Business

Wema Bank kicks off 2025 with N11,000,000 cash prize in 5 FOR 5 Promo Season

Published

1 year ago

January 18, 2025

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…Set to reward 131 Nigerians in first monthly draw of 2025

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to reward 131 customers across Nigeria with N11,000,000 in cash prizes, in its first 5 for 5 Promo Season 4 monthly draw of the year happening in Warri, Delta State, on January 24, 2025.

Launched in 2021, the 5 for 5 Promo is a reward initiative introduced by Wema Bank to reward its diverse range of customers for active loyalty to the brand, its products, and offerings.

The 5 for 5 Promo selects winners from the Bank’s pool of active and transacting customers, via thoroughly regulated electronic live draws.

The first 3 seasons saw the Wema Bank 5 for 5 Promo disburse over N150,000,000 to 2,378 Nigerians across the six geopolitical zones in Nigeria, and with the launch of Season 4 on October 1, 2024, Wema Bank raised the bar, setting aside a whopping N135,000,000 for disbursement this season alone.

So far, over 1,000 Nigerians have won cash prizes in daily, weekly and monthly draws, with 540 customers winning in 55 daily draws, 550 customers winning in 11 weekly draws and 262 customers winning in 2 monthly draws; totalling over N27,000,000 disbursed so far.

The 3rd monthly draw of the season, which also happens to be the first monthly draw of 2025, is set to hold this January in Warri, and another 131 winners will emerge from the draw.

Among these 131, 80 will each win N25,000, 40 will win N100,000 each, 8 domiciliary account holders will win N250,000 each and 3 lucky customers will win N1,000,000 each, with one of the millionaires guaranteed to be from Warri, since the draw holds in Warri.

Referring to the trailblazing monthly draw as a timely intervention for Nigerians in light of the new year, Moruf Oseni, MD/CEO Wema Bank, recounted the big picture for the Promo and the impact this draw will have on the lives of the customers who will be starting their year out with cash prizes to support their personal, professional or business endeavours.

According to him, “The goal for us with the Wema Bank 5 for 5 Promo is giving back, providing support and rewarding our loyal customers, it’s been one of the key means through which we say ‘thank you’ as a Bank, and four years strong so far, it’s only gotten better with each season.

“We made millionaires in December ahead of Christmas and it was heartwarming to hear from our amazing customers how instrumental these rewards were in sorting out some bills. Now, we are even more ready to kickstart 2025 on a millionaire note.

“As a tradition, the 5 for 5 Promo continues to tour different locations across the six geopolitical zones, however, our winners are always selected from across the country. So even though one of the millionaires will be from Warri where this draw will hold, there’s still room for 2 more millionaires and over 120 more winners of cash ranging from N25,000 to N250,000.

” The joy for us is in the smiles that are made, the stories that are positively impacted and the hope that these cash rewards bring to the winners; from students to small business owners, working professionals, and so on. We are all too familiar with the running ‘100 days of January’ reality that plagues a lot of us after the heavy spending that comes with December, so this draw is the perfect opportunity to support our customers beyond the daily and weekly draws that we hold every other weekday.

“I congratulate the winners in advance, and I encourage every new and existing Wema Bank customer to seize this opportunity and start transacting today. The 5 for 5 Promo is as transparent as can be, so anyone can win, provided they meet the minimum requirements,” Oseni concluded.

Olorunshola Damilola Esther, an Akure-based trader, who was one of the millionaires from the 2nd monthly draw of the Wema Bank 5 for 5 Promo Season 4 which held in Akure on December 15, 2024, expressed immense gratitude to Wema Bank for the surprise win, encouraging Nigerians to keep transacting with their Wema Bank accounts for a chance to also receive surprise financial rewards in the Wema Bank 5 for 5 Promo.

