Wema Bank is the pioneer of Africa’s first fully digital bank ALAT and one of Nigeria’s most resilient banks. With over 73 years in the business of banking, the bank has remained innovative in delivering value to its stakeholders. The publicly quoted Nigerian company has successfully built a legacy of trust and resilience that has won it the loyalty of its customers. The Bank is constantly introducing products and services tailored to the needs of its customers at every stage of their lives. It is a proud partner to more than one million individuals, families and businesses across Nigeria, helping them achieve their personal and financial goals.
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.
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 its taking a sound strategic decision to operate as a commercial Bank with 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, the Bank became a national bank, with capital base of over N43.8billion having met the regulatory requirements for the National Banking license as stipulated by the Central Bank of Nigeria
They introduced the card control feature on their mobile banking app.
Wema Bank launched the first fully digital bank in Nigeria- ALAT by Wema in May 2017. With ALAT, they have won various local and international awards including the World Finance Award 2017 for the Best Mobile App and Best Digital Bank in Nigeria.