Wema Bank to Launch Digital Savings Product for Traders, Others

By Dipo Olowookere

A mid-level financial institution in Nigeria, Wema Bank Plc, will unveil a digital savings product called Wema Bank Micro Savings at major markets in Ogun, Oyo and Cross River States on Friday, October 21, 2022.

The launch of this product will wrap up a week-long activity to commemorate the 2022 Financial Inclusion Week (FIW) themed Inclusive Growth in Digital Era.

The Head of the Retail Segment at Wema Bank, Mr Adekunle Alarapon, explained that, “The launch of Wema Bank Micro Savings product underscores the bank’s continued commitment to the empowerment of individuals and businesses by leveraging innovation.”

According to him, “Micro Savings is a project of the World Woman Banking and The Bill and Melinda Gates Foundation. This product is to drive financial inclusion for market women and other traders who do not have a culture of banking during work hours.”

Business Post reports that the lender is making efforts to ensure financial services reach the unbanked communities in Nigeria.

On Monday, the company, as part of its commitment to deepening financial inclusion, unveiled Wema Bank’s Financial Inclusion Hub in Owode Egba, a rural community in Ogun State.

Today, it held a virtual webinar on Inclusive Growth in Digital Era to educate the public about financial inclusion.

The Chief Digital Officer of Wema Bank, Mr Segun Adeniyi, and the Chief Distribution & Stakeholder Engagement Officer/COOSANEF Nigeria, Mrs Uche Uzoebo, were the keynote speakers.

The panellists were the Executive Director of Propoor Group, Mr Yunusa Ibrahim; Managing Director of Afara Partners, Mr Mayowa Owolabi; and Advisor, Women World Banking (WWB), Mrs Ara Sidi Sodiq.

The Financial Inclusion Week is an annual forum for exchanging ideas, research, and perspectives from around the world working towards inclusive finance, convened by the Centre for Financial Inclusion (CFI).

ALAT, Africa’s first fully digital bank owned by Wema, is an award-winning revolutionary digital bank and has significantly impacted the financial services ecosystem positively in many ways, including bringing more people onboard into Wema Bank’s range of value-adding banking and financial advisory services.