Wema Bank Unveils ₦170m Prize Pool for 5for5 Season Five

LAGOS, Nigeria — In a strategic push to accelerate digital banking adoption and financial inclusion, Wema Bank has launched the fifth season of its acclaimed 5for5 Reward Scheme. The new season, themed “Evolve with Wema 5for5,” features a massive ₦170 million prize pool, marking a significant escalation in the bank’s efforts to reward customer loyalty through merit-based financial engagement.

​Unlike previous iterations, Season Five introduces a tiered framework specifically tailored to the bank’s diverse customer base, focusing on the youth, women, and mass-market segments.

​Merit-Based Rewards

​Speaking at the launch in Lagos, the Managing Director and CEO of Wema Bank, Moruf Oseni, noted that the initiative coincides with the bank’s 81st anniversary. He emphasized that the “Evolve” theme reflects a shift toward transparency, where rewards are strictly earned through documented financial activity on the bank’s digital platforms.

​”Season 5 reflects a deliberate shift towards a system where every reward is earned through real financial activity,” Oseni stated. “By linking these rewards to ALAT, the *945# USSD string, and Wema Bank debit cards, we are actively bringing more Nigerians into the formal financial ecosystem.”

​Segmented Eligibility Criteria

​The bank has outlined specific requirements for different categories of participants to ensure fair distribution and encourage healthy financial habits:

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• ​Youth Segment: Customers must fund their accounts with a minimum of ₦5,000 and perform at least five monthly transactions to qualify for rewards, including tuition support and high-end gadgets.
• ​Women’s Segment (#SupportHerHustle): Female entrepreneurs who fund their accounts with ₦50,000 and complete 25 or more transactions become eligible for empowerment grants and specialized wellness packages.
• ​Mass Market: Daily and monthly cash incentives remain a staple, with a ₦5 million grand prize reserved for the most consistent participant over the campaign period.

​Driving Financial Inclusion

​Since its inception in 2019, the 5for5 scheme has disbursed over ₦300 million to more than 7,000 customers. The current season’s ₦170 million allocation represents one of the bank’s most ambitious retail campaigns to date.

​Industry analysts suggest that by incentivizing specific behaviors—such as consistent account funding and mobile banking usage—Wema Bank is positioning itself to capture a larger share of the competitive digital banking market while aligning with the Central Bank of Nigeria’s (CBN) broader financial inclusion targets.

​With the campaign set to run through the end of 2026, the “Evolve with Wema” initiative reinforces the institution’s legacy of innovation as it continues to navigate the evolving landscape of Nigerian fintech.