Category Archives: Press Release

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ALAT By Wema wins Overall Best Mobile App in Nigerian Fintech Awards

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ALAT By Wema, the first fully digitalized bank in Nigeria, has been named the Overall Best Mobile App in the Nigerian FinTech Awards 2022, beating the other FinTech apps nominated alongside it in the category in the platform’s shortlist. The announcement was made at the award ceremony in Lagos, on Friday 4 November 2022.

 

In its 10th year, the Nigerian Fintech Awards was founded by Fintech Africa, one of Africa’s oldest and most influential publications on financial technology to honour excellence in product designs and service delivery in financial technologies. The Overall Best Mobile App, won by ALAT By Wema, according to the organizers, is in recognition of the digital bank’s contribution to the Fintech world.

 

ALAT By Wema, the first fully digital bank in Nigeria, was launched in May 2017 by Wema Bank Plc, the country’s oldest indigenous commercial bank, to drive transformation and redefine experiential banking in the Nigeria’s banking sector. In its first year, ALAT by Wema gained over 250,000 customers who were responsible for the well over NGN 1.6 billion ($4.48m) deposits. In 2018, the bank closed in the N1 billion ($2.78m) mark in terms of deposits into savings accounts.

 

Olusegun Adeniyi Chief Digital Officer, Wema Bank expressed his joy at the award, saying that the honour is only the icing on the cake of transformation that ALAT By Wema has brought to the banking industry in Nigeria.

 

“We are delighted at being named as the Overall Best Mobile App by the august platform, which is dedicated to honoring excellence in financial technologies and services companies and products. The award is complimentary to the excitement that the multi-award-winning app has brought to its numerous individual and corporate subscribers.” 

 

He informed that ALAT By Wema, which matches customers’ lifestyles, is helping its subscribers save more with access to exclusive group and personal savings, free debit cards, and up to four percent annual interest in savings. 

 

Adeniyi said that since its launch in May 2017, ALAT By Wema, the branchless and paperless bank has reduced the stress of having to walk into a branch to open an account by providing a seamless sign-up process using a mobile phone, PC or tablet. The ALAT By Wema app, unlike other banking apps, provides all the banking services the customer could ask for.

 

“All banking apps only offer some banking services, typically airtime purchases, bill payments and transfers. For example, even with a banking app, customers usually still need to go to a physical bank to get a debit card and activate it, submit documents and often, get some kinds of customer support. This is not the case with ALAT, which was built from scratch to be entirely digital, making all banking services available to the customers anywhere they can access the internet.”

 

 

Wema Bank Voted ‘Best Overall Investor Relations’ Brand at NIVA Awards 2022

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Lagos, Nigeria. Monday, May 16, 2022: Nigeria’s leading innovative financial institution, Wema Bank Plc has again been recognized for its commitment to the highest standards of disclosure, transparency, and fairness in disseminating information to investors and other stakeholders.

The Bank was on Saturday May 14 awarded the ‘Best Overall Investor Relations’ brand at the 8th edition of the prestigious BusinessDay Nigeria Investor Value Awards (NIVA) for its adherence to corporate governance ethics in driving its impressive performance on the Nigerian Exchange – NGX.

Speaking on the award, Head, Marketing Communications and Investor Relations, Wema Bank, Funmilayo Falola, commended the organisers of the award for the recognition, stating that it was an affirmation of Wema Bank’s transparency and commitment to corporate governance and best practices.

“We are grateful to the organisers for recognizing the impact of what we are doing, particularly entrenching firm corporate governance ethics in our corporate culture. This has strengthened healthy relationship across the bank’s stakeholder spectrum whilst instilling trust.

 

“At Wema Bank, we believe in transparency, and timeliness in sharing relevant data with our stakeholders, including our earnings reports. We don’t sugar-coat things but are always upfront about the state of our business, even at the worst of times. This is why Wema Bank remains one of the most credible banks in the country,” she said.

