Wema Bank Plc has unveiled the fifth season of its flagship 5for5 Reward Scheme, intensifying efforts to drive digital banking adoption, reward customer loyalty, and deepen financial inclusion across Nigeria.
The new edition, themed “Evolve with Wema 5for5,” is scheduled to run from May to December 2026, with a total reward pool of over ₦170 million earmarked for customers across youth, women, and mass market segments.
The bank said the latest season introduces a more structured and merit-driven reward framework designed to reflect customers’ financial behaviour and engagement across its digital channels, including ALAT, the *945# USSD platform, and debit card transactions.
Speaking at the launch, the Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the scheme underscores the lender’s commitment to transparency, customer empowerment, and innovation-driven banking.
Oseni noted that the initiative aligns with the bank’s evolving digital strategy as it marks over eight decades of operations.
“As we celebrate 81 years of Wema Bank, the 5for5 Rewards Scheme continues to evolve in line with how our customers live and transact,” he said. “Season Five reflects a deliberate shift towards a transparent, merit-based system where every reward is earned through real financial activity.”
He explained that qualification for rewards would be based on account funding levels and transaction consistency across eligible channels.
Under the youth and student category, customers who fund their accounts from ₦5,000 and complete at least five transactions monthly will qualify for basic rewards, while higher engagement levels open opportunities for tuition support, laptops, pocket money, and a Star Student award.
For women, the scheme introduces tiered empowerment benefits. Customers who fund from ₦5,000 and maintain at least five monthly transactions qualify for self-care packages, while those funding from ₦50,000 with a minimum of 25 transactions become eligible for business support grants under the #SupportHerHustle initiative. High-performing participants will also be considered for the #SaraDiva Impact Award.
In the mass market category, customers who fund accounts from ₦5,000 and complete at least five monthly transactions will receive daily rewards, while those funding ₦20,000 and completing 15 transactions qualify for monthly incentives. A grand prize of ₦5 million will be awarded to the most consistent customer over the campaign period.
The bank added that engagement through its digital platforms remains central to qualification, reinforcing its push toward a cashless and digitally driven banking ecosystem.
Since its launch in 2019, Wema Bank said the 5for5 Reward Scheme has impacted more than 7,000 customers nationwide, distributing over ₦300 million in cash rewards and incentives.
Industry observers say the latest season reflects growing competition among Nigerian banks to combine customer acquisition with digital adoption incentives, as lenders increasingly leverage reward-based programmes to deepen usage of mobile and USSD banking channels.
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