Wema Bank Spent N556.4 million on advertisement in Q1 2018

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Here is the list of Providus Bank Branches in Lagos

A little over two years after it was granted a commercial banking license with regional authorization by the Central...

Wema Bank Plc reported it spent a total of N556.4 million on advertising in the first half of 2018, a 78% increase from the N311 million spent a year earlier. The bank has steadily increased its advertising spent since it launched its flagship digital online banking platform, ALAT.

Last year, the bank spent a total of N1.21 billion on advertising and marketing about three times the N421 million spent in 2016. In total, the bank has now spent about N1.7 billion on advertising in the last 18 months. Wema Bank launched ALAT in May 2017 and since then the bank claims it has enrolled about 200,000 new customers, who have carried out almost 900,000 transactions totalling N12 billion.

Read: Wema Bank Posts N1.83b Half-year Profit Before Tax

ALAT by Wema Bank has led the way in the digital banking space in Nigeria and is available on the Google and AP store. According to data from the Google Play store, ALAT has over 100,000 downloads same with the Wema Bank app owned by the parent company. Wema Bank embarked on a massive rebranding exercise in 2015, introducing a new logo and pledging to remain innovative. ALAT was its first major innovative products and since then the bank has spent billions on technology and promotional activities for the application.

Read Also:  Ikeja Electric Unveils USSD Solution Channel to Ease Payments (How it works)
- Advertisement -

In March, the bank released two new features for ALAT that allows it to offer quick short-term loans and a virtual dollar card for paying online internationally. The ALAT Virtual Dollar Card is a non-physical, dollar-denominated debit card designed for online payments. Like ALAT Loans, the card is available to all the bank’s customers through its apps. The ALAT application was recently named ‘Best Digital Bank in Africa’ at the 2018 Asian Banker Awards.

In a recent study, it was discovered that Nigerian Tier 1 banks spent about N35.7 billion on advertising in the full year ended December 31st, 2017. This amount is slightly above the N31.1 billion spent for the same purpose in 2016. Wema Bank’s advertising spend is still significantly lower than that of other Tier 2 banks such as Diamond Bank and FCMB, who spent about N3.2 billion and N2.1 billion respectively on advertising and promotions.

- Advertisement -
Wema Bank Spent N556.4 million on advertisement in Q1 2018Wema Bank Spent N556.4 million on advertisement in Q1 2018

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Wema Bank Spent N556.4 million on advertisement in Q1 2018Wema Bank Spent N556.4 million on advertisement in Q1 2018

Latest News

Four strategies for helping women in fragile settings succeed in the digital economy

The coronavirus (COVID-19) pandemic is disproportionately impacting women’s livelihoods. Young women are more prone to unemployment and under-employment than men, and many...

How To Apply For NPower 2020 Recruitment

The NPower program was launched a few years ago and became one of the top opportunities for young individuals to begin their careers in...

Insider Dealing: MTN Nigeria Discloses Purchase of 920,000 Shares by Toriola

MTN Nigeria Plc on Thursday disclosed an insider dealing of 920,000 shares in line with the new Nigerian Stock Exchange (NSE) policy. In a statement...

SSA Monetary Policy Response to COVID-19: At the expense of price stability?

The global outbreak of the novel Coronavirus in early 2020 precipitated an economic crisis in the sub-Saharan African region as the prices of key...

Opay shuts down other business arms to focus on fintech, e-commerce

OPay launched by Opera software has announced a shutdown of some of its business units to focus only on financial technology services. Services on OPay...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Wema Bank Spent N556.4 million on advertisement in Q1 2018Wema Bank Spent N556.4 million on advertisement in Q1 2018