Wema Bank Staff Commitment to Community Development Shines at Isale-Eko Grammar School

Wema Bank, Nigeria’s leading financial institution known for its dedication in providing meaningful solutions for societal impact marked a momentous occasion as it made a substantial donation of furniture facilities to Isalẹ-Eko Grammar School.

This heartfelt gesture, a testament to Wema Bank’s unwavering commitment to community development, was made possible through its Corporate Social Investment (CSI) initiative, the “Salary for Love” campaign. During this remarkable initiative, Wema Bank’s staff members selflessly contributed their one-day basic salaries, embodying the spirit of giving back and leaving a lasting impact on the lives of others.

The culmination of this initiative took place on the 19th of May 2023, at Isale-Eko Grammar School. The newly acquired furniture will undoubtedly transform the learning environment, creating a haven of comfort and inspiration for the students as they embark on their academic journeys.

Speaking at the official handover ceremony, Uchenna Obazeh, Head, Credit Risk Management and Lead Champion, Head Office/ALAT Salary for Love 2023 project at Wema Bank, emphasized the Bank’s firm belief in the transformative power of education. He commended the unwavering dedication of Wema Bank’s staff members and their resolute commitment to supporting education within the community.

According to him, “Through the ‘Salary for Love’ initiative, our employees have showcased their exceptional devotion to shaping a brighter future through education. We are humbled to contribute to the growth and development of Isale-Eko Grammar School, as we remain steadfast in our mission of corporate citizenship.”

Dr. Mukaila Olatoye, the principal of Isalẹ-Eko Grammar School, expressed deep gratitude on behalf of the institution, recognizing the profound influence this generous donation will have on the students’ educational pursuits.

In addition to the furniture donation, Wema Bank extended its support for the students by providing partial scholarship for two outstanding students from Isalẹ-Eko Grammar School to tertiary institution level. This will provide financial assistance for these exceptional students as they unlock their full potential and courageously chase their dreams.

The event ended with the students and staff of Isale-Eko Grammar School expressing their heartfelt gratitude to the staff of Wema Bank for their commitment to positive societal impact.

Wema Bank collaborates with Karis and Eleos Hope Foundation to commemorate World Malaria Day 2023

The World Health Organization reports that the highest incidents of malaria outbreaks and deaths are recorded in Africa with over 234 million cases and more than 593,000 deaths in 2021 alone. The report further states that nearly 80% of malaria deaths in the African Region in 2021 were among children under the age of 5. This has led to a heightened awareness and advocacy for malaria prevention, treatment, and care across the continent.

In line with one of their core Corporate Social Investment pillars – Health, Wema Bank, a leading financial institution in Nigeria, partnered with Karis and Eleos Hope Foundation for the World Malaria Day 2023 commemoration. The event took place on Tuesday, 25th April 2023, at Idi Araba Community, Oworoshoki with over 500 beneficiaries within the community impacted. The residents were enlightened on the importance of good personal and environmental hygiene for malaria prevention as well as appropriate treatment measures. The Bank donated free insecticide-treated mosquito nets to the community with provision of free medical check-up facilities and waste disposal bags by Karis & Eleos Hope Foundation and LAWMA respectively.

The residents were also engaged in a financial literacy session by representatives of the Bank for their economic empowerment, development, and growth. Speaking about the event, Abimbola Agbejule, Head, Corporate Sustainability and Responsibility, Wema Bank reiterated the Bank’s commitment to provide meaningful solutions for societal impact through community-centered initiatives amongst others. In her words, “We are delighted to partner with Karis and Eleos Hope Foundation to celebrate World Malaria Day 2023. It is an opportunity for us to create awareness about the importance of malaria prevention with the aim of reducing malaria cases and deaths in our communities. As a Bank, we are committed to promoting initiatives that enhance the well-being of Nigerians.”

The event was a great success; the Baale of the Idi Araba Community, Alakoso Oriyomi Akeem Bashir and the residents expressed their appreciation to the Bank for the mosquito net donations and knowledge imparted at the event.


Wema Bank, Nigeria’s leading innovative bank, has unveiled the latest brand jingle for its digital banking application, ALAT by Wema which is set to become an instant hit with customers and music lovers alike. The new jingle is part of the bank’s continuous efforts to connect with its target audience while staying true to its core values of innovation, excellence, and customer satisfaction.

The jingle, which was created by the winner of its Sounds of ALAT competition, Onyelisigwe Bright, and produced by one of Nigeria’s biggest talents in the entertainment industry, Cobhams Asuquo, features an upbeat, catchy tune with lyrics that reflect the bank’s commitment to providing top-notch financial services to its customers. It is designed to evoke a sense of positivity, energy, and optimism, reflecting the bank’s vision of a brighter future for all its stakeholders.

Commenting on the new jingle, Wema Bank’s Head of Brand & Marketing Communication, Mabel Adeteye, said: “We are thrilled to unveil our latest brand jingle, which we believe captures the essence of our brand and what we stand for. We wanted a jingle that would resonate with our customers and make them feel proud to be associated with Wema Bank. We are confident that this new jingle will do just that and more.”

The new jingle is already generating buzz on social media, with many customers and music lovers praising its catchy tune and positive message. It will be featured in all the bank’s marketing campaigns, including television and radio commercials, online ads, and social media.

Wema Bank has a long history of innovation and excellence in the Nigerian banking industry, and the new jingle is just the latest example of the bank’s commitment to staying ahead of the curve and delivering value to its customers. Customers can download the jingle at https://bit.ly/soundsofalat.

Wema Bank Announces Top 3 Contestants in Sounds of ALAT Competition.

Lagos, Nigeria – Wema Bank, Nigeria’s leading innovative bank, is excited to announce the top 3 contestants in its highly anticipated Sounds of ALAT competition. The competition, launched a few months ago, aimed to discover and support budding upcoming musicians across Nigeria, and give them a platform to showcase their talent to the world.
After a rigorous selection process, the top 3 contestants; Onyealisigwe Bright, Fashoro Taiye, and Kareem Tomiwa were unanimously announced by the celebrity judges; Cobhams Asuquo, Omawumi, DJ Sose, and Alpha Ojini at a 4-day boot camp hosted at the bank’s Purple Academy.
These talented top 3 individuals will now proceed to the final stage of the competition, where they will battle it out for the grand prize of N3 million for the Winner, N2 million for 1st runner up, and N1 million for the 2nd runner up.
Speaking on the announcement of the top 3 contestants, Mabel Adeteye, Head of Brand & Marketing Communication at Wema Bank, said, “We are proud of the caliber of talent we have seen in the Sounds of ALAT competition. The level of skill and creativity displayed by the contestants is a testament to the incredible music talent that exists in Nigeria. Wema Bank is committed to supporting the growth and development of individuals and businesses across Nigeria, and Sounds of ALAT is just one of the many ways in which we are doing so.”
The final stage of the competition will take place on Saturday, 6th May 2023, and fans of the contestants and music lovers across Nigeria are encouraged to follow Wema Bank and ALAT social media handles to watch the final competition live.
Sounds of ALAT received an overwhelming response, with over 500 entries from various parts of Nigeria. From this pool of entries, 10 participants were shortlisted for the next round, namely John Daramola, Demebide Moni Annie, Fashoro Taiye, Okafor Jane, Kareem Tomiwa, Emesim Chigozie, Olasunkanmi Alabi, Onyealisigwe Bright, Ale Felix, and Oluwatimilehin Fortune, who all put in their best.
The shortlisted candidates had a 4-day boot camp that took place at the Wema Bank Purple Academy. The boot camp provided an immersive experience for the participants to learn from music industry experts and develop their skills. The celebrity judges, including Omawumi, DJ Sose, Cobhams Asuquo, and Alpha Ojini, provided constructive feedback to the top 10 participants during the masterclass and the studio recording sessions.

Wema Bank is committed to fostering the growth of the Nigerian music industry and supporting talented individuals. Sounds of ALAT is a testament to the bank’s unwavering commitment to promoting creativity, innovation, and entrepreneurship in Nigeria.


Wema Bank Launches Upgraded ALAT for Business Digital Banking App.

Wema Bank, Nigeria’s leading innovative bank, has launched the upgraded version of its corporate digital banking application, ALAT for Business 2.0. The launch took place on May 3rd, 2023, during the bank’s Digital Week activities themed “Changing The Digital Dynamics In Nigeria” in celebration of the bank’s anniversary.


During the virtual event, Samuel Robson, the Product Owner, expressed his excitement to announce the launch of the new and improved ALAT For Business. He explained that the upgraded version offers an intuitive and seamless experience with enhanced security features and greater functionality. The app’s fresh new look and feel make it more user-friendly and engaging, while the omnichannel experience allows users to access their accounts from any device with ease.


As a sole proprietor, ALAT for Business 2.0 offers an onboarding feature to make opening and managing an account easier. The app is also accessible to multiple users, enabling account access sharing with team members or family members and revoking it with ease.


