Wema Bank Plc is a Nigerian commercial bank. It is licensed by the Central Bank of Nigeria; the regulator of the nation's banking sector. As of 2019, Wema bank operates the largest digital banking system in Nigeria, ALAT By Wema, which is fully in use in all of the nation's thirty six states and the Federal Capital Territory. In 2025, Wema Bank celebrates its 80th anniversary,[2] marking eight decades of resilience, innovation, and contributions to Nigeria’s financial landscape.
History
The bank was established on May 2, 1945, as a private limited liability company (under the old name of Agbonmagbe Bank Limited). The bank was founded on May 2, 1945 as Agbonmagbe Bank by the Late Chief Mathew Adekoya Okupe. He set up the first branches of the bank which were in Ebute-metta, Sagamu, Abeokuta and Ijebu-Igbo. The bank remained his until it was taken over by Western Nigeria Marketing Board and later renamed Wema Bank Limited in 1969. Since then, Wema Bank has gone on to be Nigeria's longest surviving indigenous bank. It was granted a commercial banking license and commenced banking activities during the same year. Wema Bank converted to a public limited liability company in 1987. In 1990, the Bank was listed on the Nigerian Stock Exchange. It trades under the symbol: WEMABANK. It was granted a Universal Banking License in February 2001.[3]
In December 2015, Wema became a national bank, with a capital base of over N43.8billion having met the regulatory requirements for the National Banking license as stipulated by the Central Bank of Nigeria[4][5]
Wema Bank at 80
As part of its 80th-anniversary celebrations in 2025, Wema Bank unveiled a refreshed brand identity,[6] symbolizing its ongoing commitment to excellence and innovation. The milestone was also marked by customer reward initiatives, including the “5 for 5 Promo Season 4,” which saw 80 customers emerge as winners in the 80th daily draw,[7] reinforcing the bank’s dedication to financial inclusion and customer appreciation. Additionally, the bank launched the "80 Years of Spreading Love" Valentine's Day campaign,[8] a special initiative designed to give back to the community and strengthen customer relationships through acts of kindness and engagement activities.
Ownership
Wema Bank Plc. is a publicly-traded limited liability company, trading under the symbol WEMABANK on the Nigerian Stock Exchange. According to the company website, the shareholding in the bank is as depicted in the table below:[3]
| Centenary Bank Stock Ownership | |||||||||||||||||||||
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Digital Transformation (ALAT By Wema)
Wema Bank launched the first fully digital bank in Nigeria, ALAT By Wema, in May 2017. ALAT allows users to carry out all of their banking needs using a mobile phone, PC, or tablet without having to enter a physical bank.
History
ALAT was launched on May 2, 2017 by Wema Bank Plc, a Nigerian commercial bank. During its first year, ALAT by Wema acquired more than 250,000 customers responsible for well over NGN 1.6bn ($4.48m) in general deposits. In 2018, the bank closed in the NGN 1bn ($2.78m) mark in terms of deposits into savings accounts.
ALAT For Business
ALAT For Business is the corporate version of ALAT. Wema ALAT for Business is an advanced corporate internet banking platform offered by Wema Bank. It is specifically designed to cater to the needs of corporate and SME customers. With ALAT for Business, you can access your business accounts, perform financial transactions, and manage your finances online.[9]
Leadership
Dr. (Mrs) Oluwayemisi Olorunshola[10] is the Chairman of the Bank; Moruf Oseni is the Managing Director/CEO.
Branch Network
Wema Bank operates a network of over 149 branches and service stations backed by a robust ICT platform across Nigeria. Wema Bank today has become one of the Founding Signatories of the Principles and for Responsible Banking, committing to strategically align its business with the Sustainable Development Goals and the Paris Agreement on Climate Change.[11]
Hackaholics – The Wema Bank Hackathon
In March 2019, it hosted Hackaholics - its first hackathon.[12][13] The Hackaholics has become an annual event since inception.
Awards
SME Financier of the Year in Africa at the Global SME Finance Forum Conference Awards.[14]
Best Financier for Women Entrepreneurs (Africa)[14]
Outstanding Leadership Award In Digital Banking 2024 for ALAT at the Edge Awards 2024[15]
See also
References
- ^ "WEMA BANK Announces 108.3% Growth in Profit Before Tax and Total Assets Now Above ₦1Trillion". 5 April 2022. Retrieved 13 March 2023.
- ^ "Wema Bank @ 80". www.wemabank.com/wemaat80.
- ^ a b "Wema Bank". www.wemabank.com.
- ^ "Wema Bank Plc".
- ^ "CBN upgrades status of Wema Bank". 19 November 2015.
- ^ "Wema unveils 80th anniversary identity".
- ^ "Wema rewards 80 customers in 5 for 5 season 4 promo".
- ^ "Wema Bank Valentine Campaign".
- ^ "Wema ALAT for Business". www.bbankbusiness.com/. August 10, 2023.
- ^ "WEMA Bank appoints Olorunshola as new Board Chairman - Vanguard News".
- ^ "Wema Bank partners UNEP on climate action". www.newtelegraphng.com/. September 24, 2019.
- ^ "Wema Bank boosts tech sector with Hackaholics". 28 February 2019.
- ^ "Nigeria's Wema Bank hopes to birth disruptive innovations through Hackaholics". The Nerve Africa. April 5, 2019.
- ^ a b "Wema Bank Shines At Global SME Finance Forum Awards - Brand Communicator". 2024-09-27. Retrieved 2024-10-14.
- ^ "Wema, ALAT, Bag Two Awards at The Edge Awards 2024 – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-10-14.