According to the organisers, Wema Bank was selected for the award by the Awards Review Committee and BusinessDay’s Research & Intelligence Unit for its commitment to the highest standards of disclosure, transparency and fairness in disseminating information to stakeholders. The Bank was also chosen for its impressive performance in the Nigerian Exchange despite a challenging macro-economic environment in the past year under review during which its profits grew by 93.72% from N4.58 billion in 2020 to N8.87 billion in 2021, recording a profit margin of 9.71% in the same period.

The NIVA Awards is a survey conducted by BusinessDay’s Research & Intelligence Unit (BRIU), and the Awards Review Committee to evaluate more than one hundred and fifty companies listed on the Nigerian Exchange Group (NGX) in a thorough evaluation process.

businessday niva awards

The Award recognises leaders of public and private companies who have created sustainable alpha-generating value for their shareholders through their strategic priorities, operating efficiencies, organisational values, and market engagement activities.

In the 2021 financial year, the Bank was named ‘Most Innovative Digital Bank’ in Nigeria at the 2021 Digital Banker Africa Awards; ‘Most Outstanding Digital Bank Brand of the Year Award’ at the 2021 Brandcom Awards and KPMG ranked the bank among Customer Experience Leaders. The bank also ranked among LinkedIn’s Top 25 Workplaces in Nigeria some months ago.

==End==

 

 

Wema Bank Sustains Momentum By 119% Rise in PBT

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Following a record-breaking attempt to sign up one million customers in one day on May 2, ALAT By Wema is now the number one ranked finance app in Nigeria. 

As part of its fifth-anniversary celebrations, the digital banking platform powered by Wema Bank, held widespread offline and online activations to onboard new customers, while rewarding existing customers. The impact of the customer acquisition drive saw ALAT move up three places to become number one among the top finance apps in Nigeria on iOS Appstore and Google Play. ALAT also closed the day (May 2) as the number one on the Free App Chart, and number 45 Finance App on the World Top App Chart. 

While much of ALAT By Wema’s new ranking links to marketing activities on May 2, the functionality of the platform is a key reason Nigerians have adopted it. Since its launch in 2017, the bank has helped Nigerians has supported lifestyles with refreshing digital banking offers. It has helped Nigerians build a healthy saving culture through flexible automated saving features. In line with this, the platform recently rolled out a Spend and Save feature to help Nigerians save more money while making transactions.  

 

ALAT also offers collateral free loans, scheduled bill payments, a free debit card and virtual Naira card. Customers can also make bulk payments, open a domiciliary account without visiting the bank and make investments with high-yield interests. The platform also a corporate banking app, ALAT for Business, which supports Nigerian businesses in making bulk payments and carrying out other business transactions. 

“We have always been number one,” Segun Adeniyi, the Chief Digital Officer of Wema Bank states. “When you look at our track record, we are Africa’s first fully digital bank, we kick started branchless banking in Nigeria, which included the delivery of free debit cards, and have been pioneer enablers of the fintech industry in Nigeria.” 

 

Mr Adeniyi explained that the bank intends to build on this ‘tradition of firsts’ and continue to empower lives through innovation while providing seamless digital banking services to Nigerians both home and abroad. 

 

Click here to open an ALAT account and to enjoy digital banking services 

 

Wema Bank Sustains Momentum By 119% Rise in PBT

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Wema Bank Plc continued its growth momentum in the first quarter of 2022, building on the superlative result it recorded in the 2021 financial year. The bank posted N9.6 billion profit before tax in the full year ended December 31, 2021 as against N5.9 billion in 2020.

The bank which announced the release of its unaudited three-month result ended March 31, 2022 , recorded gross earnings of N29.14 billion, representing a year-on-year increase of 62 percent as against N17.96 billion recorded in the first quarter of 2021.

Other highlights of the bank’s 2022 first quarter result include a qualitative rise in interest income to N23.53 billion y/y, an increase of 58 percent compared to the N14.92 achieved in Q1 of 2021.

