Wema Bank, Nigeria’s foremost innovative bank, has built a new training school, Wema Purple Academy, with the multi-purpose function of providing quality training for staff as well as a space for innovators to collaborate.

Wema Purple Academy, formerly at Oba-Akran Ikeja is now located at Town planning way Ilupeju Lagos and serves as a pathway for new staff to join the bank as well as a learning centre for current staff to increase individual and organizational productivity. It assists the Bank to identify and develop talents and prepare a structured career progression for the superior performers thereby guaranteeing a sustainable performance culture in the future.

The newly built Academy will also house an innovation hub which will bring together technologists, tech enthusiast and creators alike to collaborate and create innovative solutions targeted at critical business and human needs. This is to serve as one of the numerous channels through which Wema Bank fosters creativity, instils the bank’s work ethics, culture and high-professionalism. By building the Academy to include an innovation hub and state-of-the-art learning software and systems, the bank continues to deliver on its promise for innovation and creativity through digitization and twenty-first century technology.

Trainings offered at the Wema Purple Academy are of relevant world-class curricula in skill areas that correspond with the requirements to achieve the Bank’s strategic pillars in a more structured manner. Through the Academy, the Bank ensures that staff focuses on the vision, mission and goals that makes the future of the Bank an exciting one. It will help drive and entrench the much-desired performance and innovation culture within the Bank – employees across different levels will be equipped with competencies required for now and future, geared towards achieving superior performance needed to deliver innovative solutions to customers.

“Our overall goal is to see our staff grow constantly both personally and career-wise, and in turn use the knowledge from these trainings to deliver top-notch ideas that can translate to innovative solutions across all areas of the bank” said Chief Human Resources Officer, Wema Bank, Mrs. Ololade Ogungbenro. “This will also enhance employee morale and satisfaction.”

She also added that “We are committed to training bankers that will reflect the true value of the profession, help to strategically position Wema Bank amongst the market leaders, set the standards for excellent performance and significantly enhance the perception of our strategic partners and shareholders through the application of innovative strategies”

Wema Bank, Nigeria’s leading innovative bank, is urging customers to continue to bank safely by using ALAT and its USSD platform, *945#.

Following increasing reports of positive COVID-19 cases, the bank has encouraged its customers to take advantage of alternative banking channels (ALAT and *945#) to carry out bank transactions rather than risk going out to branches.

With ALAT, Nigeria’s first digital bank, customers can pay bills, transfer funds, buy airtime and data and perform other financial transactions.
The USSD code *945# provides a quick and easy means to carry out bank transactions even without data. It is the go-to option in areas where the internet network is not so strong or where transactions need to be done urgently.

Funmilayo Falola, Head of Brand and Marketing Communications, Wema Bank explained that “although the lockdown has been lifted and most businesses have resumed, individuals need to continue to observe precautionary measures to stay safe. Using our alternative banking channels will help our customers stay safe by avoiding queues and crowds and also give them one less place to go.”

Wema Bank has before now supported the fight against the spread of the COVID-19 virus by donating to the government fund and also providing palliative materials for the economically challenged.

“Given the new normal, we will continue to ensure the safety of staff and customers by leveraging digital solutions that will reduce the risk of physical contact,” Mrs Falola added.

As businesses around the world resume despite the COVID-19 pandemic, ALAT for Business is set to offer more value to businesses through its digital solution.

The application, which is the corporate version of ALAT, has a broad transaction limit of up to 2 Billion Naira, allowing businesses to carry out as many transactions as they require.

Speaking on its most notable features, Samuel Robson, Head, ALAT for Business disclosed that the application allows account holders with single and multiple signatories operate their account virtually, without stepping into the banking hall to authorize transactions.

“This is a time for businesses to leverage secure platforms that allow them to get on with their businesses virtually as this will help to keep their businesses afloat and keep them safe,” he advised.

Speaking further, he disclosed that with ALAT for Business, entrepreneurs can now, schedule payments to as many as 5,000 beneficiaries at once. “This will free up their much needed time and allow them to carry out more tasks,” he added.

With the new feature, business owners can now carry out transactions without stepping into the banking hall. Mr Samuel Robson explained that this is one of the ways Wema Bank is leveraging digital technology to provide solutions to customers and help fight the spread of the COVID-19 pandemic.

