Wema Bank Plc, commonly known as Wema Bank, is a Nigerian commercial bank.

Wema Bank Plc.
Public
NSE :WEMABANK
IndustryFinancial services
Founded2 May 1945
Headquarters54 Marina, Lagos Island Lagos State, Nigeria
Key people
Ademola Adebise, Managing Director/Chief executive officer;
Babatunde Kasali, Chairperson
ProductsRetail banking, Commercial Banking, Corporate banking
ServicesBanking
Total assets₦ 421bn (2016)[1]
Number of employees
1,317
Websitewww.wemabank.com

HistoryEdit

The bank was established on May 2, 1945, as a private limited liability company (under the old name of Agbonmagbe Bank Limited). Wema Bank is 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 2009, the Bank underwent a strategic repositioning exercise spearheaded by a new management team that has seen its finances and profile rise considerably which finally culminated into it taking a sound strategic decision to operate as a commercial bank with a regional scope in South-South Nigeria, South-West Nigeria, Lagos and Federal Capital Territory in 2011.

In December 2011, Wema Bank became the first Sub-Saharan African financial institution to fully deploy the Finacle 10.2 Core Banking Application which has greatly enhanced its branch and e-banking service offerings to customers whilst reducing system downtime and improving access to banking services.

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]

OwnershipEdit

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

LeadershipEdit

Mr Babatunde Kasali is the Chairman of the Bank; Ademola Adebise is the Managing Director/CEO; Moruf Oseni is the Deputy Managing Director. Other members of the Board of directors include Wole Akinleye, Folake Sanu, Adebode Adefioye, Abubakar Lawal, Samuel Durojaye, Tina Vukor-Quarshie, Omobosola Ojo and Abolanle Matel-Okoh.

Branch NetworkEdit

Wema Bank operates a network of over 149 branches and service stations backed by a robust ICT platform across Nigeria. Wema Bank today has became one of the Founding Signatories of the Principles for Responsible Banking, committing to strategically align its business with the Sustainable Development Goals and the Paris Agreement on Climate Change. [6]

By signing the Principles for Responsible Banking, Wema Bank joins a coalition of 130 banks worldwide, representing over USD 47 trillion in assets, in committing to taking on a crucial role in helping to achieve a sustainable future.

Taking place at the start of the UN General Assembly, the official launch of the Principles for Responsible Banking marked the beginning of the most significant partnership to date between the global banking industry and the UN. “The UN Principles for Responsible Banking are a guide for the global banking industry to respond to, drive and benefit from a sustainable development economy. The Principles create the accountability that can realize responsibility, and the ambition that can drive action.” said UN Secretary-General Antonio Guterres at the launch event, attended by the 130 Founding Signatories and over 45 of their CEOs.

Digital TransformationEdit

ALAT By Wema

Wema Bank launched the first fully digital bank in Nigeria, ALAT By Wema, in May 2017. In a bid to redefine experiential banking in Nigeria, the branchless, paperless bank reduced the stress of having to walk into a branch to open an account with a seamless sign up process using a mobile phone, PC or tablet.

Customers get to benefit from refreshing services such as automated savings, scheduled bill payments,10% interest on various savings options, a free debit card delivered to any Nigerian address at no cost. The app also offers a card control feature for extra security, a virtual dollar card for online transactions, insurance and premium payments, and deals at select partners.

With ALAT, Wema Bank has won various local and international awards including the World Finance Award 2017 for the Best Mobile App and Best Digital Bank in Nigeria.

Today, ALAT is now a versatile, omnichannel platform that champions the bank’s convergence of digital and traditional banking services.

Hackaholics – The Wema Bank HackathonEdit

Since the launch of ALAT, the bank has maintained a culture of supporting the application of technology to society’s problems. In March 2019, it hosted Hackaholics - its first hackathon.[7][8]

Hackaholics brought together startups and young tech professionals to brainstorm, strategize and create solutions to the problems around fintech and business sectors.

Among several ground-breaking solutions from the 20 participating teams, Team EazyChange won the $10,000 prize with a solution that provides simpler payment which eases the problem of scarcity of lower denominations for transport fare within Lagos and other states. Along with the prize, the winning team also received structural support for their idea and joined the bank’s staff.

Besides the winning teams, participants who impressed with their ideas and work attitude also gained access to incubation and acceleration programs at the Wema Bank’s innovation lab, Codeville.

With the hackathon, Wema Bank has devised a framework to continually partner with fintechs and support the entrepreneurial drive of young Nigerians.

See alsoEdit

ReferencesEdit

  1. ^ "Wema Bank Audited Financials 2012" (PDF).
  2. ^ "The History of Wema Bank".
  3. ^ http://facilitatorsc.com/bptpartners/wema-bank-plc/
  4. ^ https://www.thecable.ng/cbn-upgrades-wema-banks-status
  5. ^ "Shareholders of Wema Bank Plc".
  6. ^ "Wema Bank partners UNEP on climate action". www.newtelegraphng.com/. September 24, 2019.
  7. ^ "Wema Bank boosts tech sector with Hackaholics".
  8. ^ "Nigeria's Wema Bank hopes to birth disruptive innovations through Hackaholics". The Nerve Africa. April 5, 2019.

External linksEdit