Managing business finances can be complicated, particularly when payments and expense records sit in different systems. Wema Bank Plc is looking to make that process easier through a partnership with Duplo, a financial operations platform for African businesses, announced on July 21, 2026.
Under the arrangement, companies using the bank’s ALAT Business platform can reach Duplo’s tools from within ALAT, including domestic and cross-border payments and real-time financial reporting. Existing ALAT business customers get three months of free access to try the automation features. For companies dealing with growing transaction volumes, a clearer view of their finances can make daily operations easier to manage.
The partnership is part of Wema Bank’s continuing investment in digital financial services. ALAT, which the bank launched on May 2, 2017 as Nigeria’s first fully digital bank, is known for digital banking, and the Duplo collaboration takes the bank further into the tools businesses use to manage their money. Tunde Mabawonku, the bank’s Executive Director for Finance and Digital Optimisation, said businesses need more than payment services.
Managing Director and Chief Executive Officer Moruf Oseni, who took over the role on April 1, 2023 after serving as Deputy Managing Director, has overseen the bank’s continued focus on technology and innovation. The Duplo partnership reflects an approach that places banking services closer to the everyday activities of businesses, rather than limiting their use to deposits and transfers.
Wema Bank is also investing in people developing new ideas through Hackaholics 7.0, the 2026 edition of its innovation programme. Announced on July 1 under the theme “Powering Possibilities,” it runs a startup pitch competition and a hackathon, with a social impact track added this year. Startups with growth potential can pitch their businesses, while social innovators can work on problems affecting communities. The programme covers seven focus areas, including financial inclusion and healthcare.
A national tour of ten pitch centres across the six geopolitical zones began at the University of Uyo, which hosted the first centre from July 15 to 17. Winners from the centres advance to a grand finale with a ₦150 million prize pool.
For Oseni, Hackaholics provides a way to engage with innovators who may need mentorship and industry connections to develop their ideas. He has said the bank has a responsibility that goes beyond commercial services. That support matters because a promising concept does not automatically become a successful business. Founders still need to test their products and understand their markets once the excitement of a competition has passed.
There is also a commercial side to the programme. As startups grow, they need banking services to collect payments and pay staff. Wema Bank has an opportunity to build relationships with these businesses early in their journey, while giving innovators a clearer picture of the financial services available to them.
The bank’s financial performance provides useful context for these investments. Its 2025 results showed profit before tax of ₦221.9 billion, up 116 per cent from ₦102.5 billion in 2024. Profit after tax reached ₦194.5 billion, and total assets rose 41.5 per cent to approximately ₦5.07 trillion. Customer deposits grew to ₦3.29 trillion. Oseni has said the results confirm the bank’s position to lead the future of banking in Africa.
Wema Bank has also continued to develop services for younger customers. Its ALAT Xplore app, introduced in 2024 as Nigeria’s first licensed banking app for teenagers, is designed for customers aged 13 to 17. A parent or guardian opens the account through the ALAT App and can supervise how the teenager uses it. The product gives young people an introduction to banking before they become independent adult customers.
Another initiative is the 5for5 rewards scheme. Its fifth season launched on May 2, 2026 as part of the bank’s 81st anniversary and runs through December, with more than ₦170 million earmarked for rewards. In the first month, 273 customers received over ₦17.96 million.
These programmes serve different purposes. The Duplo partnership focuses on businesses already managing financial operations, and Hackaholics supports people building new ventures. ALAT Xplore introduces teenagers to money management, while 5for5 encourages customer engagement. Together, they show how Wema Bank is trying to reach customers at different stages of their financial lives.
Oseni’s challenge will be to ensure that these initiatives deliver benefits customers can actually see. Businesses need tools that save time and improve financial control, while younger customers need services that are easy to understand and appropriate for their needs.
Wema Bank’s recent activities go beyond introducing new digital features. They show a broader effort to connect banking with business operations and financial education. How well these initiatives perform will become clearer as customers adopt them and the businesses and innovators involved begin to see their practical value.
Samuel Agboola is a member of the editorial team of TheScript Newspaper