Due to the Federal Government’s directive to ease the nationwide restrictions on movement and key businesses, Wema Bank Plc will reopen all its branches nationwide.

In a statement released by the bank, from Wednesday, June 3, 2020, all branch offices will resume normal services from 8:00AM to 4:00PM, Monday through to Friday.

The MD/CEO Wema Bank Plc, Mr. Ademola Adebise, explained that “though work resumes in earnest, what is of utmost importance is the health and safety of all”. He stressed that the bank will take necessary precautionary measures to ensure the safety of staff and customers.

Re-echoeing the sentiments of the MD, Head of Brands and Marketing Communications, Mrs Funmilayo Falola disclosed that “while at work, staff are to ensure they keep to all our health protocols, like wearing of face masks, disinfecting work desks regularly, and frequently making use of hand sanitizers”.

Mr Adebise also encouraged bank customers to maintain strict adherence to the safety protocols both in the banking halls and in their respective environments. In his words, “customers are advised to take absolute responsibility for their safety and that of their families. Be vigilant in your neighbourhoods, on the roads, and in the banking halls. It is important for us all to be as alert as ever and not take the eased lockdown as a room for laxity”.

He advised that everyone stays staunch in their resolve to curb the spread of the virus and asserted that both staff and customers will have to work independently to achieve this.

The bank also advised that although the banking halls are open, it is much safer and convenient to bank from home using the alternative channels the Bank has made available, which includes the *945# USSD code and the ALAT mobile and web banking platforms.

As the world continues the coronavirus pandemic, Wema Bank Plc has reiterated its support for individual customers and businesses by extending the tenure of loans to cushion the effects of the pandemic. Having recently held its Annual General Meeting by proxy, the bank announced an impressive growth in Customer Loans and Advances by 15% y-on-y to N289.61bn from N252.19bn in Q4 2018.
“This superlative performance gives us a good ground to provide extended loan support to businesses and individuals during this period,” said Head of Credit Risk Management, Wema Bank Plc. Mr Uchenna Obazeh.

Speaking on the loan tenure extension, Mr Obazeh disclosed that the extension of school loans have been approved for one academic term (4 months). For businesses, he added that business support loans have been approved for 90 days (3 months) in order to ameliorate the impact of the COVID-19 pandemic.
Mr Obazeh further confirmed that the loan extension was also being considered for other sectors, and approvals are being sought from the CBN in line with the impact the pandemic will have on specific sectors as well as the estimated rates of recovery.

“For businesses, this is not a time to run from the Banks. Business owners need to sit with their bankers, assess the potential impact on their businesses and align repayment obligations with their projected cash flows,” he advised.
Speaking further, Mr Obazeh added that given the uncertainty surrounding when vaccines will be found, some businesses may have to alter their business models to become more adaptable. He enthused that well-analyzed credits availed under realistic terms will continue to succeed as the CBN is encouraging continued availability of credits to eligible businesses even in these times.

Mr Obazeh predicted an increase in non-performing loans. Although, in his words, “it will not be as significant as it would have been without the palliative measures and intervention funds made available by the CBN, as well as Banks working closely with their customers.”

“We advise businesses reappraise their operating models first, assess the impact and come up with realistic projected cash flows first. Obtaining a loan should not be the first thing. A loan will help a business increase supply. It, however, has to assess demand, as well,” he cautioned.
On how Wema Bank is helping businesses on its credit list to grow to fulfil its financial commitments, he noted that the bank is providing advisory services in addition to making the loans available.

Wema Bank Plc. is set to usher in an exciting new future for the bank and its customers as confirmed by the bank’s Chief Financial Officer (CFO) Mr. Tunde Mabawonku.

Following its successful AGM which was held by proxy last month, Mr. Mabawonku highlighted the significant growth the bank has made in recent times and provided insight into exciting plans.

The Bank posted significant growth in its 2019 performance with an increase in the bank’s interest income and non-interest income from the previous year by 23% and 74% respectively. “The non-interest income growth was driven by a 22.9% growth in Net Fees and Commission due to increased volume of transactions across various electronic channels (ATM’s, POS, Mobile Banking, Electronic Banking),”Mr Mabawonku disclosed. He also highlighted the fact that the Net Trading Income grew by “a whopping 167.45% from the previous year due to increased income on Treasury Bills.”

