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Wema Bank customer deposit ready for boost after Davido’s N1 million challenge

T.I Ukende
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Wema Bank customer deposits are expected to increase further following the recent naira 1million challenge by famous Nigerian megastar Afrobeats, David Adedeji Adeleke (a.k.a Davido, a.k.a O.B.O). 

The bank’s recent balance sheet for the third quarter of 2021 shows that its customers’ deposits increased 9.3% to N879.82 billion from N804.87 billion recorded at the start of the year. 

Just as the bank increased its customer deposits, it was able to increase its lending over the same period to 397.28 billion naira, leaving its loan-to-deposit ratio at 45%.

In the meantime, it’s been over 24 hours since the “FEM!” Crooner, via his Instagram profile, contacted his friends and fans to donate N1 million each to his new ALAT Wema Bank account for his birthday. 

Since the post went viral on social media, as many as 170 million Naira have graced Wema Bank’s account with even more money.

The award-winning 29-year-old singer-songwriter has since kept his fans enthralled and glued to his social media as he delivers mind-blowing updates on what appears to be a fierce race to get the Alisters cut that throws millions to support their beloved artist. 

Big hunks like billionaire businessman Femi Otedola; successful music producer, Don Jazzy; The bad boy Falz; and King Elegushi are some of the most prominent names on the elite donor list. Not to be outdone, other celebrities also jumped into the frenzy and launched their “challenge”.

In a subtle but deep PR gadget for Wema Bank, O.B.O (an acronym for “omo baba olowo”, a Yoruba phrase for “son of a rich man”) used his newly opened ALAT account for the challenge; a masterstroke that not only attracts mega-funds to the account, but also strategically targets young members of society who otherwise would not have given Wema Bank a second thought when considering options for them to bank with financial institutions, especially at a time when fintechs like Kuda Banks are rapidly decimating the customer base of traditional banks.

This one move from Davido could see Wema Bank attracting not only thousands of new customers, but also a big increase in deposits. 

Since the launch of ALAT, a digital banking service in 2017, Wema Bank customer deposits have almost tripled, from N 245.46 billion recorded at the end of 2017 to N 879.82 billion. 246% increase in just under 4 years. 

The bank boasts that with the ALAT app, account opening / registration can be done in about five minutes from a cell phone or personal computer, which resonates well with members of Davido’s generation, who are probably the main focus of what may well be a carefully disguised marketing campaign. 

According to the bank, account holders can also take advantage of a simple automated savings plan that will earn them $ 10. % annual interest.

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