Banking
The New Power of Social Media; Even Banks Can No Longer Ignore
Millennials – the generation born between 1980 and 2000 — are unlike previous generations in so many ways. They are highly opinionated, educated and are digitally native. They have a reputation for being tech-savvy, collaborative, optimistic, achievement-oriented and socially conscious. Brands that are keen on reaching them must go to places where they can meet them. In view of this, many brands have become very active on social media, where millennials spend at least 6 hours per week. In 2017, 71 percent of internet users were social network users and these figures are expected to grow. These statistics show where every brand that wants to remain relevant in future needs to be.
Already, social media has started transforming banking relationships in very significant ways. Customers have relied on popular social media platforms to easily reach out to banks in a bid to seek quicker resolution to their complaints. Banks have also used these platforms to improve customer service by prompt response to queries and provision of useful information to customers. This trend is expected to continue, as we are beginning to see Fintechs use social media data to help people get access to credit. There is even a school of thought with the belief that social media platforms may be the banks of the future. No matter what you think of the possibilities social media bring, one thing is certain, any brand that wants to remain relevant in the future must take social media seriously.
Last year, Femi Oguntamu of Penzaarville, a Lagos-based digital marketing startup debuted Handle It Africa, a social media conference themed Social Media: Language of Expression. The conference was made possible by the support of organisations like Wema Bank, whose interest in constantly looking for innovative ways to engage customers has led to its growing interest in social media. The innovative Bank which launched ALAT, Africa’s first fully digital bank in 2017, is supporting Handle It Africa again this year in keeping with its commitment to supporting small businesses that continuously implement innovative ideas for growth. This year’s theme Social Media: Expanding Influence, Broadening Thoughts, will see discussions about the influence of social media taken further.
Businesses are increasingly seeing the need to be more active on social media, with key events like product launches now taken online to actively target the important market segment that spend more than 6 hours online every week. Even banks now see social media as a very useful tool in customer service, community building, product research and marketing.
The growing influence of social media in brand enhancement and marketability of products have encouraged brands to increasingly engage the services of viral-ready comedians who offer attractive instant visibility extending over 150,000 viewers, given their huge following online. ALAT, for example, engaged the services of Maraji, a social media sensation, to promote its Virtual Dollar Card. A single post by the female comedian was viewed by over 200,000 people on Instagram alone. Such is the power of social media today!
Discussions that happen in conferences like Handle It Africa reinforce the importance of social media and ends with fresh ideas that can help individuals and businesses further exploit the opportunities presented by the different available social media platforms.
Wema Bank has over the last one year increased its use of social media to engage its customers, as it continues to roll out digital banking solutions tailored to people’s needs.
ALAT, Wema’s digital bank has over the last one year, won 8 awards, both locally and internationally.
Funmilayo Falola, who heads Brand and Marketing Communications at Wema Bank reiterates the importance of social media to brands. “If 75% of the global workforce in the next seven years are millennials and millennials spend more than 6 hours on social media every week, any brand that is serious about the future needs to be on social media,” she says.
“That said, brands need to be strategic about the platforms they use. You do not need to be on all social media platforms as a brand. Look for the platforms unique to your target audience and come up with an effective strategy that will ensure you achieve your set objectives,” Falola adds.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has urged banks to remain vigilant and take proactive measures against emerging risks following the conclusion of the banking sector recapitalisation exercise.
He made the call while announcing the outcome of the Monetary Policy Committee (MPC) meeting, where the Monetary Policy Rate (MPR) was retained at 26.5 per cent amid sustained inflationary pressures and global economic uncertainties.
According to him, the MPC welcomed the successful recapitalisation exercise, which resulted in the emergence of 33 stronger banks with improved financial soundness indicators and greater capacity to support economic growth.
However, he warned that the strengthening of balance sheets must be matched with strong risk management frameworks to safeguard financial system stability.
“The MPC also noted with satisfaction the successful conclusion of the banking recapitalisation exercise, which culminated in the emergence of 33 banks with stronger financial soundness indicators enhancing their capacity to support the economy,” Mr Cardoso said.
