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Wema unveils ‘Micro Savings’ initiative to deepen Nigeria’s financial inclusion

Wema Bank seeks shareholder approval to raise N200bn

In a push to deepen Nigeria’s financial inclusion, Wema Bank on Friday, October 21, unveiled a digital savings product, ‘Micro Savings’ initiative in major market areas of Ogun, Oyo and Cross River states.

In commemoration of the 2022 Financial Inclusion Week (FIW), the bank rolled out weeklong activities to empower and increase knowledge of financial inclusion and its benefits among the unbanked and underserved population, especially those in rural communities.

Adekunle Alarapon, head of retail segment, Wema Bank, said that the 2022 Financial Inclusion Week (FIW) was focused on the theme, ‘Inclusive Growth in Digital Era’, which aims to educate the public about financial inclusion.

“The launch of Wema Bank Micro Savings product underscores the Bank’s continued commitment to the empowerment of individuals and businesses by leveraging innovation. 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,” Alarapon stated.

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The Financial Inclusion Week (FIW) is an annual forum for exchanging ideas, research, and perspectives from around the world working towards inclusive finance; convened by the Center for Financial Inclusion (CFI) with ALAT as a key driver.

ALAT, Africa’s first fully digital bank owned by Wema is an awards-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.