Business
Wema Bank set to hold 5 for 5 Promo season 3 in Lagos
Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, is set to wrap up the season 3 edition of its remarkable reward initiative, the 5 for 5 Promo, in a grand finale slated for Friday, May 31, 2024, in Lagos.
Wema Bank 5 for 5 Promo is a reward initiative introduced by the Bank in 2019 with the goal of rewarding its customers for their active loyalty to the brand and its products. Through the 5 for 5 Promo, customers of the Bank have enjoyed financial support for their personal, business and professional life.
Executed via thoroughly regulated monthly draws per season, the Wema Bank 5 for 5 Promo through a raffle draw selects winners from the Bank’s pool of active and transacting customers, based on the minimum requirements and modalities of the season.
A total of 1,177 customers have received cash rewards of up to N63.3 million in the first two seasons of the Promo; 23 of whom emerged millionaires in season 1 and 2. The 5 for 5 Promo has since become a beacon of hope to millions of Nigerians and businesses across the country.
Season 3 of the 5 for 5 Promo kickstarted in July 2023, raising the bar impressively with a N90,000,000 cash prize that surpassed both preceding seasons, creating room for more Nigerians to become winners. With each month in the 10-month spread, the 5 for 5 Promo Season 3 train has toured different locations across Nigeria, surprising customers with cash prizes ranging from N25,000 to N1,000,000 each.
The 5 for 5 Promo stands out for its inclusivity, diversity and impact, touching the lives of hundreds of Nigerians of different ages, statuses, interests and inclinations. As the final draw of the season approaches, both past and aspiring 5 for 5 Promo winners eagerly anticipate the lucky 120 winners to be made this May.
Referencing the Bank’s intention for the 5 for 5 Promo, the Head, Brands & Marketing Communications at Wema Bank, Mabel Adeteye, expressed gratitude to customers of the Bank for their continued support throughout Wema Bank’s 79-year journey.
“At Wema Bank, our world revolves around our people and customers. Their support is what has got us this far so it’s only natural that we seize every opportunity to give back to them and fulfil our goal of providing optimum value for every stakeholder. The 5 for 5 Promo was birthed from a place of gratitude and commitment to empowering our customers and with each season, we have simplified the requirements and amplified the rewards to ensure that everyone can benefit from the Promo.
“Season 3 has been nothing short of remarkable and as we close out our 79th anniversary celebration with one more 5 for 5 Promo Season 3 draw, we are honoured to be the bank of choice for our diverse customer base.
“To the 1,000+ customers that have won over the past 9 months and the 120 that will win in the grand finale, I say a huge congratulations. Thank you for choosing Wema Bank.”
Encouraging Nigerians to take advantage of the last draw of the 5 for 5 Promo Season 3, Mabel Adeteye, elucidated the minimum requirements for qualification.
“The requirements are simple, fund your account with at least N5,000 and make up to 5 transactions using the ALAT App, *945# or your ALAT/Wema Card, maintaining a N5,000 minimum average account balance. It doesn’t matter where you are, what you do or when you started banking with us, you can be a winner.
“NYSC members have won, business owners, undergraduate students, working class professionals, everyone from Gen Z to the baby boomers. There’s room for all in the Wema Bank family and the 5 for 5 Promo. A simple download of the ALAT App could be the first step for potential winners. I look forward to May 31st, as we put the final bow on this exceptional journey that has made the 5 for 5 Promo Season 3 a success.”
The 5 for 5 Promo has transformed the lives and experiences of thousands of Nigerians across the world, with cash prizes for transactions on both Naira and Domiciliary accounts. With a total of N80,000,000 already disbursed in the first 9 draws of Season 3, the grand finale is set to reward 120 more Nigerians with a N10,000,000 cash prize.
To qualify to win in the grand finale of the Wema Bank 5 for 5 Promo Season 3, Wema Bank account holders are to fund their Wema/ALAT accounts and make up to 5 transactions before the month ends.
Access Bank Ghana Plc held its 16th Annual General Meeting (AGM) at its head office, marking a year of exceptional performance and growth. The Board Chairperson of Access Bank (Ghana) Plc, Ms. Ama S. Bawuah, presented the financial statements, highlighting the Bank’s impressive performance despite the challenging macroeconomic environment.
Access Bank Ghana’s total assets grew to 22.3 per cent, from GHS 10.057 billion to GHS 12.30 billion, while operating income increased by 40 per cent from GHS1.150 billion to GHS 1.613 billion. The Bank’s Loans and Advances rose by 42.81 per cent.
Ms. Bawuah said, “In 2023, Ghana’s economy was characterised by macroeconomic instability, escalating inflation, and dwindling investor confidence stemming from both domestic imbalances and external pressures. Against the backdrop of global and national economic uncertainties, I am pleased to share that your bank successfully applied valuable insights and industry best practices to achieve substantial growth across key areas in the past year.”
“These achievements underscore our steadfast dedication to navigating challenges and fostering sustainable growth, reaffirming our pledge to serve you with excellence and integrity,” Bawuah added.
Access Bank’s commitment to expansion, innovation, and customer convenience was also showcased, with the implementation of several digital products and services such as the virtual relationship management (VRM) tool to augment customer service support. The Bank also established priority desks to cater to a specific demographic and facilitate the smooth running of business in those areas. These include the Chinese, German, Lebanese, French, and Turkish desks.
Olumide Olatunji, Managing Director, Access Bank Ghana Plc, reiterated the Bank’s resilience and stability. “Despite the prevailing uncertainties, Access Bank maintained a robust performance across key financial metrics, a testament to our prudent financial management and unwavering dedication to our mission. We observed substantial growth in deposits, surging from GHS7.399 billion to GHS9.130 billion, marking a notable 23 per cent increase.”
He added that the Bank achieved a remarkable turnaround by resuming tax remittances to the government. This reversal from a negative contribution of GHS102 million to an impressive 509 per cent increase to GHS419 million underscores our commitment to fiscal responsibility and sustained growth. Concurrently, shareholders’ funds experienced substantial growth, from GHS1.014 billion to GHS1.403 billion, attributed to the transformative strategies implemented in the Bank’s business management practice.
Olatunji thanked shareholders for their support and emphasised the Bank’s commitment to excellence and customer satisfaction. “We are proud of our achievements and recognise the trust our customers and shareholders have placed in us. We will continue to innovate, expand our reach, and support Ghana’s economic growth,” he noted.
Mr. Sampson Ashong, the General Secretary of the shareholders praised the Bank’s performance and initiatives citing its resilience and growth potential. “I am thoroughly impressed with the bank’s commitment to sustainability initiatives and employee capacity building. The dedication to creating a positive impact on the environment and society, while investing in the growth and development of their staff is truly commendable. This is evidence that Access Bank is not just focused on financial returns, but also on making a positive difference in the world,” he said.
Shareholders approved all resolutions on the agenda, which included among other things, also saw the re-election of the members of the Board of Directors and one retirement.
The event was a celebration of the Bank’s dedication to its stakeholders and its contribution to Ghana’s financial landscape. As Access Bank Ghana continues to grow and expand its operations, it remains committed to promoting financial inclusion and supporting the country’s economic development.
Since 2009, Access Bank Ghana has demonstrated a strong commitment to sustainable business practices driving profitable, sustainable growth that is environmentally responsible and socially relevant. These have contributed to the Bank being recognised with various awards in 2023. These include the 2023 Best Bank by Euromoney Awards, Best Retail Bank by Global Brands Awards, Best Digital Bank in Ghana by Digital Banker Africa Awards; and Best SME Banking and Best Bank for CSR by Euromoney Awards.
The Securities and Exchange Commission has issued its Framework on Banking Sector Capitalisation Programme, 2024.
The framework was released on the commission’s website on Friday.
This comes following the Central Bank of Nigeria March’s announcement of fresh minimum capital requirements for all banks in Nigeria to achieve a $1 trillion economy.
Accordingly, the SEC’s framework serves as a comprehensive guide for Banks/Holding Companies and market participants to navigate the recapitalisation program effectively.
Consequently, the SEC said it would charge banks N1,000,000 million as a penalty for an application returned for being incomplete.
“This framework outlines the guidelines and procedures banks are required to follow to raise capital through rights issuance, private placements, or other approved methods during the 2024-2026 recapitalisation period.Residents bemoan flooding in Benue
“Where an application is returned for being incomplete – a penalty of N1,000,000 and a re-filing fee of N100,000 shall apply. This fee is payable by the Issuing House without recourse to the Issuer or the Issue proceeds”, the statement partly reads.
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