Wema Bank has launched Season Five of its 5for5 reward scheme with over N170m in prizes to promote digital banking and inclusion
Wema Bank has launched Season Five of its flagship 5for5 Reward Scheme, with over N170 million earmarked to boost digital banking adoption and financial inclusion across Nigeria.
Tagged “Evolve with Wema 5for5,” the latest edition introduces a structured and merit-based framework aimed at rewarding customers based on their financial engagement and transaction activities.
The Wema Bank 5for5 reward scheme targets customers across youth, women and mass market segments, with incentives tailored to encourage responsible financial habits and increased use of digital banking channels.
According to the bank, youths who fund their accounts with at least N5,000 and complete a minimum of five monthly transactions will qualify for rewards including tuition support and electronic gadgets.
Female entrepreneurs who maintain account funding of N50,000 and complete at least 25 transactions monthly will be eligible for the bank’s #SupportHerHustle grants and wellness packages.
The mass market category will continue to feature daily and monthly cash rewards, while the most consistent participant will receive a grand prize of N5 million.
Speaking on the initiative, Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the latest season reflects the bank’s commitment to transparency, customer empowerment and digital banking growth.
He noted that the revised framework was designed to reward genuine financial activity while aligning with regulatory standards and encouraging stronger participation in the formal banking ecosystem.
Oseni disclosed that since its introduction in 2019, the reward scheme has benefited more than 7,000 customers with over N300 million in prizes.
The bank added that the campaign is strategically linked to its ALAT platform, *945# USSD service and debit card usage to deepen financial inclusion and expand digital banking penetration nationwide.
Wema Bank stated that the “Evolve with Wema” campaign also aligns with the Central Bank of Nigeria’s broader financial inclusion objectives.
With more than N170 million expected to be distributed before the end of the year, the initiative represents one of the bank’s biggest retail campaigns in recent years.
