Oluchi Chibuzor narrates how Wema Bank is tackling the barriers young people face – from unemployment and underfunding to skills gaps and limited market access

Youth are at the heart of the United Nations’ Sustainable Development Goals (SDGs). They are recognized globally as the drivers of innovation, inclusion, and sustainable progress. According to Global Populations, as of 2024, over 65 per cent of Nigeria’s population is under 30, and the path to achieving our SDGs rests squarely on unlocking the potential of this demography. Wema Bank understands this truth. For over eight decades, the bank has deliberately aligned its vision with empowering young Nigerians by giving them access to financial services, platforms, mentorship, and funding that help them achieve their goals. Today, that legacy continues with a sharp focus on the youth, equipping them with the tools, platforms, and opportunities to lead in an increasingly digital and interconnected world. From entrepreneurship support to major initiatives (through ALAT Your Dreams), Wema Bank is demonstrating that when youth are empowered, entire communities are lifted, and national development is accelerated.

In Nigeria, the conversation about youth empowerment is not merely aspirational, but urgent, immediate, and central to the nation’s socio-economic survival. In a country where the energy, innovation, and ambition of young people form the largest demographic force and the nation’s greatest potential, this reality demands sustained commitment from individuals, governments at all levels, and corporations. All hands must work together to turn intent into policies, products, and partnerships that unlock youth potential on scale for a better nation.

For Wema Bank, empowering the next generation transcends campaigns or slogans; it is woven into the institution’s DNA. The Bank treats its commitment to youth as more than a corporate social responsibility side project but as a strategic growth pillar that aligns profitability with purpose. “The youth are the architects of Nigeria’s future. Every idea they nurture, problem they solve, barrier they break moves our nation forward. At Wema Bank, we see the youth not only as customers but as partners in shaping the future we all imagine – a future defined by innovation, inclusion, and shared prosperity. Our investment in their dreams is deliberate because the growth of Nigeria and Wema Bank is inseparable from the growth of its young people,” says Moruf Oseni, Managing Director/CEO, Wema Bank.

From Hackaholics, to Transforming Nigerian Youth programme, the NYSC-ALAT Accelerator, the Market Access initiative and Sounds of ALAT, Wema Bank has created a connected ecosystem that guides young Nigerians from the first spark of an idea to tangible, sustainable success. The ecosystem recognizes that dreams require more than ambition; they need funding, mentorship, training, visibility, and access to markets.

Perhaps the most visible embodiment of this vision is Hackaholics, Wema Bank’s flagship innovation challenge. Launched in 2019, it has grown into a nationwide accelerator for ideas that can transform industries. During the last five editions, Hackaholics has supported more than 200 startups, disbursing over $200,000, approximately N320.3 million, in grants. As of 2025, the competition has visited 17 campuses, directly engaging over 150,000 students, with applications coming in from across the country. 

During the 2024 edition, the bank surprised participants by raising the grant pool from the N75 million announced at the start to N145.5 million. It was a bold show of faith in the ability of Nigerian youth to create transformative solutions when equipped with the right resources. The regional competition for 2025 is already underway, with pitches being held at the Federal University of Technology, Akure (FUTA), and ongoing at Ahmadu Bello University (ABU), Zaria. It will continue across more campuses before culminating in a finale that will produce another set of winners with transformed lives.

The stories behind these numbers are where the impact becomes tangible. Ugonna Ginigeme, CEO of Feegor and winner of Hackaholics 5.0, described the experience as life changing. His platform, now serving thousands of SMEs, received the funding, mentorship, and exposure that allowed it to scale. He shared, “Winning among so many great startups and entrepreneurs is humbling. I sincerely thank the Managing Director of Wema Bank and its management for this incredible opportunity. These are still early days, but we are determined to keep working, building, and creating a positive impact for SMEs and the Nigerian economy while building an all-around successful company.”

For women-led startups, Hackaholics has become an equally important stage: in 2023 and 2024 alone, five women founders collectively received N75 million in grants, bringing total funding for female-led ventures in the programme’s history to N110 million. 2024’s winner of the women-led startup grant, Jane Agbaohwo, founder and creative director of IRETI, noted that the win would allow her business to impact more lives. She said after receiving her N15 million grant, “We will be able to reach out to women in urban communities and women in rural communities because we are partnering with NGOs. We are helping to create awareness about breast cancer. It kills, but you stand a chance to live if you detect early and start treatment on time.” Her statement shows that Wema’s focus on empowering Nigerian youths has a ripple effect on thousands and millions of others that the Bank may never be able to count.

But Hackaholics is only one thread in the larger fabric of Wema Bank’s youth development work. The Transforming Nigerian Youth programme, run in partnership with the Enterprise Development Centre, has trained more than 9,000 young entrepreneurs in just two years. The Bank designed an intensive 15-working-day course to move participants from ideation to execution, covering leadership, business modelling, and growth strategy. At the end of each cohort, N500,000 grants are awarded to 10 standout participants, totaling N5 million in direct seed capital. One Lagos-based participant called the experience “a complete game changer”.

