Business
Eight Decades Anniversary: Wema Produces 80 Winners in 5 for 5 Daily Promo
In anticipation of its 80th anniversary, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, will be rewarding 80 customers with cash prizes in its Wema Bank 5 for 5 Promo Season 4 80th daily draw, set to hold virtually at 4 p.m. on Monday, February 24, 2024.
Wema Bank launched its 5 for 5 Promo in 2019 as an avenue to reward its customers for their active loyalty to the brand and its products.
Since its launch, the Promo has disbursed over N150,000,000 to thousands of customers across Nigeria, across three seasons.
Season 4 of the Wema Bank 5 for 5 Promo kicked off on October 1, 2024 with a whopping N135,000,000 cash prize set for disbursement across daily, weekly, monthly and a special grand prize draw where one Wema Bank customer will win N5,000,000. So far, over 2,000 Wema Bank customers have emerged winners, receiving cash prizes ranging from N5,000 to N1,000,000 each.
Scheduled to hold on Monday, February 24, 2025, the Wema Bank 5 for 5 Promo Season 4 80th daily draw will, through a duly regulated and transparent electronic draw, select 80 winners randomly from Wema Bank’s pool of active and transacting customers who have made transactions using the ALAT App, *945# or the Wema/ALAT debit card. Both new and existing Wema Bank customers can participate in the special 80th draw, regardless of their location in Nigeria; provided they meet the eligibility criteria of making at least one transaction via the three valid channels.
Customers and prospects who are interested in becoming one of the lucky 80 winners are advised to sign up on the ALAT App if they haven’t already, request a debit card on the App or get one instantly at any Wema Bank branch or transact offline using *945#, Wema Bank’s USSD code.
The Wema Bank 5 for 5 Promo Season 4 80th daily draw has been curated specially in celebration of Wema Bank’s upcoming 80th anniversary. Anyone in any part of the world can watch the draw live via the Bank’s official Instagram @wemabank and YouTube @WemaBankofficial
The Naira recorded three consecutive days of appreciation against the dollar in the parallel foreign exchange market, ending the week on a high note on Friday.
According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the Naira strengthened to N1,565 per dollar on Friday, up from N1,570 on Thursday.
On a day-to-day basis, the Naira gained N5 against the dollar compared to the N1,570 traded on Thursday.
In the last three days, the Naira has gained N15 against the dollar in the black market.
In contrast, in the official market, the Naira continued to depreciate as of Thursday, according to data from the Central Bank of Nigeria.
The apex bank’s exchange rate data showed that the Naira fell to N1,507.88 per dollar on Thursday from N1,504.30 on Wednesday.
Overall, exchange rate movements across FX markets showed that the Naira ended the week with mixed sentiments of losses and gains against other foreign currencies.
Payment service bank, MoneyMaster PSB, has announced the integration of a new agent banking software with powerful and secured features to enhance its agency banking offerings and encourage financial inclusion.
The new agency banking software extensively supports a variety of agency banking services, such as paying bills, instantly reversing unsuccessful transactions, paying for lottery and betting, checking customers’ balances, linking cards to point-of-sale systems, and retrieving transaction histories from other channels.
The basic banking platform of MMPSB has been connected with the new software to enhance the experience of agents, clients, and other value chain stakeholders in their daily transactions.
The bank disclosed that the new software was implemented “to provide a seamless banking experience to customers using our POS terminals across the country. Customers can now enjoy a wide range of banking transactions from a single point while improving revenue streams for Agents.
MoneyMaster has now joined the league of leading financial institutions with state-of-the-art technology for POS terminal operations thanks to the implementation of the new software. The bank was among the first to promote USSD banking among the financially excluded population after obtaining its payment service banking license. Later on, it added internet and mobile banking apps to its list of banking channels.
In addition to supporting customers with creative, customer-focused solutions to improve their banking experience, Moneymaster PSB is dedicated to advancing financial inclusion among the unbanked and underbanked population. Because of the smooth payments made on its point-of-sale terminals. the Lagos State government last year chose MoneyMaster as a payment partner for the Ounje Eko food discount store in order to collect payments on its market days.
The Central Bank of Nigeria (CBN) has imposed a withdrawal charge of between N100 and N600 for every N20,000 worth of interbank ATM withdrawals.
The new policy eliminates the three free monthly withdrawals that customers enjoy on interbank ATM withdrawals.
According to a CBN circular, FPR/DIR/GEN/CIR/001/002 with title, ‘Review of Automated Teller Machine Transaction Fee,’ dated February 10, 2025, the new fees would take effect March 1, 2025.
The apex bank said: “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide)”.
The CBN said customers withdrawing at the ATM of their financial institution in Nigeria would not be charged.
“Withdrawal from another institution’s ATM in Nigeria (Not-On-Us): On-site ATMs (within bank premises): A fee of N100 per N20,000 withdrawal will apply,” the apex bank further directed.
For Off-site ATMs (outside bank premises), the apex bank said a charge of N100 plus a surcharge of not more than N500 for every N20,000 withdrawal would be applicable.
It said that international withdrawals would be based on the exact amount imposed by the international acquirer.
The CBN added: “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.
“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”