The central banker added that the committee “urged the banks to remain proactive and adopt necessary measures to address potential post-recapitalisation risks towards preserving financial system stability.”
Mr Cardoso said the decisions were based on a “comprehensive assessment of risks to the outlook,” noting that despite marginal increases in inflation, the broader macroeconomic environment remained stable.
“Although inflation has risen marginally for two consecutive months, largely induced by external shocks, the committee recognises its transitory nature and remains confident that the current macroeconomic environment is sufficiently robust to support a return to disinflation,” he stated.
The committee also highlighted spillover effects from the Middle East crisis, which have pushed up global energy and logistics costs. However, it said the impact on Nigeria had been muted due to earlier policy reforms.
“These include exchange rate stability, improvements in external reserve buffers, strengthened monetary policy transmission, a well-capitalised banking system and ongoing fiscal consolidation, which have significantly bolstered the economy’s ability to absorb external shocks,” Mr Cardoso explained.
He further said the committee noted that a cautious and vigilant policy stance remains necessary to anchor inflation expectations and maintain macroeconomic stability.
“The committee was therefore convinced that the essential conditions for price stability remain firmly in place,” Mr Cardoso said, adding that policymakers will continue to monitor both domestic and global developments closely.
By Modupe Gbadeyanka
Over 1,500 residents in Surulere, Lagos State, have received food packs from Fidelity Bank Plc under its Fidelity Food Bank initiative.
The items were distributed to beneficiaries in partnership with the Office of the Personal Assistant to the President on Constituency Affairs and the Sodiq Abiodun Ogundare (SAO) Foundation.
The financial institution developed the scheme to reinforce its commitment to community welfare and sustainable development.
The Regional Bank Head for Victoria Island/Lekki at Fidelity Bank, Mr Nnamdi Edekobi, described the initiative as a reflection of the lender’s unwavering dedication to improving the well-being of its host communities.
“Today goes beyond the distribution of food items; it is about uplifting lives, creating opportunities, and strengthening our commitment to the well-being of families in this community.” Mr Edekobi, represented by the Branch Leader for Adeola Odeku Branch, Ms Ifeyinwa Asomugha, stated.
He disclosed that since its inception, the initiative has distributed more than 150,000 food packs across Nigeria’s six geopolitical zones, positively impacting hundreds of communities nationwide.
“Today’s outreach has provided over 1,500 beneficiaries with essential feeding supplies that will help address hunger, support healthy living, and improve the overall well-being of families. This initiative also aligns with the United Nations Sustainable Development Goal 2, which focuses on achieving Zero Hunger,” he added.
Mr Edekobi further commended the Personal Assistant to the President on Constituency Affairs, Ms Khadijat Kareem Omotayo, for supporting the initiative and fostering impactful partnerships that benefit underserved communities.
On her part, Ms Omotayo praised Fidelity Bank and the SAO Foundation for bringing meaningful support to residents of Surulere.
“I am very happy that the foundation is growing. Fidelity Bank are our people, and I appreciate this collaboration that has brought this massive opportunity to our people in Surulere Constituency 1,” she stated.
She expressed optimism about sustaining future partnerships with the bank to continue improving the lives and livelihoods of Nigerians.
By Aduragbemi Omiyale
Children and teens interested in participating in becoming the chief executive of Wema Bank for one day have till Wednesday, May 20, 2026, to submit their entries.
The One-Day MD/CEO initiative was introduced by Wema Bank in 2025 to commemorate Children’s Day in a uniquely unprecedented manner.
The winner of the maiden edition was a 12-year-old Chiderije Mbah, inspiring children across the country to put in the work towards a successful future.
Inspired by the bank’s 80th anniversary theme, 80 Years of Impact, A Future of Possibilities, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.
For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of the chief executive of the bank, Mr Moruf Oseni, for a day.
The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.
To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve. This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges as the winner, and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day, with parents and teens encouraged to hurry and make their submissions before the deadline.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn