Business
Last Set of Winners Emerge in Season 2 of Wema Bank’s 5for5 Final Promo Draw

Winners have emerged in the ground-breaking final live draw of the 5for5 promo event held in Lagos on January 20, 2023. This event featured mouth-watering cash prizes of N10,000, N100,000, and the star prize of N1,000,000, which 2 lucky customers won.
Abubakar Bisoye Bisi of Broad Street Branch, Lagos and Toyeeb Hussain of Ondo Branch emerged the two lucky winners of N1 million each. 55 other customers won N10,000 each, while another 20 others won N100,000 each in electronic draws conducted at the bank’s Head Office.
Season 1 of the promo began in 2021 as part of activities to reward its customers and encourage a healthy savings culture. This second edition closed the curtains on the second season of the 5for5 promo with an impeccable event line-up, social networking, and entertainment, which created a memorable experience for participants that participated physically in Lagos and virtually on Instagram Live on @alat_ng.
Speaking to pressmen during the event, The Chief Finance and Strategy Officer, Tunde Mabawonku, in his closing remarks, emphasized the uniqueness of the 5for5 promo grand finale, stating that it was designed to give a personalized feel to the event. “One of the highlights of the event is to remind our customers that the bank and all of the activities we host are designed to help them navigate the various financial services we offer and make their experiences the best in the history of the Nigerian banking industry,” he stated. “This is our way of thanking and rewarding customers for their loyalty.
Speaking further, he said, “This season’s grand finale has been a success, and it is already generating considerable interest in the banking industry and among shareholders.”
The Divisional Head, Retail Banking, Mr. Dotun Ifebogun, said the promo is a way of promoting the savings culture among customers as well as encouraging the use of the bank’s alternate digital channels.
He explained that participating customers needed to do five transactions using the alternate channels as qualification criterion.
During the cheque presentation ceremony, the newly appointed Managing Director, Moruf Oseni, expressed his unwavering faith in the promo event and its enormous impact on the banking community. In addition, he praised the efforts of the organizing committee, the able knights, and every other participant in the event’s success.
The stakeholders of the Nigerian banking behemoth Wema Bank praised the bank’s management and board for their shrewd leadership and customer-centric values, which contributed to the success of the second season of the promotion.
Wema bank pledges to return with a bigger and better third season of the 5for5 promo and urges customers to keep an eye out for this upcoming event and many other opportunities to improve their lives.
Business
Naira Gains over Dollar for Three Straight Days in Parallel FX Market

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.
Business
MoneyMaster Enriches Service Delivery with New Agency Software

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.
Business
CBN Reviews ATM Fees, Imposes N100-600 Charges for N20k Withdrawal

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.”