By Modupe Gbadeyanka

Ten startups have made it to the 2026 Hackaholics Accelerator cohort of Wema Bank Plc, the lender said in a statement over the weekend.

The small firms are Farmslate, Ploy, Stocmed, Feest (Chao), Varsityscape, MamaAlert, Sane, Cyclex, Kieva, and Loocomo.

They will undergo a series of training sessions led by industry experts across key areas critical to startup growth.

Facilitators for the programme include the Chief Transformation Officer, Corporate Transformation & Innovation, Wema Bank, Babatunde Mumuni; Head, Strategy & Investor Relations, Wema Bank, Femi Akinfolarin; Head, Data Transformation, Wema Bank, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Wema Bank, Oluwatoyin Adetunji.

Other facilitators include the Managing Director, Impact Hub Lagos, Idowu Akinde; Managing Director, B4B Partners, Napa Onwusa; Startup Advisor and Scout, Onaopemipo Dara; Mentor at Google for Startups, Rosemond Phil-Othihiwa; Head of Growth, Africhange, Tega Ogigirigi; and Startup Advisor and Mentor, Ademola Adewuyi.

“The startups selected for this cohort already have strong foundations, with products already in market, early traction, and clear growth potential.

“Each of the selected startups brings a unique solution to real challenges across different sectors. What Hackaholics Accelerator provides is the environment to strengthen those foundations through hands-on mentorship, strategic guidance, and access to the right networks.

“Over the course of the programme, we will work closely with these founders to refine their models, deepen market traction, and prepare them for sustainable scale,” the Chief Transformation Officer at Wema Bank, Mr Babatunde Mumuni, said.

Since its launch in 2019, Hackaholics has grown into one of Nigeria’s most influential youth innovation platforms, attracting over 15,000 applicants and supporting hundreds of digital solutions across multiple industries.

Through the Hackaholics initiative, Wema Bank has disbursed over $400,000 in funding to young innovators and startup founders across Nigeria.

Startups such as Feegor, Myitura, and Bunce are among those that have participated in previous editions of the scheme.

“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,” the chief executive of Wema Bank, Mr Moruf Oseni, commented.

“The startups selected for this cohort represent some of the most promising solutions emerging from the Hackaholics ecosystem, and we are committed to helping them refine their models, strengthen their foundations, and scale their impact,” he added.

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has directed Nigerian banks to flag suspected fraud  Bank Verification Numbers (BVNs) after a 24-hour watchlist from May 1.

According to a circular signed by Mr Musa Jimoh, the Director of the Payment Systems Policy Department, the apex bank introduced this new policy in an amended version of the 2021 Revised Regulatory Framework for BVN and Watch-List for the Nigerian Banking Industry.

The circular titled, Addendum to the Revised Regulatory Framework for Bank Verification Number Operations and Watch-List for the Nigerian Banking Industry, disclosed that the new framework introduces four new policies which mandate Financial Institutions to establish and maintain a temporary watchlist for BVNs implicated in suspected fraudulent transactions reported by a financial institution.

The statement reads, “A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours; during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”

For the BVN enrolment age requirement, the circular reads, “Enrolment for BVN is restricted to individuals who have attained the age of eighteen (18) years and above.”

For the restrictions on phone number amendments, the circular explained that updates on phone numbers linked to a BVN shall be allowed only once.

For Access to BVN data, the statement reads, “Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions. Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws.”

The apex bank urges financial institutions to act accordingly as implementation of the new provisions shall take effect from May 1, 2026.

Launched in February 2014 by the CBN in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), BVN was part of efforts to strengthen the security and integrity of Nigeria’s banking system amid broader banking reforms. It was introduced primarily to reduce banking fraud and identity theft, which had become widespread due to individuals opening multiple accounts under different identities across banks. By assigning each customer a unique biometric-based identification number linked to fingerprints and facial data, BVN ensures that all accounts belonging to a person across Nigerian banks can be verified and traced.

The system also improves the effectiveness of banks’ Know Your Customer (KYC) procedures, enhances transparency in financial transactions, and supports regulatory oversight within the financial sector.

At the Africa Trade Conference (ATC) 2026 held in Cape Town, South Africa, policymakers, financiers, and global business leaders gathered to confront one of Africa’s most persistent economic constraints: the continent’s vast trade financing gap.

Hosted by Access Bank Plc, the conference brought together stakeholders from governments, development finance institutions and the private sector to explore how Africa can transform its fragmented trade ecosystem and unlock the promise of the African Continental Free Trade Area.

The central message emerging from the discussions was clear: Africa must move from being a continent of landlocked markets to a network of land-linked economies, connected through finance, infrastructure and digital trade systems.

Turning Vision into Velocity

The conference, themed “Turning Vision into Velocity: Building Africa’s Trade Ecosystem for Real-World Impact,” focused on translating policy ambition into practical solutions for businesses across the continent.

Delivering the welcome address, Roosevelt Ogbonna, Managing Director and Chief Executive Officer of Access Bank Plc, emphasised that Africa must confront the structural barriers that continue to limit intra-continental commerce.