During the virtual event, Oyindamola of Total Data Limited and Dr. Mark of Jendol Superstore shared their positive experiences using the application. They praised the app’s user-friendly interface, which aided the ease of making bulk payments to various vendors and sorting out payroll for different businesses without hassle.


The Chief Digital Officer, Olusegun Adeniyi, highlighted Wema Bank’s commitment to the future of banking by developing tailored solutions and ensuring the bank covers various verticals beyond the financial ecosystem.


The upgraded ALAT for Business is now available on various app stores, offering an improved user-friendly interface, interbank & intrabank transfers, multiple user accessibility, bulk transfer to over 6,000 accounts, and access to stamped e-statements. ALAT for Business is the financial partner every business owner should have. Wema Bank continues to improve the application, with plans to add artificial intelligence and multi-languages for the Diaspora market and offshore banking, among other improvements.





WEMA Bank Plc. Reports Gross Earnings of ₦131.1 billion, up 42.3% y-o-y, declares dividend of 30kobo per share.



LAGOS, NIGERIA – March 31st, 2023 – Wema Bank PLC (Bloomberg: Wema NL) (“Wema’ or “the Bank”), announces its Audited results for Q4 ended 31st December 2022.


The bank recorded Gross Earnings of ₦131.08bn, a y/y increase of 42% (FY 2021: ₦92.14bn). Interest Income up 44.7% y/y to ₦106.07bn (FY 2021: ₦73.30bn). Non-Interest Income up 32.8% y/y to ₦25.01bn (FY 2021: ₦18.83bn). Profit before Tax (PBT) was ₦14.74bn a y/y increase of 19.1% over the ₦12.38bn reported in FY 2021. Profit after Tax (PAT) also increased y/y by 25.5% to ₦11.21bn (₦8.93bn in FY  2021)


The bank grew its deposit year to date by 26% as at FY 2022 to ₦1,165.93bn from ₦927.47bn reported in FY 2021. Loans and Advances rose by 24% to ₦521.43bn in FY 2022 from ₦418.86bn in FY, 2021.


Income statement (N’bn) FY 2022 FY 2021 (∆)
Gross Earnings 131.08 92.14 42.3%
Net Interest Income 54.07 39.87 35.6%
Interest Income 106.06 73.30 44.7%
Non-interest income 25.01 18.83 32.8%
Operating Income 74.28 56.60 31%
Operating expense 59.53 44.22 35%
Profit before Tax 14.74 12.38 19%
Balance Sheet (N’bn) FY 2022 FY 2021 (∆)
Total Assets 1,433.70 1,164.52 23%
Loans and Advances


521.43 418.86 24%
Total Deposits 1,165.93 927.47 26%
Shareholder’s Funds 82.62 70.36 17%
Ratio (%) FY 2022 FY 2021 (∆)
Return on Average


19.28 17.26 12%
Return on Average


1.14 1.16 2%
Net Interest Margin 6.73 6.18 9%
Yield on Asset 16.32 14.29 14%


Commenting on the result, the Managing Director/Chief Executive Officer of the Bank, Mr. Moruf Oseni said,


‘Our 2022 results show the result of the careful execution of our medium-term strategy as we have deliberately focused on deepening our offerings to the corporate, commercial, and retail segments of the market using our digital channels while ensuring best-in-class customer experience platforms deliver improvements across all customer touchpoints. We expect the bottom line to improve even further in 2023.


Also speaking on the result, the Bank’s Chief Finance Officer, Mr. Tunde Mabawonku, explained that the bank’s continuous investment in the digital space has positioned it as one of the leaders in providing digital banking services to individuals and corporates across the country.


“It has been a good full-year performance for Wema Bank with gross earnings growing by 42.3% year on year and earnings per share at 87.2kobo,” Mabawonku said.


“We have also succeeded in making Wema Bank an integral part of the Fintech ecosystem in the country with our ubiquitous fintech infrastructure support play”.



For further information, please contact:

Wema Bank Investor Relations


+234 (01) 2778600


Tunde Mabawonku

Executive Director (CFO)



Femi Akinfolarin

Head Strategy and Investor Relations


+234 8134527279




ALAT by Wema Launches “Sounds of ALAT”

ALAT by Wema, Africa’s first fully digital bank, is celebrating its 6th anniversary with the launch of “Sounds of ALAT,” a boot camp and creative workshop aimed at supporting young creatives in the entertainment industry in Nigeria. The event, which will run from May 1st to May 5th, 2023, at Wema Bank, Purple Academy, will equip participants with top-notch industry knowledge and offer an opportunity to win up to five million naira for the creation of the next ALAT jingle.

