Highlighted for its resilience and innovation in the Nigerian banking sector, Wema Bank Plc blends an 80-year heritage with cutting-edge digital solutions. Wema Bank is listed on the Nigerian Stock Exchange (NGX) as a commercial bank with modern banking characteristics, and its representative digital banking platform, ALAT, is hailed as the first fully digital bank in Africa. At the same time, it maintains a strong physical banking network within Nigeria.
Wema Bank Plc is a commercial bank, not a state-owned or joint venture bank, but is traded as a public company on NGX under the ticker symbol WEMABANK. The bank was established on 2 May 1945 as Agbonmagbe Bank Limited by Sir Mathew Adekoya Okupe and renamed Wema Bank Limited in 1969 following an acquisition by the Western Nigeria Market Board. The headquarters is located at 54 Marina, Lagos, Lagos Island, Nigeria. The bank's shareholders include Neemtree Limited (27.54%), Odu'a Investment Company Limited (10.01%), Petrotrab Limited (8.54%), SW8 Investment Limited (8.02%) and other private investors, demonstrating a diverse and stable shareholder structure. In 2025, Wema Bank celebrates its 80th anniversary, becoming Nigeria's longest-surviving homegrown bank.
The bank's services cover 36 states and the Federal Capital Territory in Nigeria, supported through more than 149 branches and service stations. Although detailed data on the distribution of ATMs is not publicly available, it is reasonable to assume that ATMs are widely established in the vicinity of these branches and are a standard service of traditional banks. Wema Bank's digital platform, ALAT, further enhances its reach, enabling customers to conduct banking transactions without visiting a physical branch, becoming a combination of traditional banking and modern banking services.
Wema Bank is strictly regulated by the Central Bank of Nigeria (CBN), ensuring that it complies with the National Banking Regulatory Regulations. It is a member of the Nigerian Deposit Insurance Corporation (NDIC), which provides deposit insurance protection of up to N5 million to depositors of depository banks, safeguarding the safety of customers' funds. No significant compliance or regulatory issues have been reported recently, demonstrating that Wema Bank maintains a strong compliance record.
From a financial point of view, Wema Bank has demonstrated financial resilience. As of the 2024 financial report, the bank's capital adequacy ratio (CAR) is 19.67%, well above the minimum requirements of the Central Bank of Nigeria, indicating that it has a strong capital buffer to absorb potential losses. The non-performing loan ratio (NPLR) was 3.86%, reflecting its effective risk management and high-quality loan asset portfolio. While the Liquidity Coverage Ratio (LCR) is not explicitly disclosed, the bank's overall financial performance, including a 60% increase in assets to 3.59 trillion naira in 2024, demonstrates that it meets or exceeds regulatory liquidity standards. These financial indicators make Wema Bank a financially healthy bank.
Wema Bank offers a range of deposit products to suit the needs of different customers. The interest rate on an ISA ranges from 3.6% to 4.5%, depending on the account balance. The Wema Treasure Account (WTA) offers higher interest rates ranging from 4.6% to 5.5%, encouraging large deposits. The interest rate of time deposit products is competitive, but the specific interest rate varies according to the deposit term and amount, and customers should contact the bank directly for the latest product information. These deposit products are protected by NDIC insurance and can be deposited up to N5 million per depositor, ensuring the safety of depositors' funds.
The bank's loan portfolio is also diverse to meet the needs of individuals and businesses. Personal loans include salary advances (up to N2 million with a maximum repayment period of 3 years), tuition advances (up to N3 million) and housing loans in selected cities with a maximum loan amount of N150 million. Commercial loans cover term loans, import financing, bank guarantees and lease financing, and the repayment plan of the loan product is customized according to the cash flow of the business. For the convenience of customers, Wema Bank offers flexible repayment options such as monthly, quarterly, or annual instalments, especially for mortgages and term loans, making it a versatile loan provider.
Launched in 2017, Wema Bank's digital banking platform, ALAT, became the cornerstone of its innovation strategy and was hailed as the first fully digital bank in Africa. ALAT supports features such as bill payment, transfers, account management, and savings goal creation, and offers features such as the Royal Teens account for younger users. Users have mixed reviews of ALAT, with some users complaining about app crashes or slow loading, with ALAT receiving a 4.2 out of 5 product quality rating, showing strong customer recognition. The bank is at the forefront of digital banking innovation in Nigeria by leveraging artificial intelligence for customer support and supporting open banking APIs.
Wema Bank's customer service is available by phone (07000PURPLE), email (purpleconnect@wemabank.com), online chat, and social media platforms such as X are accessible 24/7. According to Comparably, 87% of customers express loyalty to the bank, indicating that it excels in customer satisfaction.
Security is a top priority at Wema Bank. Deposits are protected by NDIC insurance up to N5 million, providing depositors with peace of mind. Banks use anti-fraud technologies such as real-time transaction monitoring, two-factor authentication, and more to protect funds.
Wema Bank differentiates itself through its digital innovation, SME support, and sustainable finance. ALAT sets a new benchmark for digital banking in Africa, while the bank's SME loan product and Wema Asset Acquisition Program (WAAS) empower small businesses. Its commitment to sustainability is reflected in its role as a founding signatory to the Principles for Responsible Banking, in line with the global Sustainable Development Goals and the Paris Agreement. The annual Hackaholics Hackathon further demonstrates its support for technological innovation, with 145 million naira awarded to startups in 2024.
In the Nigerian banking sector, Wema Bank is a leader in digital banking and SME financing. In 2024, the bank was ranked as the best performing bank in Nigeria by Nairametrics, topping the list for asset growth and excelling in profitability and cost-effectiveness. The bank has received several awards, including "Best SME Bank in Nigeria" and "Digital Innovation Excellence Award at the Global Retail Banking Innovation Awards 2024", as well as several accolades at the Global Sustainable Finance Awards 2024 and the Global SME Finance Forum Awards. These accolades highlight Wema Bank's transformative impact in Nigeria's financial sector.
Wema Bank Plc is a great choice for customers looking for a modern, innovative banking experience with a strong foundation in traditional services. Its ALAT platform caters to the need for digital convenience, while its SME financial products and sustainable finance initiatives attract entrepreneurs and socially responsible customers. With a strong financial position, a commitment to customer service, and a slew of accolades, Wema Bank continues to empower the people of Nigeria and redefine banking in the digital age.
