Wema Bank Plc, commonly known as Wema Bank, 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 federal capital territory.

Wema Bank Plc.
Company typePublic company
IndustryFinancial services
Founded2 May 1945
Headquarters54 Marina, Lagos Island Lagos State, Nigeria
Key people
Moruf Oseni, Managing Director/Chief executive officer;
Dr (Mrs) Oluwayemisi Olorunshola, Chairman
ProductsRetail banking, Commercial banking, Corporate banking
Total assets$2.52bn (2021)[1]
Number of employees

History edit

Structure of Wema Bank office

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.[2]

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 [3][4]

Ownership edit

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:[5]

Centenary Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Neemtree Limited 27.54
2 Odu'a Investment Company Limited 10.01
3 Petrotrab Limited 8.54
4 SW8 Investment Limited 8.02
5 Other Private Investors 45.89
Total 100.0

Digital Transformation (ALAT By Wema) edit

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 edit

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 edit

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. [6]

Leadership edit

Dr (Mrs) Oluwayemisi Olorunshola[7] is the Chairman of the Bank; Moruf Oseni is the Managing Director/CEO.

Branch Network edit

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.[8]

Hackaholics – The Wema Bank Hackathon edit

In March 2019, it hosted Hackaholics - its first hackathon.[9][10]. The Hackaholics has become an annual event since inception.

See also edit

References edit

  1. ^ "WEMA BANK Announces 108.3% Growth in Profit Before Tax and Total Assets Now Above ₦1Trillion". 5 April 2022. Retrieved 13 March 2023.
  2. ^ "The History of Wema Bank".
  3. ^ "Wema Bank PLC".
  4. ^ "CBN upgrades status of Wema Bank". 19 November 2015.
  5. ^ "Shareholders of Wema Bank Plc".
  6. ^ "Wema ALAT for Business". www.bbankbusiness.com/. August 10, 2023.
  7. ^ https://www.vanguardngr.com/2023/06/wema-bank-appoints-olorunshola-as-new-board-chairman/
  8. ^ "Wema Bank partners UNEP on climate action". www.newtelegraphng.com/. September 24, 2019.
  9. ^ "Wema Bank boosts tech sector with Hackaholics". 28 February 2019.
  10. ^ "Nigeria's Wema Bank hopes to birth disruptive innovations through Hackaholics". The Nerve Africa. April 5, 2019.