Sounds of ALAT is a co-creation campaign that brings together celebrities, facilitators, and judges from various sectors of the entertainment industry, including scriptwriters, producers, recording artists, sound mixers, A&R talent managers, and enthusiasts. The workshop is part of ALAT’s anniversary activities to give back to society by supporting young creatives and upcoming artists in the entertainment industry.

To participate and launch your music career with a bang, all you need to do is download ALAT on iOS or Play Store, upload a 1-minute video of your Sounds of ALAT demo on Instagram, tag @Alat_ng, and use #SoundsofALATEntries and #ALATat6.  Out of the entries received, 50 will be selected for the boot camp, and the top 10 will receive adequate training from proficient judges who are celebrities with experience and proven track records in the creative industry.

The top 3 participants will present their jingle material for the cash prize of 3 million Naira for the winner, 2 million Naira for the first runner-up, and 1 million Naira for the second runner-up, along with various consolation prizes and branded merchandise.

The Head of Brand and Marketing Communications, Mabel Adeteye, said, “We are excited to support young creatives in the entertainment industry through Sounds of ALAT. The workshop will provide a platform for participants to acquire industry knowledge and showcase their talent. We encourage interested persons to visit www.alat.ng/soundsofalat or follow @alat.ng on all social media channels for more information.”


Moruf Oseni takes over as the MD/CEO of Wema Bank Plc.

LAGOS, NIGERIA – 1st April 2023 Wema Bank PLC (Bloomberg: Wema NL) (“Wema” or “the Bank”) announces Moruf Oseni as substantive Managing Director/CEO following approval by the Central Bank of Nigeria (CBN). 

  • Appointments of Wole Akinleye as Deputy Managing Director and Tunde Mabawonku as Executive Director were also approved by the CBN.


Wema Bank Plc announces Moruf Oseni as the substantive Managing Director and Chief Executive Officer effective April 1, 2023. After serving in an acting capacity since January 1, 2023, Oseni will succeed Ademola Adebise, following the Central Bank of Nigeria (CBN) approval.


Oseni’s journey with Wema Bank began in 2012 when he joined as an Executive Director. Before his appointment as MD/CEO, he served as Deputy Managing Director for the last four years, a role where he demonstrated the capacity to lead the bank to even greater heights as it continues to evolve into a financial powerhouse.


With over 25 years of experience, including more than 16 years at senior to executive management levels, Oseni was the MD/CEO of MG Ineso, a principal investment and financial advisory firm. He had also served as Vice President at Renaissance Capital and was an Associate at Schroder Salomon Smith Barney/Citigroup Global Markets in London.


Oseni’s credentials speak for themselves, with an MBA from the Institut European d’Administration des Affaires (INSEAD) in France, a Master’s in Finance (MIF) from the London Business School, and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU). He is also an alumnus of the Advanced Management Program (AMP) of the Harvard Business School and King’s College, Lagos.


In addition to Oseni’s appointment, the CBN also approved the appointments of Wole Akinleye as Deputy Managing Director and Tunde Mabawonku as Executive Director. Wole Akinleye previously served as the Executive Director in charge of Corporate Banking and the South-West Business, while Tunde Mabawonku served as the Bank’s Chief Finance Officer.


The Board is confident that these new appointments will be crucial to the continued transformation and growth of the Bank as it positions itself as a market leader in Nigeria’s banking industry through technology and innovation.


All appointments are effective from April 1, 2023.


About Wema Bank

Regarded as Nigeria’s most innovative bank and the longest-surviving indigenous Financial Institution in Nigeria, Wema Bank Plc has over the years, diligently offered a range of value-adding banking and financial advisory services to the Nigerian public for 77 years. Incorporated in 1945 as a Private Limited Liability Company under the old name of Agbonmagbe Bank Limited, it commenced banking operations in Nigeria in the same year. Wema Bank subsequently transformed into a Public Limited Liability Company (PLC) in April 1987 and was listed on the floor of the Nigerian Exchange.


Coping with Cashless Transactions: Strategies for Thriving in a Digital Economy

As we continue to navigate the transition towards a cashless economy in Nigeria, we understand that managing your business finances can be quite challenging. The good news is that with the right strategies, you can effectively transition to a cashless business and efficiently manage your cashless transactions to stay ahead of the game.

