Wema Bank Plc has renewed its commitment to transforming agriculture in the SouthWest region through technology and innovation. The bank aims to collaborate with regional governors to enhance local innovation ecosystems and address critical challenges in the agri-food sector.
This initiative was announced during the launch of the sixth edition of the bank’s flagship Hackaholics program.
Tunde Mabawonku, Wema Bank’s Executive Director of Retail and Digital Business, highlighted the bank’s focus on fostering innovation that strengthens the resilience of smallholder farmers in the region.
He stated, “Our goal is to drive the necessary transformation in food systems across the South West by increasing access to technological solutions and markets.” The bank’s initiative focuses on improving efficiencies, accelerating change, and supporting key priorities within the region’s agri-food systems.
Hackaholics, an initiative designed to identify and nurture technology startups, plays a central role in this effort. The program targets startups that offer solutions to challenges in agriculture and other sectors, aiming to help them scale both locally and internationally.
Mabawonku stressed the critical role of technology startups in addressing challenges within the agricultural sector, particularly around production, supply chain management, and market access.
“The role of technology startups in addressing the challenges faced by Nigerian businesses, especially in agriculture, cannot be overemphasized,” he explained.
The bank’s focus on agri-tech comes at a time when food security and sustainable agricultural practices are top priorities for Nigeria. Wema Bank’s strategy of empowering smallholder farmers through technology aligns with national efforts to improve agricultural productivity and ensure food security. The bank intends to facilitate access to innovative tools and platforms that will help farmers improve their operations, increase yields, and access broader markets.
Moruf Oseni, Managing Director and CEO of Wema Bank, emphasized the importance of investing in STEM education and initiatives like Hackaholics to drive sustainable development. “No nation has made a successful transition to a developed status without significant investment in science and technology,” Oseni remarked.
He called for greater collaboration between corporate Nigeria and the public sector to create an environment conducive to tech-driven innovation in agriculture.
Oseni further envisioned a future where Nigerian youth would lead agricultural innovation, creating world-class solutions that drive economic growth.
According to him, Nigeria has the potential to leapfrog traditional development models by embracing technology and innovation in the agricultural sector.
