Wema Bank Launches New Website to Mark 75th Anniversary

Wema Bank has launched a new, redesigned website to mark its 75th anniversary. The new website is among a series of marketing efforts and celebrations planned for the year.


With an impeccable, easy to navigate, and multimedia feel, the newly designed website, www.wemabank.com, captures the personalized experience that customers will enjoy throughout their journey with the bank, whether online or in person. 


“We are excited to announce our new website,” said Wema Bank’s MD/CEO, Ademola Adebise. 


“As our customer base grows and becomes more diverse, it is our responsibility to provide an experience that allows them to bank at their convenience from any mobile device or when they walk into any of our branches. Our new website leverages growing technology to ensure that our customers enjoy absolute convenience and a seamless experience when they choose to bank with us.”


The website offers improved navigation and functionality and houses an array of the bank’s products and services, for both personal banking and businesses. Customers can also gain easy access to the bank’s digital platforms, ALAT and *945# and follow up on the bank’s corporate social responsibility projects and events.


“We are proud of this new website and are excited for our customers to enjoy the new features and functionality that it has to offer,” said Funmilayo Falola, Head, Brand and Marketing Communications, Wema Bank. 


“The website demonstrates the energy and innovative spirit of Wema Bank and we’re thrilled to celebrate our 75th anniversary with a fresh online appearance.”


Wema Bank Launches Self Service Interactive Voice Response Solution

With the ongoing global pandemic affecting businesses the world over, Wema Bank, Nigeria’s most innovative bank has launched a Self Service banking platform for customers.

The new Self Service banking feature, which is hosted on the bank’s digital platform, ALAT, uses an Interactive Voice Response (IVR) to generate information for customers and help them perform other banking needs. Customers can confirm account balance, resolve account security issues and check their financial statements in varying period stretches.

Issues around failed, delayed or non-reflecting transactions, app sign-up and login issues and other account-related matters can also be resolved using the platform.

Managing Director and CEO, Wema Bank, Ademola Adebise explained that “This in no way should impale on customer’s ability to carry out their banking transactions.”

“With the launch of ALAT in 2017 being a solution to a problem of the future, it seems that that future is now. Wema Bank customers who have signed up on ALAT can now resolve their regularly encountered issues with the novel and incredibly easy self-service feature,” he added.

The launch of ALAT self-service comes at a key period when responses to customers’ call might be delayed as some of the bank’s staff in COVID-19 affected states have been forced to work from home.

With the new solution, customers can now handle minor personal banking issues without contacting Purple Connect, the bank’s Call Centre, as well as save themselves from the stress of visiting the banking halls.

Further speaking, Head, Brand and Marketing Communications, Wema Bank, Mrs. Funmilayo Falola obliged the bank’s customers saying “the ongoing pandemic calls for responsibility from all of us. We are the solution and it is our duty to adhere to instructions from the government and medical experts during this period.”

Mrs Falola urged customers and the public to stay at home and observe hygienic habits as we wait out the worst of the pandemic. She informed customers that the bank is committed to optimizing all of its available alternative banking solutions to support them this trying time.

Recall that Wema Bank recently donated relief materials as a palliative to help cushion the effects of the lockdown rule in states affected by the COVID-19 pandemic. The donation, which included, bags of rice, cartons of vegetable oil and noodles, is part of the bank’s corporate social responsibility as the bank looks to support the effort of government in fighting the virus.

Wema Bank Celebrates 75 years, Introduces Earn-From-Home Programme.

As part of the activities to celebrate its 75th anniversary, Wema Bank, the custodian of Africa’s first fully digital bank – ALAT – and one of Nigeria’s leading commercial banks has introduced an Earn-from-Home scheme.

Celebrated as Nigeria’s most innovative financial institution, Wema Bank has achieved tremendous success over the years from its willingness to reinvent the narrative in the delivery of financial services and experiential banking to its customers.

In this light, the bank has launched the scheme to reward loyal customers with an opportunity to earn extra income. This is coming at a time when the crippling effects of the COVID-19 pandemic are being felt by individuals and corporate organizations locally and globally.

This is in furtherance of the bank’s long history of socially responsible projects and is both timely and sensitive as it creates an alternative stream of income for its customers at a time when income channels are drying up.

According to the Head, Retail Banking, Wema Bank, Mr Dotun Ifebogun, “we believe this will empower our transacting customers to effectively leverage on the current lockdown situation and earn while at home by recommending the ALAT App to economically active family members and friends within their social network.”

In addition to the “earn from home” programme, the bank will also host Hackaholics 2.0, a 2-day hackathon and a tech fair event. Set up to promote the development of technological solutions for financial and institutional need and other social issues, Hackaholics was postponed for a later date following the coronavirus pandemic. Themed ‘Connecting Worlds’, the hackathon will bring developers, designers and creative thinkers together to develop products and discover new technologies.

“At 75, Wema Bank sees no limit to the magic she can create, no walls to the relationships she can forge, no barriers to the excellence of service, and no impossibilities in building the bank of the future,” Mr Ifebogun added.

WEMA Bank Plc, announces 40% growth in PBT as at December 2019.

Ademola Adebise, MD/CEO of Wema Bank Plc, commenting on the results, stated that:


“We are pleased to announce our 2019 financial year results. The results show that year on year, Wema Bank has continued its steady growth trajectory. The Bank recorded gross earnings of N94.89billion which was a 32.65% increase over the 2018 performance (FY 2018: N71.53billion). Profit before tax (PBT) was N6.76billion which represents a 40.83% growth over the N4.80billion reported in 2018 and profit after tax (PAT) was N5.20billion (N3.33billion in FY 2018).


The bank has continued to grow its deposit base, while also reducing its cost of funds. Deposits are up by 56.35% in the period (FY 2019: N577.28billion, FY 2018: N369.20billion). Loans and advances grew from N252.19billion in FY 2018 to N289.24billion in FY 2019, a y/y increase of 14.69%. The Bank has also increased its dividend payment from 3kobo per share to 4kobo per share translating to dividend yield of 8%.”


Ademola cautioned that, “while the results for 2019 showed very strong growth, the economic headwinds of the last few weeks has moderated our growth expectations for the next few months. It is expected that the economic and social impact of the Covid-19 virus will be far reaching. As a Bank we have also tried to play a role in supporting local and federal efforts in providing relief to those impacted directly and indirectly.


This “new normal” has necessitated massive adoption of technology across the economy and we are glad that we have stayed ahead of the curve and our previous technology investments have continued to yield results. ALAT, Nigeria’s First Fully Digital Bank, continues to record strong performance as adoption rates have grown and customer base is almost at the half a million mark. We plan to continue our growth in customer acquisition and retention despite the headwinds.”



      ‘Ademola Adebise (MD/CEO)



                                                                             – ENDS –


Financial Performance Highlights for Full Year ended 31 December 2019



Income statement (N’bn) FY 2019 FY 2018 (∆)
Gross Earnings 94.89 71.53 32.65%
Net Interest Income 25.99 26.99 3.70%
Interest Income 70.68 57.63 22.64%
Non-interest income 24.21 13.89 74.24%
Operating Income 44.06 37.38 17.87%
Operating expense 37.30 32.58 14.50%
Profit before Tax 6.76 4.80 40.83%
Profit after Tax 5.20 3.33 56.16%
Earnings Per Share 13.50 kobo 8.60 kobo 56.98%


Balance Sheet (N’bn) FY 2019 FY 2018 (∆)
Total Assets 715.87 488.80 46.45%
Loans and Advances(net) 289.24 252.19 14.69%
Deposits 577.28 369.20 56.35%
Shareholders’ Funds 55.16 50.89 8.39%


