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 national banking industry. As of 2019, Wema Bank operates ALAT By Wema, the largest digital banking system in Nigeria, which is fully operational in all 36 states and the Federal Capital Territory across the country.

History

The bank was established on May 2, 1945 as a private limited liability company (formerly known as Agbonmagbe Bank Limited). The bank was founded on 2 May 1945 by the late Sheikh Mathew Adekoya Okupe as Agbonmagbe Bank. He established the first branches of the bank in Ebute-metta, Sagamu, Abeokuta and Ijebu-Igbo. The bank belonged to him until it was taken over by the Marketing Board of Western Nigeria, which later changed its name to Wema Bank Limited in 1969. Since then, Wema Bank has been the longest surviving indigenous bank in Nigeria. It was granted a commercial banking license and began banking in the same year. Wema Bank was transformed into a public limited liability company in 1987. In 1990, the bank was listed on the Nigerian Stock Exchange. Its stock code is: WEMABANK. It was granted a universal banking license in February 2001.

In December 2015, Wema became a national bank with a capital base exceeding N 43.80 billion, meeting the regulatory requirements for a national banking license as stipulated by the Central Bank of Nigeria

digital transformation (ALAT By Wema)

Wema Bank launched the first all-digital bank, ALAT By Wema, in Nigeria in May 2017. ALAT allows users to use their mobile phones, PCs or tablets for all banking needs without having to enter a physical bank.

History

ALAT was launched on May 2, 2017 by Wema Bank Plc, a Nigerian commercial bank. In its first year, Wema's ALAT acquired more than 250,000 customers who were responsible for general deposits in excess of 1.60 billion Nigerian naira ($4.48 million). In 2018, the bank reached the 1 billion Nigerian naira ($2.78 million) mark in terms of savings account deposits.

ALAT For Business

ALAT For Business is the enterprise version of ALAT. Wema ALAT For Business is a premium corporate online banking platform offered by Wema Bank. It is designed to meet the needs of corporate and SME clients. With ALAT for Business, you can access your business accounts, execute financial transactions and manage your finances online.

Leadership

Dr. (Mrs.) Oluwayemisi Olorunshola is the Chairperson of the Bank; Moruf Oseni is the Managing Director/CEO.

Branch Network

Wema Bank operates a network of over 149 branches and service stations across Nigeria, supported by a robust ICT platform. Today, Wema Bank has become one of the founding signatories of the Principles and Responsible Banking, working to strategically align its operations with the Sustainable Development Goals and the Paris Agreement on Climate Change.

Hackaholics - The Wema Bank Hackathon

In March 2019, it hosted the first Hackaholics. Hackaholics has become an annual event since its inception.