Wema Bank Targets Digital Banking Growth With 5 For 5 Season Five

Wema Bank has unveiled Season Five of its 5 for 5 Reward Scheme aimed at promoting financial inclusion, rewarding customer loyalty and encouraging increased adoption of digital banking channels across Nigeria.

Tagged “Evolve with Wema 5for5,” the new season of the initiative will run from May to December 2026 with a total reward pool of over ₦170 million for customers nationwide.

The bank said the latest edition introduces a more structured and merit-based reward system designed to recognise customers based on their financial activities and engagement across youth, women and mass market segments.

According to the bank, beneficiaries in the youth and student category will enjoy tuition support, laptops, pocket money and a grand Star Student reward, while women customers will benefit from empowerment grants, wellness packages and impact awards targeted at entrepreneurs.

Customers in the mass market category are also expected to receive daily cash rewards, monthly incentives and a grand prize of ₦5 million for the most consistent participant during the campaign period.

Speaking on the launch, the Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the initiative reflects the bank’s commitment to transparency, customer empowerment and digital banking growth.

He explained that customers would qualify for rewards through consistent account funding and transactions carried out via ALAT, *945# and Wema Bank debit cards.

Oseni added that the revised framework was designed to encourage positive financial habits while ensuring fairness and alignment with regulatory standards.

He 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, and Season 5 reflects a deliberate shift towards a transparent, merit-based system where every reward is earned through real financial activity.

“For the Youth segment, customers are required to fund their accounts from ₦5,000 and above and complete a minimum of five transactions monthly to qualify for pocket money rewards, while higher funding and transaction levels position them for tuition support, gadgets, and the Star Student reward. For Women, customers qualify for rewards such as the #SelfCare packages by funding from ₦5,000 and completing at least five transactions, while those who fund from ₦50,000 and complete 25 transactions or more become eligible for the #SupportHerHustle grants, and consistent high performers qualify for the #SaraDiva Impact Award.

“For the Mass Market, customers are rewarded for consistency by funding their accounts from ₦5,000 and completing a minimum of five transactions to qualify for daily rewards, while those who fund from ₦20,000 and complete at least 15 transactions monthly qualify for the monthly rewards, and the most consistent customer with sustained activity over time emerges as the grand prize winner.”

The bank noted that since its introduction in 2019, the 5for5 Reward Scheme has rewarded more than 7,000 customers with over ₦300 million in cash and other incentives across Nigeria.