October 08, (THEWILL) — Access Bank Plc has strengthened its long-running DiamondXtra reward initiative, disbursing over N6.6 billion to customers and expanding the flagship “Salary 4 Life” prize as part of a broader strategy to retain retail depositors and deepen loyalty across its network.
The “Salary 4 Life” feature — which grants selected winners N200,000 monthly — has become one of the most recognisable reward programmes in Nigeria’s retail banking space. The bank said more than 131 customers are currently benefiting from the monthly payout, while over 30,000 participants have won various cash and material prizes since the scheme’s inception.
The latest draw, held in Lagos under the DiamondXtra Season 17 campaign, underscores Access Bank’s continued emphasis on customer retention in a tightening market for retail deposits. The bank said the initiative rewards consistent savers and aims to promote a stronger savings culture, especially among young and middle-income earners.
According to the bank, the scheme is part of a wider suite of financial inclusion initiatives designed to encourage Nigerians to formalise savings and participate in digital banking channels. It also aligns with the Central Bank’s broader cashless policy and efforts to expand formal savings penetration.
In an increasingly competitive retail banking environment, reward schemes have become key tools for customer engagement and deposit growth. Access Bank, now one of the largest retail franchises in Africa following its merger with Diamond Bank, has maintained a focus on retail deposit mobilisation through digital engagement and loyalty-based campaigns.
Industry observers note that while such programmes boost brand visibility and encourage account activity, they also serve a business purpose — increasing low-cost deposits and strengthening customer stickiness in a market where interest margins remain under pressure.
Access Bank said it plans to extend the programme through 2026, introducing additional digital-only draws and micro-savings clusters to reach unbanked and underbanked Nigerians.
While the bank did not disclose the full cost of running the Salary 4 Life scheme, it reaffirmed its commitment to balancing profitability with customer rewards and community-driven initiatives.
Ogochukwu Onwaeze