The NYSC-ALAT Accelerator represents another cornerstone of this ecosystem, one that leverages the mandatory national service year as a fertile ground for innovation. Launched in partnership with Microsoft and the National Youth Service Corps, the programme delivers digital marketing, sales strategy, UI/UX design, and web development courses to corps members across all 36 states and the FCT. Since November 2023, over 45,000 corps members have registered, with 350 submitting business plans and 132 winners receiving grants from N200,000 to N800,000. Total disbursements under this stream stand at N75.9 million. Mohammed Obashola, one of the beneficiaries, recalls how “what started as a disappointing NYSC posting became a platform that revealed my entrepreneurial potential, sharpened my resilience, and reaffirmed my belief that determination always finds its reward.”

Wema Bank’s plan to leverage the mandatory national service year is also evident in the infrastructures they are building to sustain youth empowerment for decades to come. In collaboration with the Federal Government, the bank launched the FGN/ALAT Digital and SkillNovation Hubs in Lagos and Borno in late 2023 as part of a broader initiative to empower 1 million youths and support 500,000 MSMEs with digital tools, training, and entrepreneurship resources. In February 2025, Wema broke ground with the National Youth Service Corps on a state-of-the-art ICT Centre in Kaduna to enhance corps members’ skills through the SAED (Skills Acquisition and Entrepreneurship Development) programme.

Wema Bank has also made the NYSC Career Fair a cornerstone of its engagement with corps members. The fair serves as a bridge between service year and career life, connecting thousands of young Nigerians to employment, training, and entrepreneurship opportunities. The fair has attracted thousands of participants nationwide, with hundreds signing up for Wema’s digital skills and entrepreneurship tracks. Adediran Opeoluwa Emmanuel, one of the attendees, never expected to land a job shortly after his NYSC service until he attended the Wema Bank NYSC Fair at NNS Pathfinder, Iwofe, Rivers Hall, Port Harcourt. “The NYSC Career Fair was an eye-opener for me. The Wema team talked about job opportunities and shared a vision,” Adediran reflects. “What stood out was their clear focus on Gen Z, their commitment to digital growth, and their ambition to be Nigeria’s most innovative Bank. That resonated deeply with me and made me want to be part of that journey. Through Wema’s BIT programme, I’ve gained valuable tech skills, deepened my understanding of the banking industry, and discovered how my work can contribute meaningfully to society and Nigeria’s future.”

The Bank also holds a belief that youth potential must be nurtured financially, educationally, and creatively. One of such creative initiatives is Sounds of ALAT, held in May 2023. The three-day creative workshop and bootcamp brought together aspiring musicians to collaborate, learn industry best practices, and compete to create ALAT’s next official jingle. Out of 50 shortlisted talents, the grand prize of N3 million went to Bright Onyealisigwe, also known as Kinq Brizy, who reflected on his win: “Big shoutout to Wema Bank and ALAT for putting this together and giving us the chance to showcase our talent. You’ve shown us that we matter, and bringing stars like Davido, Cobhams Asuquo, Omawumi, and DJ Sose to share guidance was life-changing. ALAT by Wema hasn’t just made my banking life easier; it’s made my whole life easier.”

Even beyond training, partnerships, and funding, Wema Bank ensures that youth-led ventures do not fade into obscurity after their initial launch. This philosophy underpins the Market Access initiative, which connects these businesses to real customers in tangible markets, a feature often missing in traditional youth empowerment models. Launched in 2023, the initiative has already linked over 150,000 buyers to more than 3,500 MSMEs, generating over $5.2 million (N7.8 billion) in sales, demonstrating that with proper exposure, Nigerian youth-led businesses can compete effectively with global counterparts. It also explains why two years after Bright won Sounds of ALAT, he took center stage again at Wema Bank’s 80th-anniversary gala, sharing the stage with award-winning acts like Davido, Wande Coal, and 9ice.

Taken together, these efforts form a coherent and powerful story of how Wema Bank is tackling the barriers young people face – from unemployment and underfunding to skills gaps and limited market access. Wema Bank’s approach addresses these barriers systematically, offering not only the spark to ignite ambition but the structure and support to sustain it. From the vibrancy of a Block Party to the intensity of a hackathon pitch, from the quiet focus of an online training session to the life-changing moment of securing a first export deal, the Bank’s touchpoints with youth are as diverse as the young people it serves.

But Wema Bank is not just investing in Nigeria’s brightest; it is building the launchpad for their ascent. Through innovation, funding, education, and inclusion, it is laying the rails for a new generation of business owners, digital natives, and economic leaders. In doing so, it is banking transactions alongside dreams. And in the eyes of a young woman who once pitched her startup on stage or a corps member whose idea ultimately secured funding, the future of Wema is unmistakable. It will always be a bank where the youth belong.

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