Similarly, profit before tax during the review period soared to N3.3 billion as against N1.5 billion made in Q1 of 2021, reflecting a growth of 119 percent. Profit after tax also increased year on year to N2.86 billion in Q1 2022 from N1.30 billion in Q1 of 2021.

The bank also grew its deposit base year to date by 6 percent to N1.022 trillion from N968 billion in FY 2021. Also on the positive side is loans and advances which rose from N418 billion in FY, 2021 to N433 billion in Q1, 2022.

Commenting on the result, the Managing Director/Chief Executive officer of the bank, Mr. Ademola Adebise attributed the impressive performance to the relentless spirit and hard work of the employees.

“Our human capital resource remains the single most important factor in our upward trajectory and improved figures in recent times. They have been cracking difficult business puzzles and providing business solutions that solve business problems amazingly and incredibly”, Adebise said.

Also commenting on the result, the bank’s Chief Finance Officer, Mr. Tunde Mabawonku, explained the bank’s, progressive business development drive and the deployment of cutting-edge technology to deliver superior banking services to their customers.

“We have deployed digital banking assets to optimize customer satisfaction as well as to reduce cost and inefficiency. ALAT has been strengthened and has been well received by the business community as well as the youth segment of the market.

We hope to build on these successes and deliver greater value and services to our esteemed customers and deliver better returns to our shareholders”, Mabawonku said

WEMA Bank Plc Reports Gross Earnings of N29.14billion for 3 Months

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FINANCIAL RESULTS FOR THE PERIOD ENDED 31ST MARCH 2022 WEMA Bank Plc.

Reports a Gross Earnings of N29.14billion for the 3 months ended 31st March, 2022. LAGOS, NIGERIA – 5th May 2022

Wema Bank PLC (Bloomberg: Wema NL) (“Wema’ or “the Bank”), announces its unaudited results for the 3 months ended 31st March 2022 . 62% N17.96billion 58% N23.53billion 84% N5.61billion N3.05billion N3.3billion 119% N2.87 Billion

 

Click here to download full press release. 

WEMA BANK Announces 108.3% Growth In Profit Before Tax and Total Assets Now Above ₦1Trillion

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LAGOS, NIGERIA – 4th April  2022 – Wema Bank PLC (Bloomberg: WemaBank: NL) (“Wema” or “the Bank”) announces its unaudited FY 2021 financial results. 

Wema Bank Plc’s resilience was on display as the digitally driven financial institution announced its financial results for the year ended December 31, 2021. The performance which capped a remarkable year showed strong growth in key financial indices especially as the bank crossed the ₦1trillion mark in total assets.

In a statement made to the public by the bank, the Managing Director. Mr. Ademola Adebise said, “I am delighted to announce our performance for the year ended 31st December 2021. The Bank’s FY 2021 results shows robust growth in all key financial metrics despite the challenging macro-economic environment.”

 

“Our year end numbers highlight the strong growth trajectory of the financial institution. We comfortably crossed the ₦1trillion mark in total assets, with a share of approximately 3% of industry deposits.” 

 

Wema Bank recorded an increase of 108.3% in profit before tax (PBT) to close the year at N12.38 billion. This was driven by a Year-on-Year growth of 15.35% in gross earnings to ₦92.14billion in FY 2021 from ₦79.88billion in FY 2020.

 

The Chief Finance Officer of the Bank, Mr. Tunde Mabawonku noted that “a key measure of success for us is a consistent growth in our balance sheet and customer base – and we are glad that we are reporting healthy growth in all these areas.”

 

Deposit Liabilities grew by 15.23% to ₦927.47billion in FY 2021 from ₦804.87billion in FY 2020 while Total Asset increased by 20.23% to ₦1.164.52billion in FY 2021 from ₦968.58billion in FY 2020.

