Wema Bank launches season five of itsN170 million reward scheme

Wema Bank has launched the fifth season of its 5for5 Reward Scheme, allocating a prize pool exceeding N170 million to promote digital banking uptake and financial inclusion throughout Nigeria. Branded “Evolve with Wema 5for5,” the new season introduces a merit‑based structure that rewards customers in the youth, women and mass‑market segments according to their actual financial activity.

In a statement, the bank explained that the updated framework is intended to foster positive financial habits while ensuring a transparent and equitable process. Under the new rules, youth participants may receive tuition assistance and electronic devices, whereas female entrepreneurs can qualify for empowerment grants and wellness packages.

The mass‑market category will continue to offer daily and monthly cash incentives, culminating in a N5 million grand prize for the most consistent participant.

Moruf Oseni, Managing Director and Chief Executive Officer of Wema Bank, said, “As we celebrate 81 years of Wema Bank, the 5for5 Rewards Scheme continues to evolve in line with how our customers live and transact. Season 5 reflects a deliberate shift towards a transparent, merit‑based system where every reward is earned through real financial activity. This initiative reflects our unwavering commitment to transparency, customer empowerment, and the sustained growth of digital banking in Nigeria.”

“For the youth segment, customers must fund their accounts with at least N5,000 and complete a minimum of five transactions each month to qualify for rewards. For women, those who fund N50,000 and carry out 25 or more transactions become eligible for the #SupportHerHustle grants. In the mass‑market segment, the most consistent customer with sustained activity over time will be awarded the grand prize. We want to ensure that every reward reflects the customer’s loyalty and digital engagement,” Oseni added.

“The revised framework was designed to encourage positive financial habits while ensuring fairness and strict alignment with regulatory standards. Since its launch in 2019, the 5for5 Reward Scheme has benefited more than 7,000 customers with over N300 million in rewards. By linking these rewards to ALAT, *945# and Wema Bank debit cards, we are not just giving back but actively bringing more Nigerians into the formal financial ecosystem,” he said.

Beyond cash prizes, the bank noted that the “Evolve with Wema” theme is a strategic effort to deepen market penetration. By incentivising behaviours such as regular account funding and the use of USSD and mobile‑banking platforms, Wema Bank aims to capture a larger share of the digital banking market while supporting the Central Bank of Nigeria’s broader financial‑inclusion objectives.

With more than N170 million slated for distribution by the end of the year, the 5for5 Season Five campaign is among the bank’s most ambitious retail initiatives, reinforcing its 81‑year legacy of innovation and customer‑focused service.