congratulating the finalists, he encouraged them to remain committed to developing their ideas, stressing that winning an award should not be regarded as the ultimate measure of entrepreneurial success.
He said perseverance, continuous learning and the ability to improve products in response to market demands would play important roles in determining their long-term success.
Oseni also identified care and courage as essential values for building sustainable technology businesses.
He explained that care involves protecting customers’ funds and personal information while accepting responsibility whenever digital products or services fail.
According to him, the success of technology businesses depends not only on the quality of their applications but also on the confidence customers have in their ability to protect their interests.
Using the example of traders who depend on digital financial services, he noted that electronic transactions could involve money meant for school fees, emergency medical expenses or working capital for small businesses.
He therefore urged technology developers to prioritise reliability, security and accountability when designing financial technology solutions.
Oseni also encouraged young innovators to challenge conventional thinking, believe in their abilities and remain determined even when others doubt their ideas.
However, he warned that courage without responsibility could lead to recklessness, insisting that successful innovation must balance ambition with accountability and customer protection.
Speaking at the event, former OPay Nigeria chief executive, Olu Akanmu, emphasised the importance of inclusive technology, saying digital innovation must be used to address economic and social inequalities and improve access to essential services.
He argued that Nigeria’s technology development strategy must extend beyond Lagos and other major commercial centres to include rural communities and underserved populations.
According to him, technology should create opportunities for people regardless of their geographical location, financial circumstances or background.
Akanmu explained that digital technology could reduce transaction costs, improve market efficiency and expand access to services in critical sectors such as financial services, healthcare, agriculture and education.
He identified information search, connecting buyers and sellers, facilitating negotiations and completing transactions as four major ways technology could improve economic activities and create new business opportunities.
He also highlighted the growing importance of artificial intelligence (AI), saying the technology could make knowledge and problem-solving tools more accessible to people outside universities and established technology institutions.
Using automobile repair workshops as an example, Akanmu observed that young mechanics increasingly rely on digital platforms such as YouTube to learn about modern vehicle technologies, diagnose faults and improve their technical skills.
He said artificial intelligence could further expand these opportunities by providing artisans, technicians and other informal sector workers with access to useful technical information and problem-solving tools.
On financial inclusion, Akanmu said Nigeria had made progress in expanding access to bank accounts, but access to credit remained a major challenge.
Citing figures from his presentation, he disclosed that Nigeria’s financial inclusion rate stood at approximately 73 per cent, while access to credit remained around 10 per cent.
He compared the figures with Kenya, where financial inclusion was estimated at 85 per cent, with approximately three out of every four banked citizens having access to credit.
In contrast, he said only about one in seven Nigerians with bank accounts could access credit, highlighting the need for technology-driven solutions that would connect lenders with potential borrowers.
Akanmu urged financial institutions and technology developers to leverage artificial intelligence and digital platforms to improve access to information, address lending challenges and extend credit facilities to underserved communities.
He stressed that financial inclusion should not be measured only by the number of people with bank accounts but also by their ability to obtain credit and access other financial services capable of improving their livelihoods.
The former OPay executive also called for the application of successful financial technology models to healthcare delivery, noting that communities experiencing financial exclusion often face similar challenges in accessing quality medical services.
He observed that some communities with limited access to financial services, particularly in parts of Northern Nigeria, also experience significant difficulties in accessing healthcare.
He added that women who face barriers to financial inclusion often encounter inequalities in accessing quality healthcare services.
According to him, digital platforms could help address these challenges by improving information sharing and coordination among doctors, laboratories, hospitals and other healthcare providers.
He encouraged technology entrepreneurs to study successful financial technology models and explore how similar solutions could be adapted to improve healthcare access and service delivery.
Akanmu also identified education as another important sector where inclusive technology could help reduce longstanding inequalities.
He said digital platforms should be developed to reach people in remote and underserved communities who lack access to quality education because of their location or financial circumstances.
He maintained that technology-driven educational solutions should remove geographical and economic barriers to learning while giving more Nigerians opportunities to acquire relevant knowledge and skills.
Both speakers called for stronger collaboration among financial institutions, investors, technology companies, entrepreneurs and other stakeholders to build an innovation ecosystem capable of delivering lasting economic and social benefits.
They maintained that the true value of innovation should be measured by its ability to solve real-life problems, improve livelihoods, create employment opportunities and expand access to essential services.
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