 

Mr Mabawonku also added that, ” Looking forward, we expect that the strong growth will be sustained despite the tough business climate as we execute our customer experience improvement initiatives built around a digital first banking strategy and become first in class in that sphere. The bank will also continue to focus on our digital business, which is a key boost for customer acquisition, consumer lending and transaction volumes while not neglecting our corporate and commercial play. On our commercial business, we will continue our aggressive strategy to improve our lending business alongside trade and other revenue lines. We have also unveiled our new Mission and Vision statements which underpins our corporate strategy. We want to be the dominant digital platform in Africa delivering seamless financial services.

Income Statement

  • Gross earnings increased by 15.35% (Y-o-Y) to ₦92.14billion in FY 2021 from ₦79.88billion in FY 2020.
  • Profit Before Tax (PBT) of ₦12.3billion in FY’21, an increase of 108.26% YoY from N5.95billion in FY’20 while Profit After Tax (PAT) of ₦8.93billion in FY’21, an increase of 94.53% YoY from N4.59billion in FY’20.
  • Net-Interest Income grew to ₦39.87billion in FY 2021from ₦30.86billion in FY 2020; growth of 29.22%.
  • Non-Interest Income also increased from ₦16.83billion in FY 2021 to ₦18.83billion; a growth of 11.91%.

 

Statement of Financial Position

  • Deposit Liabilities up by 15.23% to ₦927.47billion in FY 2021 from ₦804.87billion in FY 2020.
  • Loans and Advances to Customers rose by 16.33% to ₦418.86billion in FY 2021 from ₦360.08billion in FY 2020.
  • Total Asset increased by 20.23% to ₦1.164.52billion in FY 2021 from ₦968.58billion in FY 2020.

 

Key Ratios

  • Return on average equity of 17.26% in FY 2021 (FY 2020; 14.31%)
  • Return on average assets of 1.16% in FY 2021 (FY 2020; 0.85%)
  • Non-performing loan ratio of 4.88% in FY’21 from 4.45% in FY’20
  • Capital adequacy ratio of 15.46% in FY’21 from 12.35% in FY’20

 

Operational Achievements

  • Fitch re-affirms Wema Bank’s National Long-term rating at (BBB)
  • GCR and Agusto re-affirm Wema’s National Long-term rating at (BBB-)

 

Financial Performance Highlights

 

Below is the performance summary of the Bank.

 

Income statement (₦’bn)

FY 2021

FY 2020

(∆)

(∆%)

Gross Earnings

92.14

79.88

12.26

15.35%

Interest Income

73.30

63.04

10.26

16.27%

Net Interest Income

39.87

30.86

9.01

29.19%

Non-interest income

18.83

16.83

2

11.88%

Operating expense

44.22

36.00

8.22

22.83%

Profit before Tax

12.38

5.94

6.44

108.3%

Profit after Tax

8.93

4.59

4.34

94.53%

Earnings Per Share

23.2kobo

11.9kobo

11.3

95 %

 

Balance Sheet (₦)

FY 2021

  FY 2020

(∆)

(∆%)

Total Assets

1,164.52bn

968.58bn

195.95bn

20.23%

Loans and Advances

418.86bn

360.08bn

58.79bn

16.33%

Deposits

927.47bn

804.87bn

122.60bn

15.23%

Shareholders’ Funds

70.36bn

59.14bn

11.22bn

18.97%

Key Ratios (in %)

FY 2021

FY 2020

(∆)

Return on Average Equity

17.26

14.31

2.95

Return on Average Asset

1.16

0.85

0.31

Yield on Asset

14.29

14.49

-0.20

Net Interest Margin

6.18

         5.74

0.44

Capital Adequacy Ratio

15.46

12.35

3.11

Loan-to-Deposit Ratio

46.96

43.86

3.10

Non-Performing Loans Ratio

4.88

4.45

0.43

Cost to Income Ratio

78.12

83.79

5.67

 

The proposed dividend of 8kobo per share is based on the total number of shares that existed as of 31st December 2021. Subsequently, the Bank obtained all regulatory approvals relating to the share capital reconstruction. The implication of this is that the proposed dividend of 8kobo per share would now translate to 24kobo per share as the number of shares would have reduced from 38,574,466,082 units as of 31 December 2021 to 12,858,155,360 units while the amount of dividend declared remains the same.