Commenting on the impact of the COVID-19 pandemic on various sectors of the economy, Mr Mabawonku noted that the “disruption will impact some companies more than others.”

“There will be winners and losers with varying degrees of exposures to the pandemic. Low exposure sectors include healthcare sector and its value chain, telecommunications, on-line oriented businesses and professional services. Moderate exposure sectors include real estate, hospitality, clothing and textile, restaurant, education, agriculture, as well as tobacco sectors, while high exposure sectors include entertainment, Oil &Gas, construction, transportation, aviation, automobile and banking & finance.”

To help mitigate the effects of the pandemic, Mr Mabawonku explained that the bank has put in place a Business Continuity Plan designed to ensure that business operations are not severely impacted. “The plan is focused on two pillars namely – Business Continuity and Safety of customers and staff,” he said.

While emphasizing the strong support Wema Bank has offered to customers by putting a moratorium on repayment of SME loans during the pandemic, the Chief Finance and Strategy officer added that “we are adjusting to the new normal by putting frameworks in place to ensure our workforce is well equipped to function accordingly while ensuring the safety of customers across all our physical touchpoints.

For the rest of 2020, Mr Mabawonku stated that the bank is poised to achieve all its plans. He expressed happiness that the bank has stayed ahead of the curve via its previous technology-led investments in ALAT, Nigeria’s First Fully Digital Bank which has continued to yield results. He stated that plans were in place to continue strong growth in customer acquisition and retention through ALAT in 2020 despite the economic headwinds.

“We are also focused on exploring available options as a tier two bank to increase capital from shareholders and investors as well as build on viable partnerships with other individuals and institutions both locally and internationally.”

To achieve its goals for 2020, Mr Mabawonku candidly noted that “the bank needs to improve on its deposit mix, while also driving down the cost of funds. We believe that our revamped retail structure will help increase our low cost funds. The bank also needs to improve on its cost to income ratio.”

With the significant progress made by the bank in recent years, Mr Mabawonku confirms that moving forward, the coming years will be exciting and rewarding for its staff, customers and shareholders.

Wema Bank Plc., Nigeria’s leading innovative bank, held its Annual General Meeting on Monday, 18 May 2020 to announce the growth of the bank in the past year and enable stakeholders to receive their dividend.

Coming several days after the bank’s 75th anniversary celebration, the meeting availed the investment community an opportunity to gain insight into the performance of the bank in the 2019 financial year.

The AGM, which held in proxy, in compliance with the guidelines of the Corporate Affairs Commission (CAC), was moderated by the Chairman of the bank, Mr Babatunde Kasali with a few shareholders and members of the bank’s board and executives in attendance. Others joined remotely via live streaming.
Shareholder group leaders commended the bank for attaining 75 years in service, 3 years of digital banking with ALAT and also applauded the Board and Management of the bank for the 2019 performance.

For the year under review, Wema Bank announced a gross earning of N94.89 billion which was a 32.65 per cent increase from the previous year.
The bank’s Profit After Tax (PAT) grew by 56.16 per cent to N5.2 billion while Profit Before Tax (PBT) stood at 40.83 per cent year-on-year to N6.76 billion in 2019, up from N4.8 billion in 2018. The bank also reported an increase in Customer Deposits by 56.35 per cent in the year under review, to N577.28 billion.
MD/CEO, Mr Ademola Adebise accredited the performance to the bank’s Double in two strategy which is targeted at increasing bottomline while reducing cost. He added that the increase in customer deposits was as a result of the aggressive marketing campaigns around the bank’s digital platform, ALAT.

The shareholders in attendance unanimously endorsed the payment of four kobo per share translating as a dividend, which translates to an of eight per cent from 2018.
In his remarks, Mr. Adebise assured the shareholders of continuous growth for the bank. He noted that “despite the current challenges brought on by the global pandemic, the underlining strength of Bank, the quality of our assets and our position as the parent to ALAT, the first-ever digital bank in Nigeria has given us the competitive advantage to continue to deliver excellent banking services to our customers and gain the confidence of our shareholders.

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.

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.