Key Ratios (in %) FY 2019 FY 2018 (∆)
Return on Average Equity 12.26 9.43  2.83
Return on Average Asset 1.02 1.09 -0.07
Net Interest Margin 6.04 7.08               -1.04
Yield on Asset 16.47 17.75 -1.28
Capital Adequacy Ratio 13.59 18.01 -4.42
Liquidity Ratio 32.37 34.64 -2.27
Loan-to-Deposit Ratio 48.61 68.31             -19.70
Non-Performing Loans Ratio 7.38 4.98   2.40
Cost to Income Ratio            84.66 87.16   2.50


Financial Performance Review for Full Year ended 31, December 2019


  • Gross Earnings grew by 65% y/y to N94.89billion in the period (FY’ 2018: N71.53billion), on the back of 22.64% and a 74.24% growth in interest and non-interest income respectively.
  • Profit Before Tax (PBT) increased by 83% y/y to N6.76billion in 2019 from N4.80billion in FY 2018.
  • Profit After Tax (PAT) up by 16% to N5.20billion in FY 2019 (FY 2018: N3.33billion).
  • Non-Interest Income grew by 24% (from N13.89billion in FY 2018 to N24.21billion in FY’ 2019), drivers are 22.93% y/y growth in net fees and commission and 167.32% y/y growth in trading income.
  • Customer Deposit up by 35% (FY 2019: N577.28billions, FY 2018: N369.20billion).
  • Net Loans and Advances closed at N24billion an increase of 14.69% when compared to FY 2018 (FY 2018: N252.19billion).
  • Non-Performing Loans (NPL) up to 38% in FY 2019 from 4.98% in FY 2018.
  • Total Asset up y/y by 35% (FY 2019: N715.87billions, FY 2018: N488.80billion)
  • ROAE slightly up y/y to 26% from 9.55% in FY 2018
  • ROAA remained flat at 02% (FY 2018: 1.09%)



Operational Achievements


  • The bank retained its Investment grade ratings from Fitch, GCR and Agusto -National Long-term rating at (BBB-).
  • Opened new branches; Ojuelegba and Ikorodu 2, to better serve and to expand our customer base.
  • To deepen our retail franchise and banking penetration, our Agency Banking network has increased to 3,186 from 1,281 agents in FY 2018.
  • Successfully completed our technology upgrade without service disruption to customers


COVID-19: Wema Bank Donates Relief Materials, Commends Health Workers

As the COVID-19 pandemic continues to pose a global challenge and push world governments into declaring a lockdown, Wema Bank is donating relief materials to affected states in Nigeria.
The donation, which includes bags of rice, cartons of vegetable oil and cartons of noodles, is aimed at complementing the effort of the government to cushion the effects of the lockdown.

Alongside being a corporate social responsibility of the bank, the relief materials will also serve as a palliative measure to help lessen the plight of vulnerable members of society during the pandemic.

“As a bank, we understand that there is no better time than now to support the government in fighting this pandemic”, MD/CEO Wema Bank, Mr Ademola Adebise said.
He stressed that Wema Bank is “taking responsibility to support the governments of the affected states in the belief that this is a collective fight”
“We also encourage Nigerians to do their respective bids to win the war against COVID-19,” he added.

According to Head, Brand and Marketing Communications, Wema Bank, Mrs Funmilayo Falola, “This is a trying time for human kind, but also a test of our resolve to unite, whether as individuals or organisations, in this common fight.”
Commending the response of health workers across the country, Mrs Falola explained that, “while the rest of us keep to the stay-at-home rule and practice social distancing, health workers are making the sacrifice of treating patients and helping to disinfect markets and other structures nationwide.

“They are the frontline soldiers in a war that threatens all of us and we praise and appreciate their devotion to duty.”
Since the outbreak of the virus in Nigeria, Wema Bank has consistently championed a robust drive the flatten the curve with repeated communications urging their customers, staff, stakeholders and other members of the public to take precautionary measures using its social media channels.