 

 

Conference Call Invitation

Wema Bank Plc. (Bloomberg: WemaBank:NL) will hold a teleconference call for investors and analysts on Wednesday, April 06, 2022 at 1pm Lagos Time with its senior management, to announce the audited financial results for the year ended December 31st, 2021. There will be an opportunity at the end of the call for management to take questions from investors and analysts.

Kindly send email to pre-register for conference call: Investor.relations@wemabank.com

 

For further information, please contact:

Tunde Mabawonku

Chief Finance &Strategy Officer

Tunde.Mabawonku@wemabank.com

+234 1 4622632

 

Funmilayo Falola

Marketing Communications and Investor Relations

Funmilayo.Falola@Wemabank.com

+234 1 2778627

 

Wema Bank Investor Relations

Investor.relations@wemabank.com

+234 (01) 2778600

 

About Wema Bank Plc

Wema Bank Plc (NGX: WEMABANK) is the pioneer of Africa’s first fully digital bank, ALAT, and one of Nigeria’s most resilient banks. With decades of experience in the business of banking, the Bank has remained innovative in delivering value to its stakeholders. Wema Bank operates a network of over 150 branches and service stations backed by a robust ICT platform. 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.

 

More information can be found at https://www.wemabank.com/about-us/

  

Caution Regarding Forward Looking Statements

Any forward-looking statement contained in this presentation, based on past or current trends and/or activities of Wema Bank should not be taken as a representation that such trends or activities will continue in the future. No statement in this presentation is intended to be a profit forecast or to imply that the earnings of the Bank for the current year or future years will necessarily match or exceed the historical or published earnings of the Bank. Each forward-looking statement speaks only as of the date of the statement. Wema Bank expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Wema Bank’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

 

Wema Bank Affirms Commitment to SMEs Growth 

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Lagos, Nigeria. Friday, February 25, 2022: Nigeria’s leading innovative financial institution, Wema 
Bank Plc, has once again reaffirmed its commitment to empowering and educating Small and 
Medium Enterprises (SMEs) with skills and knowledge on current business trends. 
 
The Divisional Head, Retail Business, Wema Bank Plc., Dotun Ifebogun, said this on Friday, February 
25th at the bank’s first-quarter SME webinar series themed ‘From Talent to Wealth: Building your 
Talent into a Successful Business.’ 
 
The webinar, one of the banks’ avenues to bridge the enterprise knowledge gap and grow Nigeria’s 
SME space was moderated by Creative consultant and experiential communication coach, Chioma 
‘BBB’ Okpala. Featured as panellists were the Chief Digital Officer of Wema Bank, Olusegun Adeniyi; 
the Deputy General Manager, Creative Industries, Bank of Industry, Uche Cynthia Nwuka and 
Director, Siren and Suave Entertainment Limited, Oluwole Idowu. 
 
In his opening remarks, Ifebogun stressed the significance of SMEs to the economic growth of any 
country, and highlighted Wema Bank’s strides in the SME segment and the importance of 
participating in such knowledge sharing sessions. 
 
“We understand the need to focus on this segment of the economy, and we will continue to support 
SMEs with funds, help them harness their skills and equip them with knowledge on current business 
trends to help them upscale. This is our first SME webinar of the year 2022, but the 5th edition we’ve 
done since we started the SME webinar series”, he said.  
 
Speaking on ‘Developing talent and building it into a successful business, Director, Siren and Suave 
Entertainment Limited, Oluwole Idowu, said innovators and serious-minded entrepreneurs need 
first to identify their talents, then market and make revenue from them. 
 
