Wema Bank Doubles Its Prices For 5 For 5 Promo, Awards Over 90 million To Participants

Wema Bank Doubles Its Prices For 5 For 5 Promo, Awards Over 90 million To Participants
Wema Bank Doubles Its Prices For 5 For 5 Promo, Awards Over 90 million To Participants

Over N90 million has been distributed to Wema Bank Plc’s clients nationwide as part of the 3rd season of the 5 for 5 promotion.

Following the banking and finance news, the overall bandwidth of 1,200 winners exceeded the combined 1,178 from prior seasons, totaling N63.3 million from Seasons 1 and 2. N10 million was awarded at the grand finale, which took place in Lagos yesterday and was attended in person as well as virtually.

Among the regulatory agencies present were the Lagos State Lotteries Board, the National Lottery Regulatory Commission (NLRC), and the Federal Competition & Consumer Protection Commission (FCCPC).

Beginning in August 2023, Season 3 travelled to several cities including Lagos, Abuja, Ibadan, Uyo, UNILAG, Akure, Enugu, Benin, and Osogbo. The season’s winners included members of the NYSC corps, corporate workers, parents, students, company owners, and representatives of several other national demographics.

Speaking at the grand finale, Tunde Mabawonku, executive director of Wema Bank’s Retail and Digital Business, explained that the third season began with 200 clients receiving N5,000 apiece as part of a series of unique weekly prizes that began the first week of August and went until the first monthly draw.

Mabawonku stated, “Our working template for the monthly draws was a N9 million per draw model for each of the 10 monthly draws: two winners of N1 million each, eight Domiciliary Account winners of N250,000 each, 30 winners of N100,000 each and 80 winners of N25,000 each.”

Continuing, “We maintained this framework for all draws except for the sixth draw in Akure where we disbursed a total of N8 million. The outstanding N1 million from the Akure draw is how we have arrived at N10 million for the Grand Finale happening today.

“While the Grand Finale attests to the impactful journey that we have traversed through the past 10 months, it also marks the end of the season,” he added.

Ayodele Olojede, the divisional head of Retail and SME at Wema Bank, also characterised the occasion as a tool for transformation and good effects. She further disclosed that since becoming a national bank, Wema has had a lot of success, including the introduction of the first totally digital bank in Africa, ALAT, a proposition geared towards women, SARA by Wema, and a USSD solution.

Olojede stated, “What stood out for us is how receptive our customers have been through the years, supporting us, welcoming our solutions, and embracing each innovation with open arms. In Season One, we rewarded 639 Nigerians with N31.5 million, and for Season Two, we upped the rewards with a N31.85 million cash prize for 539 Nigerians, touring seven cities: Lagos, Abuja, Onitsha, Abeokuta, Calabar, Ilorin, and Enugu.”

“This Season, we doubled the impact by rewarding more customers than we did in the first two seasons combined, and additionally, the cash prize for the season is almost double the amount we disbursed in Season one and two combined,” she added.