Banking
Wema Bank Customers to Win N90m in 5 for 5 Promo Season 3
By Modupe Gbadeyanka
About N90 million is up for grabs for Wema Bank customers in season 3 of the lenders’ 5 for 5 promo, an initiative designed to reward their unwavering loyalty.
The beneficiaries will receive cash prizes ranging from N5,000 to N1 million in weekly giveaways and monthly draws from July 1, 2023, to May 2024.
Winners will be chosen from the different regions of Nigeria over a span of 10 months. The draws will be hosted across the country, increasing the chances of winning for customers residing in the selected cities.
Wema Bank’s Divisional Head for Retail Banking, Mr Ayodele Olojede, said to qualify and stand a chance to win in this season of Wema Bank 5 for 5 promo, “All you need to do is fund your Wema Bank account with a minimum of N5,000, maintain an average monthly account balance of N5,000, and conduct a minimum of five transactions each month on ALAT using *945# or your Wema or ALAT debit or credit card. The more you fund and transact, the higher your chances of winning and the more you can win.”
“If you’re not a customer yet, opening an account is effortless. You can visit the nearest Wema Bank branch or search ‘ALAT Hub near me’ on Google to find a Wema Bank Agent near you.
“Alternatively, you can download the ALAT app from your Play Store or App Store and click ‘Get Started’ to set up your account.
“Season 3 of the Wema Bank 5 for 5 promo offers abundant opportunities for winning. Reactivate your account if you’ve been inactive and start funding and transacting today,” the Head of Brands & Marketing Communication at Wema Bank, Ms Mabel Adeteye, highlighted the accessibility of opening a Wema Bank account.
On his part, the Chief Digital Officer of Wema Bank, Mr Segun Adeniyi, explained that this campaign was initiated “to reward and show appreciation to our active and transacting customers for their loyalty to the bank. As we embark on the 3rd season, we have fine-tuned the requirements to ensure that more customers have the opportunity to win.”
In line with Wema Bank’s dedication to promoting financial inclusion, Wema Bank’s Divisional Head of Brands, People, and Culture, Ms Ololade Ogungbenro, said, “For Season 3 of the Wema Bank 5 for 5 promo, we have adopted a diverse communication strategy that includes various languages such as Yoruba, Igbo, Hausa, and Pidgin.
“We recognize the diverse range of customers who speak different languages, and it is of utmost importance to us that inclusivity remains a top priority, ensuring that no one is left out.”
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