According to Idowu, entrepreneurs and creative artists must market themselves with the channels 
and tools available and slowly build an online presence. 
 
“As a creative person, you need to put yourself out there continuously; have an Electronic Press Kit 
(EPK) to showcase your talent and update it frequently. You must make sure that your brand image 
and perception align with your message. It is easy to get to the top but staying at the top isn’t easy. 
Build and grow slowly,” he advised the participants.  
 
 
Idowu further counselled creative artists to see themselves as a product and sell themselves as one. 
He also told them to be intentional when choosing a manager because it is crucial to harnessing 
their talent and building a brand.  
 
Reiterating the importance of identifying talent and applying creativity in building a business, the 
Deputy General Manager, Creative Industries, Bank of Industry, Uche Cynthia Nwuka, said 
individuals need to identify their talent and conduct market research in the industry they are 
interested in, as well as develop their character.  
 
“As an SME business, you need to be skilled in your area of interest, understand the key elements of 
business growth, conduct extensive market research, understand your financial needs, have 
knowledge of growing a customer base and learn to update yourself. Your talent will drive your 
business idea, and a good business idea will generate revenue,“ she said. 
 
Nwuka further noted that character is a decisive game-changer that can make or mar a business if 
not well guided. “Talent gets you to the room, while the character will keep you in the room,” she 
concluded. 
 
The Chief Digital Officer, Wema Bank, Olusegun Adeniyi, wrapped up the session, speaking on 
leveraging technology to build your talent into a successful business. 
 
“Technology is the biggest enabler in today’s world, around which businesses revolve. We have 
experienced digital disruptions, leading to success stories and improved services across all sectors. 
In this digital age, building your talent into a successful business requires a high level of creativity 
and innovation,“ he said.  
 
Adeniyi highlighted some of the opportunities for creatives in the entertainment, hospitality, digital 
marketing, fintech and health care sectors, and also took participants through current industry 
trends and how the internet has created a broad playing field for business competition.  
 
He urged young innovators and SMEs to focus on building in-demand skills, creating channels to 
market themselves, protecting themselves through legal guidance, and giving back to society. 
 
The SME-centric Wema Bank has a rich history of supporting SMEs and has, over the years, 
introduced several initiatives in the SME segment like ALAT for Business platform, funding unique 
 
start-ups and creatives through its Hackaholics program, SME Business School, SME loan offerings 
and many more. 
=Ends= 
 

WEMA Bank MD Shares Insight On Data Protection and Cyber-Security With Accountants

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In Lagos, Nigeria. Tuesday, February 15, 2022: The Managing Director and Chief Executive Officer of Wema Bank Plc, Mr Ademola Adebise, has advised accountants to store data safely and protect them against cybersecurity threats and other criminal breaches. Adebise said this on Tuesday at the 16th Institute of Chartered Accountants of Nigeria (ICAN) 

Western Accountants Conference themed ‘Digital Economy: Whither the Professional Accountant’ held in Ijebu-Ode, Ogun State. 

The MD/CEO who stressed the importance of data storage and security said that accountants in the digital age must be flexible and knowledgeable to save data on storage devices on-premises or in the cloud.   He also noted that in case of loss or data corruption, the 21st-century accountant needs to be conversant with the Disaster Recovery Plan (DRP) to mitigate loss. 

Mr Adebise explained that “a large amount of data is sitting on storage. As accountants, we need to safeguard our storage and be versed in data recovery and business continuity planning should there be a loss or corruption of data. 

“The accountant must be aware of contemporary issues on cybersecurity – ensuring that digital information is safe and secure, at all times. Going digital exposes you to risk from hackers. So, as an accountant, you need to have an in-depth knowledge of cybersecurity and must be aware of the various data and information security standards to audit the environment.” 

Apart from being security conscious and storing data securely, the MD/CEO further noted that modern accountants should understand the changes taking place in the profession, including the evolution from traditional data collection methods. 

