Banking and Finance
WEMA BANK SET TO LAUNCH SEASON 4 OF ITS 5 FOR 5 PROMO REWARD INITIATIVE From October 1st, 2024
Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to launch the 4th season of its transformative reward initiative, the Wema Bank 5 for 5 Promo. The highly anticipated Season is scheduled to kick off on Tuesday, October 1, 2024.
Introduced in 2021 the Wema Bank 5 for 5 Promo is a reward initiative pioneered by the Bank with the goal of rewarding its diverse range of customers for active loyalty to the brand, its products, and offerings. The Promo is executed seasonally via thoroughly regulated live draws where winners are selected from the Bank’s pool of active and transacting customers, based on the stipulated minimum requirements and modalities of the season. With benchmarks for qualification set as low as N5,000 in monthly transactions, the Wema Bank 5 for 5 Promo has evolved through each season, solidifying its repute as a source of hope, financial support, business growth and goal acceleration for thousands of Nigerians nationwide.
Over the course of 3 seasons, the 5 for 5 Promo has disbursed over N150,000,000 to 2,378 Nigerians across the six geopolitical zones in Nigeria, with 639 customers winning N31,500,000 in season 1, 539 winning N31,850,000 in season 2 and 1,200 winning N90,000,000 in the 3rd season of the 5 for 5 Promo which spanned August 2023 to July 2024. As a new season of the Wema Bank 5 for 5 Promo approaches, tensions are heightening as Nigerians await a new season of financial rewards and pleasant surprises from Wema Bank. Customers of the Bank are encouraged to request a debit card or get onboarded on the ALAT app and *945# and start transacting via any of these channels in anticipation of the season’s kick-off. Other Nigerians interested in participating are encouraged to open Wema Bank/ALAT account(s) to get started.
Reiterating the Bank’s commitment to providing a rewarding banking experience for its customers, Moruf Oseni, MD/CEO of Wema Bank, elaborated on the significance of the Wema Bank 5 for 5 Promo for its customers. “At Wema Bank, we have made it a duty and core value to provide optimum returns for our customers, and this commitment is evident in all that we do as a Bank. ‘Optimum returns’ for Wema Bank is limitless which is why we continue to raise the bar and set new standards, innovating new and improved ways to provide a highly rewarding banking experience for our customers. It is this sense of duty to our customers that inspired the launch of the Wema Bank 5 for 5 Promo”.
“The past seasons of the Wema Bank 5 for 5 Promo have been highly successful, but I can assure you that the coming season will be the biggest in 5 for 5 Promo history to date. We are, yet again, raising the bar, and with more to win this season, every Wema Bank customer is in for a treat. It’s beyond the rewards customers are getting. With the 5 for 5 Promo, we are telling customers that we’re grateful, showing them that we care, and empowering lives and businesses to thrive. Through this initiative, we have made undergraduate millionaires, established businesses across Nigeria, boosted existing ventures despite economic fluctuations, given hope to Nigerians of various ages and walks of life; and this season, we are more than prepared to exceed all milestones, break new ground and transform more lives for the best. The Wema Bank 5 for 5 Promo Season 4 kicks off on October 1 and we have a special Independence Day live draw to kickstart the season, so I welcome every Nigerian to Wema Bank and encourage all to get on ALAT, request a Wema/ALAT card or onboard on *945# and get ready for an intriguing new 5 for 5 Promo Season, bigger than ever before”, Oseni concluded.
The Wema Bank 5 for 5 Promo season 4 promises to be a game changer and every Nigerian can participate and secure big wins throughout the season by being a Wema Bank customer and getting onboarded on the valid transaction channels which include the ALAT app, the Wema/ALAT card and the Bank’s USSD Banking platform, *945#.
All transactions made using the qualifying Wema Bank and ALAT transaction channels from October 1, 2024, are potentially qualifying transactions and could secure rewards ranking in millions for Nigerians across Nigeria.
T&Cs Apply.
Banking and Finance
Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024
Lagos, Nigeria – November 4, 2024 – Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.
This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.
At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.
The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App. The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.
Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions. “This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.
Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices. Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.
The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support. Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.
Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.
Banking and Finance
Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth .
Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.
Wema Bank’s balance sheet remained well structured with total assets growing by 38% to
₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.
The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to
₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:
₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).
Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.
The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.
Banking and Finance
Wema Bank Launches Export Trade Academy to Empower Nigerian SMEs in International Markets
In a bold step towards empowering Nigeria’s small and medium enterprises (SMEs), Wema Bank has launched the Wema Export Trade Academy, a groundbreaking initiative designed to enhance the global trade capabilities of local businesses. This forward-thinking program demonstrates Wema Bank’s commitment to empowering Nigerian businesses and supporting their international growth potential.
Navigating the complex landscape of export trade involves overcoming regulatory, financial, and logistical hurdles, which can often hinder small businesses from establishing a foothold, the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets. The Academy specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.
Participants in the Wema Export Trade Academy will benefit from sessions led by industry experts as well as mentorship opportunities with seasoned professionals. The academy goes beyond conventional training by offering real-world insights into international trade practices, such as export documentation best practices and navigating trade agreements, positioning Nigerian SMEs to confidently expand their presence in the global marketplace. Additionally, the program fosters a collaborative environment, encouraging participants to network with fellow Nigerian exporters, exchange ideas, and build connections with international trade facilitators. This supportive ecosystem is aimed at enhancing productivity and positioning Nigerian businesses as strong contenders on the world stage.
As a trailblazer in digital banking and business innovation, Wema Bank continues to set high standard within Nigeria’s financial landscape. The launch of the Wema Export Trade Academy marks a new chapter in the bank’s mission to support Nigerian enterprises, solidifying its role as an indispensable partner in their journey to international success.
The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions. With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.
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