Recently, the bank initiated a #sharwithafriend challenge with the hope to raise more awareness on observing the necessary guidelines. The campaign which involved using the first letter of the bank’s name to list out key precautionary measures against the COVID-19 virus was done in partnership with Stanbic IBTC Bank, Sterling Bank, Keystone Bank among others in a show of unity and oneness among the banks.

Mrs Falola also added that as part of its stay-at-home message, the bank has “optimised our alternative banking channels to allow for seamless transactions during this trying time.”
“Customers can purchase unlimited airtime and data on our ALAT banking app. They can pay bills, subscribe their Cable TV and transfer funds.
“*945# is our speedy and safe USSD for quick and easy transactions – airtime, data, and utility bills as well as Cable-TV subscriptions.
“Our self-service banking service is also available all round the clock to check account statements, change transaction PIN and resolve minor issues. Our customers can dial 0700-CALLALAT (0700-2255 2528), 07000-PURPLE (0700-078 7753), or 08039003700 from the mobile phone registered to your account. Follow the prompts and select the appropriate menu for speedy support.”

Wema Bank Celebrates 75th Anniversary

Wema Bank, Nigeria’s most innovative bank, is marking its 75th anniversary on May 2, 2020. Alongside the bank’s anniversary, ALAT, the bank’s digital banking platform is also celebrating its third anniversary since its launch in 2017.

The bank will be celebrating with a series of marketing efforts throughout the year as it looks to introduce fresh banking services and reward customers for their loyalty over the years.

Established in 1945 by the Agbonmagbe Bank to serve the old Western region, Wema Bank has grown to become Nigeria’s most innovative bank, gaining national status with over 150 branches nationwide.

“Our mission has not changed from that of our founders in 1945,” MD/CEO Ademola Adebise said in a statement.

“We are still passionate about supporting the personal and business needs of our customers both in rural communities and in the big cities. In some communities, we are proud to say we are the only bank in town.”

“We have also been strategic in our drive to provide refreshing banking services by leveraging technology to meet the needs of tomorrow’s businesses today. We have personalised banking with ALAT and today, we take pride in the fact that we are building a bank for the future.”

As part of the activities to mark its 75th anniversary, Wema Bank has launched a new website to support the financial needs of customers in a time when the COVID-19 pandemic has led many into banking from home.
The new website offers easy navigation and better functionality for the bank’s customers, and also demonstrates the personalised experience that customers will enjoy throughout their journey with the bank.

Also, the bank is rewarding loyal customers with an opportunity to earn from home as a means to reduce the effect of the COVID-19 pandemic.
This is in furtherance of the bank’s long history of socially responsible projects and is both timely and sensitive as it creates an alternative stream of income for its customers at a time when income channels are drying up.

According to the Head, Retail Banking, Wema Bank, Mr Dotun Ifebogun, “At 75, Wema Bank sees no limit to the magic she can create, no walls to the relationships she can forge, no barriers to the excellence of service, and no impossibilities in building the bank of the future.”

Alat Celebrates 3rd Anniversary, Models The Future Of Banking

Africa’s first fully digital bank, ALAT by Wema, celebrates 3 years of making magic. To mark this feat, it will also be hosting an online party on its Instagram Live on Saturday, May 2, 2020.
ALAT has strategically positioned itself as a fast, reliable and convenient banking solution and will continue to align itself with evolving user habits and preferences, especially when users are quickly adjusting to a world where speed, efficiency and multiplicity will be the new normal.

Known for reinventing the narrative in the delivery of financial services and experiential banking in Africa, ALAT will continue to model the future of banking by empowering users with requisite financial information and capabilities to transact at the push of a button.

Commenting on the anniversary, Deputy Managing Director, Moruf Oseni, said, “Pioneering Africa’s first fully digital bank was a feat which remains fresh in our minds. We are very grateful to all our investors and partners for the critical role they played, their unflinching support, and unwavering trust in the brand. Three years on, we remain dedicated to optimizing users’ experiences, and delivering user-centred and personalized financial services; inspired by our core principles of innovation and resilience.”