 

He said, “these include using Enterprise Resource Planning systems that are interconnected to process data from production, distribution, marketing and sales. The accountant, therefore, needs to be skilled to understand the complexities, transaction flows of the new ways of doing things and understand what data is saying.” 

In Nigeria, the most popular forms of cybercrimes that accountants and other professionals in the financial services sector are susceptible to include fraudulent electronic mails, identity theft, hacking, cyber harassment, spamming and Automated Teller Machine spoofing. 

The biggest, however, is still fraud emails. The Nigeria Electronic Fraud Forum (NeFF) revealed that bank customers lost a total of N3.6 billion to cyber-fraud in two years (2017 and 2018). 

Data released by the Nigeria Inter-Bank Settlement System (NIBSS) also showed attempted fraud in 2018 alone was about N9 billion. 

–Ends– 

 

 

 

Wema Bank Fosters Talent Development Employs Over 60 Young Nigerians.

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In yet another demonstration of its unalloyed support for the growth and advancement of the careers of Nigeria’s teeming youths, leading innovative financial institution, Wema Bank, has employed 69 new graduates who recently completed its Bankers-in-Training Scheme. 

The Bankers-in-Training scheme is an intensive 14-week programme to help develop well-rounded bankers who are taken through the rudiments of the profession before being employed by the bank. With an average age of 27, this latest cohort was trained at the financial institution’s Purple Academy in Lagos. They underwent a general assessment to test for knowledge, comprehension and numeracy skills. 

They also underwent technical assessment as the bank sought to refine their skills for modern and innovative banking requirements before integrating them into the system to put their knowledge into practice in Wema Bank and ALAT departments. 

Commenting on the exercise, Chief Human Resource Officer, Ololade Ogungbenro, expressed delight with the quality of trainees, describing them as bright with an aptitude for banking. 

She also added that Wema Bank would not relent in developing and enlarging Nigeria’s talent pool of bankers with adequately trained people who will further develop the sector. 

“We have taken it as a duty at Wema Bank to upskill talents and set them on a comfortable pathway as they join us. Apart from our core banking business, we are also about talent development and management; hence we are delighted to have trained this new set of recruits and integrated them into the system,” she said.  

Wema Bank, the creator of Nigeria’s first fully digital bank, ALAT By Wema, has an impressive track record of talent development and management. Apart from the Bankers-in-Training Scheme, it launched an SME Business School last year to equip SMEs with the essential management knowledge required to effectively run their businesses and respond to challenges in a demanding business environment.  

 

 

 

 

=Ends= 

 

 

ALAT BY WEMA Begins First Round Of Pitch Session For Hackaholics

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Following calls by tech enthusiasts, Nigeria’s leading digital bank ALAT by  Wema has extended the registration deadline for the 2022 edition of its Hackathon programme tagged #Hackaholics 3.0 – Building the Future. Applications for the tech competition, originally set to close on February 5, 2022, has been extended to the 5th of March 2022.  The 2022 edition of the Hackathon programme is also targeted at young Nigerians who will put their coding, product curation, and pitching skills to work, by solving interesting problems. According to ALAT, the programme aims to discover and nurture at least 50 hirable tech talents across Solutions Engineering, Data Science, Product Management, Product Design across identified University communities. 

Speaking on the initiative, the Head of Innovation, Wema Bank, Solomon Ayodele, said: “tech space is filled with emerging technological advances that hold so many possibilities and we want to key into that by raising the next generation of tech giants who will use their creativity and talent to change the course of society. We truly believe our aspirations as an 

organisation aligns with the desires of a lot of young Nigerians in creating and implementing a disruptive technology solution.” While registration is ongoing, the first round of live pitches should begin on Tuesday, February 15th at the Federal University of Technology, Akure. 

Selected candidates will pitch their ground-breaking ideas to a panel of judges who will select the best of the ideas and proceed to the next round. 

Interested applicants can apply here or on the Wema Bank website.