Wema Bank has officially launched Season Five of its flagship 5for5 Reward Scheme, earmarking a total prize pool of over N170m to drive digital banking adoption and financial inclusion across Nigeria. Tagged ‘Evolve with Wema 5for5,’ the new season introduces a structured, merit-based system designed to reward customers across the youth, women, and mass market segments based on their actual financial engagement.
The bank disclosed in a statement that the revised framework aims to encourage positive financial habits while maintaining a transparent and fair process. Under the new guidelines, beneficiaries in the youth category can access tuition support and gadgets, while female entrepreneurs are positioned for empowerment grants and wellness packages.
The mass market segment continues to feature daily and monthly cash incentives, culminating in a N5m grand prize for the most consistent participant.
The Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, 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 are required to fund their accounts from N5,000 and complete a minimum of five transactions monthly to qualify for rewards. For women, those who fund N50,000 and complete 25 transactions or more 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.
“The revised framework was designed to encourage positive financial habits while ensuring fairness and strict alignment with regulatory standards. Since its introduction in 2019, the 5for5 Reward Scheme has rewarded more than 7,000 customers with over N300m. 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,” Oseni added.
Beyond the cash prizes, the bank noted that the ‘Evolve with Wema’ theme is a strategic move to deepen market penetration. By incentivising specific behaviours, such as consistent account funding and the use of USSD and mobile banking platforms, Wema Bank is positioning itself to capture a larger share of the digital banking market while supporting the Central Bank of Nigeria’s broader financial inclusion goals.
With over N170m set to be distributed by year-end, the 5for5 Season Five stands as one of the bank’s most ambitious retail campaigns, reinforcing its 81-year legacy of innovation and customer-centric service.
