Nigerian Bank Doles Out N90 Million to Fight Poverty, Cushion Biting Inflation
- Fuel subsidy removal and floating of the Naira already caused food prices to spike upward
- World Bank forecast more than 7 million Nigerians likely to become poorer without intervention
- Wema Bank says its initiative is to help position its customers not to feel the pangs of the challenges
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With fuel prices rising over 150 percent in the last month and negatively impacting on purchasing power of millions of Nigerians, Wema Bank has rolled out an initiative to enable its customers to earn extra.
According to the bank, the move is to help them with funds to subsidize their businesses, pay bills and survive the hard times.
Source: UGC
World Bank predicts four more Nigerians will become poor
Recall that Nigerians have faced mounting inflation after the government announced the removal of subsidy on imported fuel, also known as Premium Motor Spirit.
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The situation worsened when the government scrapped the fixed foreign exchange rate and adopted the floating model for the Naira. The development has caused prices of imported goods to soar.
A recent report from the World Bank said at least 4 million Nigerians were pushed into poverty in the first half of 2023, and another 7.1 million are likely to join this 'great army of the poor people' if nothing is done to stem the tide.
Wema Bank sets aside N90 million to fight hunger
Wema Bank at the weekend said its intervention scheme, tagged 5for5, would help their customers win up to N1 million in a promo that would run for 10 months. The bank said that a whooping N90 million had been set aside for the project.
The bank's Divisional Head of Retail, Ayodele Olojede, said: "Today in the demonstration of the testament of our bank commitment to continuously reward customers, especially when you are transacting, we will reward over 300 million customers monthly. Monthly, customers stand a chance to win up to N1 million. N1 million in Today's economy, you can imagine what that will do.
"It can help you to either subsidize your business, help you to pay school fees, or help you to have fun. It doesn't matter what challenges you are going through with the economy; Wema Bank is here to support you and to continually help position our customers not to feel the pangs of the challenges we are going through Today."
The bank's Executive Director, Finance & Digital Optimization, Tunde Mabawonku, represented by Olusegun Adeniyi, Wema Bank Chief Digital Officer, said the scheme is an avenue to connect to customers, meet their needs, improve their quality of life, and show appreciation for their loyalty.
"Important Update": Access, Zenith, GTB, Wema, other banks announce branches closure nationwide
Legit.ng reported that Nigerian banks and other financial institutions had announced the closure of their branches for two days.
In a notice sent to customers and shared via their social media handles, the banks explained that the closure is for the Eid-el-Kabir holidays from Wednesday, June 28, 2023, to Thursday, June 29, 2023.
Legit.ng reported that the President Bola Tinubu-led federal government announced the two-day public holidays for the celebration
Source: Legit.ng