With ALAT, banking has now become an enjoyable experience as you can make financial transactions from the comfort of your home or anywhere you are. You get to open an account without visiting a branch, adopt a savings culture with exciting automated savings options, pay for items online on any website, buy discounted movies and events tickets, special deals at select partners, and salary loans with friendly interest rates.
The future of banking is one where banks will no longer be a place to visit, but an experience to be had and enjoyed. With ALAT by Wema, the future is here.

Wema Bank Donates to LASG Relief Fund for Abule-Ado Explosion Victims

Wema Bank Plc has made a financial donation to the Lagos State Government as part of its contribution to the victims of the recent pipeline explosion in Abule Ado community of Lagos State.

Accompanied by senior executive staff, the Managing Director/Chief Executive Officer, Wema Bank Plc, Ademola Adebise made the donation during a visit to the Lagos State Government House, Ikeja on Friday, March 20, 2020.
Adebise, who commended the state government for taking rapid efforts in providing relief for the victims of the tragic incidence, said it was necessary for the bank to support the effort of the government.

In his words, “while our thoughts and prayers are with the families of the victims, those who lost their lives and those recuperating in the hospitals, we commiserate with them and have decided to contribute to the fund set up by the Lagos state government to help ameliorate the extent of damages caused by the explosion.”

In his response, the Executive Governor of Lagos State, Mr Babajide Sanwo-Olu, in thanking the bank for donating to the fund, commended its passion for socially responsible gestures and consistency in delivering digital-led solutions to individuals and businesses in the state.

Recall that on Monday, Mr Sanwo-Olu, while addressing journalists at the explosion site, revealed that a N2billion Abule Ado/Soba Emergency Relief Fund has been set up for victims of the explosion. He further solicited for support from all Nigerians including the private sector after disclosing that the state government had made an initial donation of N250 million to the fund.

COVID-19: Wema Bank Sets Precautionary Measures to Protect Customers, Staff and Other Stakeholders

Wema Bank, Nigeria’s leading innovative bank, has taken precautionary measures to ensure the protection of staff, customers and other stakeholders as Nigeria records increased cases of the new Coronavirus (COVID-19).
To ensure the continuity of businesses and economic activities with minimal effect from the pandemic, the bank has ensured that everyone visiting any of its branches takes a temperature test, makes use of hand sanitizers and maintains social distance.

Head of Brand and Marketing Communications, Wema Bank, Mrs Funmilayo Falola, said: “We are advising customers to refrain from visiting any of our branches during this period and make use of our digital banking platform, ALAT.”
“With ALAT, they can pay bills, buy airtime and data to make calls and stay online. They can also pay for their Cable TV subscription to stay informed during this period.”

Mrs Falola also noted that the refreshing banking app allows customers to subscribe to Netflix, iTunes and EA Sports games to keep themselves active in the event of widespread isolation.
She also noted that customers can make cashless transactions such as funds transfers, bill payments, airtime and data recharge and much more using the bank’s USSD service, *945#.

In a bid to sensitize the public about the spread of the virus, Mrs Falola added that: “We have increased communication across our social media channels on the importance to adopt healthy practices as stipulated by the WHO guidelines and also cancelled all upcoming events, including Hackaholics, the Hackaholics Tech Fair and Songversation with Aramide which were scheduled to hold in April.”

“Measures have also been put in place for the safety and security of members of staff,” she assured.
She advised that for enquiries or issues, customers can contact the bank’s 24-hour contact centre, Purple Connect, on 08039003700, 07000PURPLE, 070022552528 or send an email to purpleconnect@wemabank.com or help@alat.ng.

Wema Bank remains committed to the implementation of a safe working schedule for staff as well as secure banking services to customers, especially as the fight against the spread of the Coronavirus persists.