Wema, Etisalat partner on new savings product

Wema Bank Plc has demonstrated its key strength as a retail Bank with the launch of WemaEasySavers account targeted at the large under-/unbanked youths in Nigeria

The product, designed in collaboration with Etisalat Nigeria would enable Nigerian youth to achieve their financial objectives, while operating a regular bank account through their mobile phones.

According to the bank, the partnership will expand its presence in the market and form part of Etisalat’s commitment towards driving the achievement of the Federal Government’s financial inclusion goal.

Speaking at the launch of the product in Lagos at the weekend, the Head of Retail and SME Banking at Wema Bank, Dotun Ifebogun described the partnership as a significant milestone for the bank.

“At Wema Bank, we have a renewed focus on the youth market because we know how important the youth are to the growth and expansion of the Wema brand. That is why we launched the WemaEasySavers account in partnership with Etisalat,” he said.

The bank, which recently launched its USSD banking code *945#, is seeking to leverage the market-wide acceptance of the product with Etisalat’s appeal in the youth market to attract new customers using *945*10# code.

He explained that any Etisalat subscriber can open the new WemaEasySavers account anywhere, anytime and on any type of phone, including feature phones, just by dialing *945*10#.

Furthermore, he noted that accounts opened via *945*10#, can be used instantly for transactions of up to N30,000 daily, adding that it can be upgraded any time to other account types that give higher transaction limits.

The Director, Digital Business, Etisalat Nigeria, Adia Sowho, said the partnership is significant for the telecommunication company as a youth-friendly network.

“We are delighted at this partnership with Wema Bank as it provides Etisalat another platform to position Mobile Financial Services that will empower the youth segment.

“Etisalat is passionate about the development of Nigerian youth and we continuously seek ways to add value to their lives, and Wema Bank also shares this same vision,” she said.