“The reality is that Africa still controls a small share of global trade,” Ogbonna said. “The corridors are still fragmented and more aspirational than functional, and too many small businesses that aspire to trade across Africa remain constrained.”

According to him, the conference was convened to continue the conversation begun at its inaugural edition in 2025, focusing on how Africa can expand trade within the continent while strengthening its participation in global markets.

“This conference must not end as another talking shop,” he said. “It must become the birthplace of a movement that contributes to transforming intra-African trade.”

For Access Bank Plc, the role of financial institutions in that transformation is evolving.

“At Access Bank, we see ourselves as financiers and connectors of markets, ideas and opportunities,” Ogbonna noted. “Our role is to help African businesses move from ambition to impact, from local relevance to global competitiveness.”

Bridging Africa’s Trade Finance Gap

Despite its abundant natural resources and population of more than 1.3 billion people, Africa remains underrepresented in global trade flows.

One of the biggest barriers is the lack of accessible financing for exporters, manufacturers and small businesses seeking to expand across borders. The trade finance gap continues to constrain intra-African commerce, which remains significantly below levels recorded in other regional trading blocs.

To address this, Ogbonna highlighted three strategic priorities that emerged from the previous edition of the conference: breaking down silos between policymakers, financial institutions and businesses; building a trade ecosystem powered by reliable data and analytics, and developing systems that support both large corporations and smaller businesses expanding across borders

Encouragingly, he noted that progress is already emerging across several sectors.

“We have seen value chains emerging across agriculture, manufacturing and services, and we are seeing African brands crossing borders and building a global presence,” he said.

Nevertheless, the gains remain uneven across the continent, with progress concentrated in a few markets and trade corridors.

Financing the Future of African Trade

Beyond the structural challenges of trade finance and infrastructure, the conference also explored the evolving financial architecture required to unlock Africa’s full trade potential.

Keynote addresses were delivered by Kennedy Mbekeani, Director General for the Southern Africa Region at the African Development Bank, and Kwabena Ayirebi, Managing Director of Banking Operations at the African Export-Import Bank.

Both speakers emphasised the need for stronger collaboration among development finance institutions, commercial banks and governments to mobilise the capital required to drive infrastructure development and support trade across the continent.

Mbekeani stressed that private capital would be crucial in bridging Africa’s infrastructure financing gap.

“The mobilisation of private capital remains crucial as many African governments are constrained by limited fiscal space and overstretched balance sheets,” he said.

“The mobilisation of capital, particularly private capital, is something that we need to work on.”

The conversation was further enriched by insights from Tolu Oyekan, Managing Director and Partner at Boston Consulting Group, who presented the Africa Trade Outlook 2026.

His presentation highlighted the macroeconomic forces shaping the future of African trade, including shifting global supply chains, the growing importance of regional value chains and emerging opportunities for African industries to capture greater value in global markets.

Digital infrastructure and payments were also central to the conversation.

Mike Ogbalu, Chief Executive Officer of the Pan-African Payment and Settlement System, underscored the importance of payment interoperability in enabling seamless cross-border transactions across the continent.

Efficient payment systems, he noted, are essential to reducing the cost and complexity of trading across African borders, particularly for small and medium-sized enterprises.

Policy, Finance and Partnerships

The conference also convened a high-level ministerial panel that brought together policymakers and financial sector leaders to examine the policy environment required to accelerate Africa’s economic integration.

Participants included Elizabeth Ofosu Adjare, Ghana’s Minister for Trade, Agribusiness and Industry, and Tiroeaone Ntsima, Botswana’s Minister of Trade and Entrepreneurship, alongside senior executives from international financial institutions.

Together, they explored how regulatory alignment, infrastructure development and innovative financing structures can accelerate the implementation of the African Continental Free Trade Area and unlock intra-African trade.

The objective, participants agreed, was not merely dialogue but partnership, bringing together the policymakers, financiers and businesses capable of translating Africa’s trade ambitions into tangible outcomes.

Reimagining Africa’s Economic Geography

Beyond policy discussions and financing strategies, the conference reflected a deeper shift in how Africa views its economic geography.

For decades, the continent’s development challenges have often been framed in terms of physical constraints: landlocked economies, fragmented markets and weak infrastructure.

But the emerging vision presented in Cape Town suggests a different future,  one where integrated banking networks, digital payment systems and trade finance platforms transform isolated markets into connected trade corridors.

For Access Bank Plc, that transformation is already underway.

With operations spanning 25 countries globally, including 16 across Africa, the bank is building financial corridors that link African businesses to each other and to global markets.

From Potential to Participation

The conversations at the Africa Trade Conference reinforced a growing consensus across the continent: Africa’s economic transformation will depend on policy reforms and institutions capable of financing and facilitating trade.

Banks, development finance institutions and payment platforms are increasingly becoming the connective tissue linking African markets.

For Access Bank, the ambition is clear,  helping reshape the narrative of African trade.

From isolated markets to integrated corridors. From landlocked constraints to land-linked opportunity. And from economic potential to meaningful participation in the global trading system.