Onome Amuge

Access Bank is turning to long-running customer reward initiatives to retain customer loyalty and deepen savings habits in Nigeria’s increasingly competitive financial services market. Its flagship DiamondXtra programme, now in its 17th year, has become a fixture in the banking calendar, handing out billions of naira in cash prizes and lifestyle perks to depositors who maintain qualifying savings balances.

Over the weekend in Lagos, businessman Edwin Oraka was named the latest winner of the scheme’s star prize, “Salary 4 Life,” which guarantees him N200,000 monthly for the next 15 years. For Oraka, a real estate entrepreneur, the payout represents personal financial security. For Access Bank, it underlines the appeal of incentive-driven banking at a time when customers are increasingly weighing options across traditional lenders, microfinance institutions, and nimble fintech start-ups.

Since its launch in 2008, DiamondXtra has rewarded more than 30,947 customers with over N6.62 billion, the bank said. This year alone, it has earmarked N228.7 million for 12,073 winners across categories including loyalty bonuses, regional draws, complimentary digital marketing training, and the coveted lifetime salary prize.

The initiative reflects how Nigeria’s largest bank by assets is seeking to blend consumer finance with marketing spectacle. “This initiative has only grown stronger each year, achieving remarkable milestones through our customers’ unwavering trust and our exceptional team’s dedication. Innovation and excellence remain at the heart of our success,” said Chika Ochuwa, regional manager for Mainland 3 at Access Bank.

The bank’s reliance on reward draws comes as the industry deals with high inflation, tightening regulation, and an erosion of customer trust following currency devaluations and recurring liquidity strains. Nigerian banks are being forced to rethink how they retain and grow their deposit base in an economy where savers are often tempted to shift funds into informal investment schemes or dollar holdings.

Analysts note that reward schemes can help banks nurture savings culture in low-trust environments. By offering life-changing sums through highly publicised draws, institutions like Access Bank create emotional engagement that goes beyond interest rates. But the approach also comes under scrutiny from regulators, who are keen to ensure such promotions do not amount to disguised lotteries.

This season, oversight is being provided by the Lagos State Lottery Regulatory Commission and the Federal Competition and Consumer Protection Commission. “We collaborate to ensure that Access Bank honours its promotional commitments, which is vital for consumer protection,” said Olubunmi Otti, zonal coordinator for the consumer watchdog’s South-West office.

While some critics question whether reward schemes provide sustainable financial inclusion, Access Bank insists DiamondXtra aligns with its mission of empowering customers. Oraka, the latest beneficiary, echoed that sentiment. “My loyalty to Access Bank has been steadfast, and I believe in the bank’s long-term value as an asset,” he said.

As competition intensifies in Nigeria’s banking sector, DiamondXtra has become as much a branding tool as a savings instrument. With fintech platforms luring clients through seamless mobile services, Access Bank is betting that the promise of extraordinary windfalls will keep depositors committed, and remind them that loyalty, at least in this scheme, pays.