Due to the instability currently plaguing the Nigerian economy, individuals and businesses alike continue to battle financial uncertainties. Those placed in any serious dilemma occasioned by these uncertainties can only have recourse to a financial institution, which has what it takes to deliver them out of trouble safely, and is able to help them rebuild and scale up financially.
Hence the reason for the indispensability of institutions like Wema Bank Plc; wielding a proven track record of actively participating in the financial progress of their clients and customers.
Wema Bank is a Nigerian bank, popular for being the first in Africa to launch a fully digital bank named ALAT. The Bank’s mission is to empower lives through innovation and they aim to be a leader in the African financial services market through digital innovation. The Bank’s innovative approach and customer-centric services make it an ideal partner for individuals and businesses seeking financial progress.
Established in 1945, Wema Bank is considered as Nigeria’s longest-surviving indigenous bank. It was formerly known as Agbonmagbe Bank Limited before it was rebranded in 1969 as Wema Bank Limited after being acquired by the Western Nigeria Marketing Board.
The Bank continued to grow from there; going public in 1987 and getting listed on the Nigerian Stock Exchange in 1990. After that they obtained a Universal Banking License in 2001. In 2015, the bank finally met the capital requirements for becoming a National Bank and upgraded their status accordingly. This happened 70 years after being founded by Chief Mathew Adekoya Okupe to serve the former Western Region of Nigeria.
Until now, Wema Bank has not fallen short of their mission to offer high-rated services through timely innovations flexibly designed to meet the demands of a constantly changing society. This is evidenced by their landmark digital innovation in 2017; ALAT, which is not just Nigeria’s first fully digital bank, but a pioneer innovation in Africa at large.
As proof of their commitment, Wema Bank has continued to innovate with initiatives like “Phygital” banking (blending digital and physical experiences), ALAT Xplore, a banking app for teenagers. The bank also upholds strong Environmental, Social, and Governance principles and has been recognized for its sustainability efforts. Wema Bank is not only committed to ensuring customer satisfaction irrespective of age or status, they are also given to nation-building.
In addition to providing a smooth “without the counter” platform with services spanning automated savings, instant loans, and virtual card services through ALAT, Wema Bank introduced other initiatives capable of boosting the financial progress of their clients.
The Bank rolled out CoopHub; a fine innovation designed to digitally host cooperative societies. Over time, cooperative societies have proven to be an efficient means of building financial stability. Members gradually gain financial freedom through strategic monetary contributions into a larger pool from which needy members are adequately funded. Repayment is usually very flexible, giving members a chance to grow while making refunds. The CoopHub platform digitalises the entire process, bringing this timeless practice to the digital generation.
Also, Wema Bank introduced other initiatives for empowering startups and SMEs. There’s the Hackaholics initiative designed to reward the efforts of young people who are into technology, design and innovation. The programme which has encouraged young innovators over the years is now in its sixth edition.
SMEs are not left out. Wema Bank offers flexible financial packages, suitable for small businesses looking to thrive and scale up. This way, the bank does not just contribute to the progress of its customers but indirectly caters for the Nigerian economy.
Wema Bank’s customers have opted to express their satisfaction and appreciation for Wema Bank’s dedication to seeing them grow. These include Mr Girish Jaykar, an Indian who is an Executive Director of Melyvn Nickson. He explained how the Bank has served and salvaged his organisation financially for over 30 years and counting.
As a pioneer in the digital banking industry driving innovations like the CoopHub platform, Wema Bank has unprecedentedly stamped its relevance in the Nigerian banking sphere. Their initiatives are designed to occasion financial growth and stability for their customers and the country’s economy at large. Indeed, Wema Bank is a wholesome partner for anyone considering financial freedom.
