In an era where financial institutions are constantly evolving, Wema Bank has stood the test of time, celebrating an impressive 80 years of banking excellence.
Since its inception in 1945, Wema Bank has been at the forefront of innovative banking, providing top-notch financial services to generations of Nigerians. Its commitment to excellence has been the driving force behind its success, making it one of Nigeria’s leading financial institutions.
Casting a fulfilled glance at history, Wema Bank was founded in 1945 as Agbonmagbe Bank Limited by Chief Mathew Adekoya Okupe making it Nigeria’s first indigenous bank. It was renamed Wema Bank Limited after its acquisition by The Western Nigeria Marketing Board in 1969.
Since then, Wema Bank gradually rose from milestone to milestone into one of Nigeria’s leading financial institutions. Over the years, the bank has achieved numerous feats while prioritising innovative banking and customer satisfaction. After earning its commercial license in 1987, Wema Bank was listed on the Nigerian Stock Exchange and went on to earn a universal banking license enabling it to maximise its operations. In December 2015, Wema Bank became a full-fledged national bank. With a capital base of over N43.8 billion, it earned a National Banking license after meeting the requirements stipulated by the Central Bank of Nigeria.
Progressively, Wema Bank demonstrated its commitment to excellence through its innovative products and services, designed to meet the evolving needs of its customers. In 2017, Wema bank launched ALAT; a wholesome digital bank which was a pioneer innovation not just in Nigeria, but Africa at large. ALAT offers a variety of services, including account opening, savings plans, and virtual cards. Others include ALAT Xplore App (Nigeria’s first licensed banking app for teenagers) and ALATPay (A payment gateway that allows businesses to conduct transactions without a middleman) targeted at innovatively fostering optimised digital banking experience.
Asides digital banking, Wema Bank launched other innovations such as Coophub for cooperative societies, Hackaholics to encourage startup growth in Nigeria amongst youths, Financial packages to help SMEs gain loans and expand as well as stringent cybersecurity measures, prioritising safe digital experience. This way, Wema bank also showed its concern for Nigeria’s industrial growth.
From its robust online banking platform to its extensive network of branches and ATMs, Wema Bank has consistently manifested its dedication to innovation and customer satisfaction. It passionately expressed its continued commitment towards innovatively pleasing customers thus, “We think of great and exciting ideas to solve problems that our customers care about”.
In furtherance of its customer service responsibility, Wema Bank launched a customer loyalty program called the 5 for 5 Promo; a reward initiative that gives back to customers for their loyalty. The program runs in seasons, with each season having a cash prize. In the first monthly draw of Season 4, Wema Bank gave N11 million to 131 customers. Over the first three seasons, the program gave out over N153 million to customers across Nigeria.
Several customers across Nigeria and beyond have testified to Wema bank’s customer service loyalty. The bank took to its social media platforms to show this off. A striking testimonial was given by Mr Girish Jaykar; an Indian National and Executive Director of Melyvn Nickson who explained how Wema Bank has served and saved his organisation in times of need for over 30 years and counting.
Invariably, Wema Bank’s impact extends beyond its customers to the wider community. Through its corporate social responsibility initiatives, the bank has supported various community development projects, promoting financial inclusion and economic growth. As evidenced by the Hackaholics hackathon and the Financial products for SMEs mentioned earlier, WEMA bank also continues to drive impact by showing commitment to Nigeria’s Industrial/economic growth.
Currently, Wema Bank continues to offer a variety of products and services, including accounts, cards, loans, and e-banking services such as moneygram, Western Union, USSD banking, etc.
The bank also offers sophisticated services such as assets finance, Green energy finance, and Device loans. All while prioritising customer satisfaction through harnessing the tools made available by the fast-growing world.
As WEMA Bank celebrates 80 years of banking heritage, it’s clear that the institution’s commitment to excellence in customer service has been the driving force behind its success. As the bank continues to innovate and evolve, it’s poised to remain a leader in Nigeria’s financial sector for generations to come.
Deborah Anyanwu is a member of the editorial team of TheScript Newspapers
