Wema Bank has launched Season Five of its flagship 5for5 Reward Scheme, with a total prize pool of more than N170m aimed at promoting digital banking adoption and financial inclusion across Nigeria.
Tagged “Evolve with Wema 5for5,” the new season introduces a structured and merit-based reward system designed to benefit customers across the youth, women, and mass market segments based on their financial activity and engagement.
The bank disclosed in a statement that the revised framework seeks to encourage positive financial habits while ensuring transparency and fairness in the reward process.
Under the new guidelines, customers in the youth category can qualify for tuition support and gadgets, while female entrepreneurs stand a chance to receive empowerment grants and wellness packages.
The mass market segment will continue to feature daily and monthly cash rewards, with a N5m grand prize reserved for the most consistent participant.
The Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the initiative reflects the bank’s commitment to customer empowerment and the growth of digital banking.
“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,” Oseni said.
He explained that customers in the youth segment are required to fund their accounts with at least N5,000 and complete a minimum of five transactions monthly to qualify for rewards.
According to him, women who fund their accounts with N50,000 and complete at least 25 transactions become eligible for the #SupportHerHustle grants.
“For the Mass Market, the most consistent customer with sustained activity over time will emerge as the grand prize winner. We want to ensure that every reward is a reflection of the customer’s loyalty and digital engagement,” he added.
Oseni noted that the revised framework was designed to encourage responsible financial behaviour while complying with regulatory standards.
He disclosed that since its introduction in 2019, the 5for5 Reward Scheme had rewarded more than 7,000 customers with over N300m.
According to him, the bank is leveraging its digital platforms, including ALAT, *945# USSD banking, and Wema Bank debit cards, to bring more Nigerians into the formal financial system.
Beyond the cash rewards, the bank said the “Evolve with Wema” campaign forms part of a broader strategy to deepen market penetration and increase customer engagement through digital channels.
By encouraging behaviours such as regular account funding and the use of mobile and USSD banking services, Wema Bank said it aims to strengthen its position in Nigeria’s digital banking space while supporting the financial inclusion objectives of the Central Bank of Nigeria.
With over N170m expected to be distributed before the end of the year, the bank described Season Five of the 5for5 campaign as one of its most ambitious retail banking initiatives.