Here are some tips that will help you cope with the transition to a cashless economy:

  1. Embrace digital payments. In today’s world, digital payments are the new norm. It is essential that you familiarize yourself with the various digital payment options available and adopt them in your business operations. This will not only make your transactions more efficient, but it will also help you save time and money and make your transactions easy to track and analyze.
  2. Build Relationships with Your Bank: Your bank is an essential partner in your business journey. Building a strong relationship with your bank can help you better understand the cashless system and receive guidance on how to navigate it. You should also strive to bank with an institution that offers seamless and reliable online transactions with good uptime on all of its electronic banking channels, including its mobile app, web app, and USSD platform. As the pioneers of Africa’s first fully digital bank, ALAT, Wema Bank remains your most reliable partner for all your digital and online banking transactions.
  3. Educate Your Customers: As you transition to digital payments, your customers may be skeptical or resistant to the change. It is important that you educate them on the benefits of digital payments and a cashless economy so that they can also join the moving train. With that in mind, it is also important that you make transactions as seamless as possible for these customers in order to build their confidence in the system. This you should do by opening an account with—and running your transactions through—a reliable banking partner like Wema Bank.
  4. Secure Your Transactions: As you embrace digital payments, it is important to ensure that your transactions are secure. Use reputable payment and banking platforms like ALAT by Wema, and always keep your systems updated with the latest security features. It is also important that you educate yourself and your staff on various aspects of digital security to guard against digital banking-based frauds and scams. Attend webinars organized by Wema Bank’s SME advisory team and other organizations and also read relevant online materials to build your security awareness and consciousness.
  5. Maintain Good Bookkeeping Practices: Keep your financial records up-to-date. Maintain accurate records of your financial transactions, including digital payments. This will help you track your cash flow, monitor your expenses, and get an overview of your business’s financial health. As we transition to a cashless economy in Nigeria, it is now easier than ever to maintain good financial records, as most of your payments will now be made through digital banking platforms. To make the most of this, it is also very important that you open a dedicated bank account for your business, which is different from your individual account, and channel all your digital banking transactions through this account.
  6. Stay Up-to-Date: As the cashless economy evolves, it is essential to stay up-to-date with the latest trends, changes, and innovations. This will help you stay ahead of the curve and make informed decisions for your business.
  7. Go Digital! In today’s dynamic and innovation-driven business world, it is important that you identify and embrace as many relevant digital tools as possible in order not to be left behind in the digital revolution. Artificial intelligence (AI) seems to be the latest trend that will disrupt the business world. It is important that you understand and adopt all the relevant AI tools out there in order to always be a step ahead of your competitors. Similarly, e-commerce is a not-so-new digital platform that has not yet been embraced by many SMEs in Nigeria. Taking your business online will enable you to reach more customers and make more sales, much of which will be facilitated by online payment channels.
  8. Seek Expert Advice: Wema Bank has a dedicated SME Advisory Services team manned by experienced SME advisors who provide tailored advice on every aspect of business management to help your business grow and reach its full potential. If you need more information on how to transition effectively to cashless payments, how to go digital, or any other aspect of entrepreneurship and business management, reach out to the team by sending an email to SMEhelpdesk@wemabank.com.

We hope that these tips will help you cope with Nigeria’s ongoing transition to a cashless economy. As always, we remain committed to supporting your business to ensure its growth and success through our range of financial and non-financial services.

Wema Bank Plans to Celebrate International Women’s Day 2023

Wema Bank, Nigeria’s most innovative bank, is preparing to celebrate International Women’s Day 2023. The bank aims to honor women and provide them with opportunities to achieve success in their personal and professional lives. The celebration will be held on March 8, 2023, in Lagos.

This year’s global theme, “Embrace Equity,” will be the focus of the event. The discussion will center on the topic of equity and achieving economic growth for women in their careers and businesses. The event will feature, keynote speaker Audrey Joe-Ezigbo, as well as panelists Tosin Olaseinde, Fela Durotoye, and Adenike Oyetunde-Lawal.

The event aims to celebrate and appreciate Wema Bank’s customers and fans while equipping women with the knowledge they need to succeed in their careers and businesses. According to Mabel Adeteye, Head of Brand & Marketing Communications at Wema Bank, the event will enable women to achieve economic, financial, and mental growth.

Sara by Wema, the bank’s women’s proposition, has been designed to grow with women and has proven to be the best solution, with tailored offerings ranging from health plans to business financing and advisory services. Individuals who wish to attend the event, either virtually or in person, must register on the Wema Bank website https://wemabank.com/sarabywema/

Wema Bank is Nigeria’s oldest indigenous financial institution, offering a range of value-adding banking and financial advisory services for 77 years. The bank was incorporated in 1945 as a Private Limited Liability Company and transformed into a Public Limited Liability Company in 1987, listing on the Nigerian Exchange.