The bank disclosed that the competition would reward the top three finalists who present the most creative and innovative ideas with scholarships worth N300,000, N200,000 and N100,000.
Announcing the commencement of the innovation challenge in Lagos, the Divisional Head, Retail Business, Mr Dotun Ifebogun, said children who have Royal Kiddies account are eligible to participate in the innovation challenge.
He said while the Hackaholics technological challenge sponsored by the bank is for the young adults to find solutions to life issues, the Kids’ innovation challenge is to introduce the young ones aged between seven and 12 years to ideate and proffer solutions to issues in learning, health, games, and agriculture.
Ifebogun urged parents to open the Royal Kiddies account for their children to participate in the exercise.
Mr Tunde Mabawonku, the Chief Finance Officer of the bank, said the bank places a high premium on innovation, and that it would continue to partner with organisations to create the environment for a better future.
While speaking on the importance of introducing the children to the world of innovation to get them to realise their creative potential, he said, “We live in a dynamic world where technological advancement changes the way business is done from time to time.”
The Founder and Chief Executive Officer, The Bulb Africa, the technical partner of the bank on the innovation challenge, Mr Wande Adams, said the programme would train the children to be able to solve everyday problems.
Adams said his company has different training modules and activities such as Nextgen, which would teach the children in various areas of technology.
Mrs Funmilayo Falola, the Head of Marketing Communication and Investors’ Relations, Wema Bank, said the bank would continue to enable the technological proficiency of the youth to help them contribute to the technological development in the country.
To be eligible for the challenge, she said a child must have an active Royal Kiddies account with a required minimum balance of N20,000, and must also maintain an account balance of N20,000 from the launch date till end of June.