E-Financial
Wema Bank’s 5For5 Promo Heats Up As Artisan Emerges Winner in Third Draw
Wema Bank Plc, Nigeria’s leading financial institution, excited customers in Agege, Lagos, on Thursday, October 14, 2021, as it rewarded 2 raffle draw winners for the month of September. This was part of its ongoing customer reward campaign, the 5for5 Promo which commenced on July 1, 2021.
L-R: Divisional Head, Retail Business, Wema Bank Plc, Dotun Ifebogun; 5 for 5 promo one million naira winner, Alade Rafiu Aliu and Head, Retail Cluster, Ikeja 1, Wema Bank Plc, Olukayode Adebayo at the 5for5 promo cheque presentation in Lagos on Thursday, October 14, 2021.
The promo has seen over 200 customers win cash prizes ranging from 10,000 naira to the grand prize of one million naira by conducting transactions via the digital banking platform, ALAT, and Wema’s USSD code – *945#. In August and September 2021, customers in Osun state were the first to receive the 5for5 treatment where two lucky winners became millionaires.
In Lagos, an excited 44-year-old Alade Rafiu Aliu, was awarded the grand prize of a million Naira. The welder explained his shock at the news, “When I was contacted, I was very suspicious until I was informed to come to the bank the next day. I went to my bank branch in Agege and as I walked in, all the staff began congratulating me; that was when I realised it was actually true!”
He went on to express his gratitude to the bank, “I am grateful to Wema bank, staff at the Agege branch for taking pains to track me down and ensure that I got my prize money. Since I have been banking with them, I have not had issues.”
Another 100,000 naira winner, Olaniyi Elijah Olatunde, who has been a customer for over 20 years and is a pioneer ALAT customer, applauded the bank for the promo. He stated that, “The promo is a great thing. It’s something that is making people happy and giving them a chance to improve their lives. It is also a way of letting customers know that their loyalty is not going unnoticed.”
Speaking at the cheque presentation, Dotun Ifegbogun, divisional head, Retail Business, Wema Bank, stated, “We introduced this promo to reward loyal customers, encourage a healthy savings culture and renew relationships with old customers.
“And in the past three months we have done just that. The response across the country has been humbling.
“So far we have given over 200 customers an avenue to make a difference with their winnings. We are not only creating financial freedom but we are also providing financial literacy on how they can spend, save and invest their winnings wisely.”
Over 10 million naira has been won in the 5for5 promo – a nine-month-long campaign that will continue to reward customers till March 2022. Over 31.5 million naira will be awarded when the promo ends next year.
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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