To qualify, participate and stand a chance to win in the Wema Bank 5 for 5 Promo Season 4, customers of the Bank are required to fund their account with at least N5,000 monthly, maintain an average minimum balance of N5,000 and make up to 5 transactions using ALAT, *945# or their Wema/ALAT debit card.

New customers can participate by downloading the ALAT App from the Play Store or App Store, opening an account, and following the steps above to qualify.

Business

CBN revokes licences of 46 microfinance banks

Published

1 week ago

July 2, 2026

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs).

The apex bank cited the failure of the banks to meet regulatory requirements for continued operation.

In a statement issued on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.

“According to the revocation order, the action became necessary because of one or more of the circumstances: Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” CBN said.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement reads.

CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.

The affected microfinance banks are:

1. Minji-Se Churchill MFB (tier 1) in Rivers

2. Merchant MFB (tier 2) in Abia

3. Janmaa MFB (tier 1) in Kwara

4. Busu MFB (tier 2) in Niger

5. Gold MFB (tier 1) in Lagos

6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano

7. Bompai MFB (tier 1) in Kano

8. Ajwa MFB (tier 2) in Kano

9. Now Now Digital MFB (tier 2) in Kano

10. Crystabel Microfinance Bank (tier 1) in Bayelsa

11. Chanelle MFB (state-based) in Lagos

12. Abia SME MFB (tier 1) in Abia

13. Kamba MFB (tier 2) in Kebbi

14. Iwade MFB (tier 2) in Ogun

15. Winview MFB (tier 1) in Abuja

16. Zuru MFB (tier 2) in Kebbi

17. Minjibir MFB (tier 1) in Kano

18. Shanono MFB (tier 2) in Kano

19. Sumaila MFB (tier 2) in Kano

20. Rimin Gado MFB (tier 2) in Kano

21. Mwaghavul MFB (state-based) in Plateau

22. Sycamore MFB (tier 2) Kano

23. TOFA MFB (tier 2) in Kano

24. Safegate MFB (tier 1) in Lagos

25. Creekline MFB (tier 2) in Delta

26. Bestar MFB (tier 1) in Oyo

27. Livingspring MFB (tier 1) in Cross River

28. Apple MFB (tier 2) in Ogun

29. Stanford MFB (state-based) in Uyo

30. Frontline MFB (tier 2) in Anambra

31. Zafec MFB (tier 2) in Kaduna

32. Supreme MFB (tier 1) in Lagos

33. Bejin-Doko MFB (tier 2) in Niger

34. Kanopoly MFB (tier 1) in Kano

35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano

36. Yeneng MFB (tier 2) in Plateau

37. Creditville MFB (tier 1) in Lagos

38. MBAG MFB (tier 1) in Lagos

39. Straight Sahara MFB (tier 1) in Benue

40. Our Pass MFB (tier 2) in Ondo

41. VERDANT MFB (tier 1) in Lagos

42. Basawa MFB (tier 2) in Kaduna

43. Casha MFB (tier 2) in Abuja

44. Esteem MFB (tier 2) in Kano

45. Enterpreneur MFB (tier 1) in Lagos

46. Avantus MFB (tier 2) in Osun

It would be recalled that the CBN increased the capital base for banks, in March 2024, giving them until March 31, 2026, to meet the requirements.

On March 6, 2026, the financial regulator disclosed that 30 banks have met the minimum capital requirement.

Business

Wema Bank launches Hackaholics 7.0, increases grand prizes to N150m

Published

1 week ago

July 1, 2026

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… introduces 3 tracks, 7 Verticals,

Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced the 7th edition of its flagship innovation initiative, Hackaholics.

The announcement was made on Wednesday, July 1, 2026, during the official press conference at the Wema Bank Head Office in Lagos, Nigeria.

Launched in 2019, Hackaholics is Wema Bank’s youth and tech-focused initiative designed to serve as a platform for young Africans with creative, game-changing, tech-driven ideas and products, and to bring innovative their ideas to life.

Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500,000,000 in grant prizes to dozens of winners whose remarkable solutions have earned top spot in the past 6 editions.

With the launch of Hackaholics 7.0, Wema Bank is set to execute the biggest Hackaholics edition yet.

Themed “Powering Possibilities”, Hackaholics 7.0 will kick off with an open call for applications, calling on all young Africans with creative tech-driven solutions across any of the 7 verticals: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work.

Each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track.

Following the application window, Hackaholics 7.0 will then proceed on a national tour which will touch 10 pitch centres across the six geopolitical zones of Nigeria.

Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners of Hackaholics 7.0 will be announced.

Speaking on the Bank’s inspiration behind Hackaholics’ exceptional seven-year journey, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to powering innovation, empowering youth and promoting economic growth in Africa.

According to him, “At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy.

“This sense of responsibility is what has driven the evolution of Hackaholics from inception till date. With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes.”

Declaring the application window open, Tajudeen Bakare, Wema Bank’s Divisional Executive, Business Support, added, “As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders.

“I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape.

“Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future.”

Hackaholics 7.0 is free, and open to any Nigerian youth who has innovative ideas and solutions to pitch. Interested startups and innovators can apply at hackaholics.wemabank.com. All updates on the Hackaholics 7.0 journey will be made available on the Bank’s website @wemabank.com as well as its social media platforms @wemabank and @alat_ng.

Business

Wema Bank’s 5 for 5 rewards delivers ₦17.96m to 273 customers in one month

Published

4 weeks ago

June 14, 2026

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One month after launching the Season 5 of its flagship 5 for 5 Rewards campaign, Wema Bank has rewarded 273 customers with a total of ₦17.96 million, demonstrating the strong early impact of its refreshed customer rewards platform and reinforcing its commitment to rewarding everyday banking.

Launched on May 2, 2026, as part of the Bank’s 81st anniversary celebration, this season of the campaign introduced a more structured and inclusive rewards framework designed to encourage positive financial habits while recognising customer loyalty across the Youth, Women and Mass Market segments.

The season opened with a special anniversary activation at Ikeja City Mall, where 81 customers received ₦81,000 each, resulting in ₦6.56 million in rewards on launch day. Since then, the campaign has continued to reward customers through daily and monthly draws, with an additional 192 winners emerging within the first month.

Across the Youth segment, 37 students have received rewards worth ₦4.4 million, including 20 students who received ₦50,000 PocketMoni rewards and 17 university students who received ₦200,000 each in Tuition Support.

The Women segment also recorded strong participation, with 12 customers receiving ₦150,000 each through the #SelfCare category, while the Mass Market segment recorded the highest number of winners. Within the first month, 120 customers received daily cash rewards, and 23 customers won ₦200,000 each in the monthly draw, bringing total rewards in the category to ₦5.2 million.

Commenting on the campaign’s early impact, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said; “At Wema Bank, we believe loyalty should be rewarded in ways that are meaningful, transparent and accessible. The response to Season 5 of the 5 for 5 Rewards campaign has been encouraging, and seeing hundreds of customers benefit within just one month reinforces our belief that everyday banking should create everyday opportunities.

Beyond rewarding transactions, we are encouraging positive financial habits while delivering real value to our customers. He added; “This is only the beginning. With more reward categories, more winners and more opportunities still ahead, we remain committed to creating meaningful impact for our customers and ensuring more Nigerians experience the value of banking with Wema.”

Customers can participate by opening or reactivating a Wema Bank account, funding it with a minimum of ₦5,000, maintaining an average monthly balance of ₦5,000, and completing at least five transactions every month using the ALAT app, Wema or ALAT cards, or *945#.

With over ₦170 million earmarked for rewards between May and December 2026, thousands more customers are expected to benefit as the campaign continues, reaffirming Wema Bank’s commitment to rewarding loyalty, promoting positive financial behaviour and delivering value beyond banking.