Wema Bank has officially launched Season Five of its 5for5 Reward Scheme, a strategic initiative aimed at promoting financial inclusion, rewarding customer loyalty, and driving increased adoption of digital banking channels across Nigeria. The new season, tagged “Evolve with Wema 5for5,” will run from May to December 2026, offering a total reward pool exceeding ₦170 million for customers nationwide.
Structured and Merit-Based Reward System
The bank announced that the latest edition introduces a more structured and merit-based reward system designed to recognize customers based on their financial activities and engagement across three key segments: youth, women, and mass market. Beneficiaries in the youth and student category will receive tuition support, laptops, pocket money, and a grand Star Student reward. Women customers will benefit from empowerment grants, wellness packages, and impact awards targeting entrepreneurs. Customers in the mass market segment can expect daily cash rewards, monthly incentives, and a grand prize of ₦5 million for the most consistent participant during the campaign period.
Commitment to Transparency and Customer Empowerment
Speaking on the launch, the Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, emphasized that the initiative reflects the bank’s commitment to transparency, customer empowerment, and digital banking growth. He explained that customers 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 encourages positive financial habits while ensuring fairness and alignment with regulatory standards.
Oseni stated: “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.”
Qualification Criteria for Each Segment
For the youth segment, customers must fund their accounts with at least ₦5,000 and complete a minimum of five transactions monthly to qualify for pocket money rewards. 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. 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. Those who fund from ₦20,000 and complete at least 15 transactions monthly qualify for monthly rewards, and the most consistent customer with sustained activity over time emerges as the grand prize winner.
Proven Track Record of Success
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. This latest season underscores Wema Bank’s dedication to fostering digital banking growth and customer satisfaction.
