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Tag: Wema Bank

  • Wema Bank wins SME award

    Wema Bank wins SME award

    Nigeria’s leading innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has been awarded SME Friendly Bank of the Year and Most Outstanding Digital Bank Brand in Consumer Engagement, at the BrandCom Awards on Saturday, November 4th, 2023.

    These well-deserved awards were accorded to the bank in recognition of its remarkable impact in the digital banking space and its active empowerment and support for the Nigerian Small and Medium Enterprise [SME] industry.

    The BrandCom Award is an annual award anchored by Africa’s No. 1 Brand, Marketing, and Communications Publication, the Brand Communicator. This award celebrates the exploits and achievements of brands, agencies, organisations, and notable players that have gone the extra mile in making a colossal impact on the industry.

    Wema Bank’s Head of Brand and Marketing Communications, Mabel Adeteye, attributed the bank’s success and its merit of the prestigious awards to the trust and support of its esteemed customers. “As I take this moment to express our gratitude, it would be remiss of me to fail to recognise those who have made it possible. To every customer that has trusted us, put their faith in us and their money in our care, these accolades are for you. It is your faith that keeps us running and your trust that motivates us to do better and for that, we are grateful. Thank you for believing in us, thank you for connecting the brand and thank you for trusting the vision.”, she said.

    Adeteye relayed the bank’s promise to sustain its unrelenting support and empowerment of individuals and businesses across Nigeria, assuring its commitment to deepening its connection with every customer and becoming a support system for all.

    Read Also: Wema Bank’s ALAT gives 20% cashback to cardholders

    “Wema Bank has taken over and with every partnership and solution, we will continue to reform the financial and digital banking services landscape, and empower every customer digitally, financially, and in every way necessary. As cliché as it may sound, this is really just the beginning for Wema Bank. I implore you to stick with us on this journey. I extend our utmost gratitude to the Brand Communicator, for this heart-warming act of acknowledgement of the great work that we do at Wema Bank.” she added.

    Recognising that SMEs are the backbone of Nigeria’s economy and that digital innovation is instrumental to sustainable progress for Nigeria, Wema Bank has undertaken the responsibility of enabling these key players to thrive, towards national development. From the NYSC-ALAT Accelerator Programme to the FGN x ALAT Skillnovation Programme among other empowering initiatives, Wema Bank stands out as the digitally inclined financial powerhouse that provides first-class banking services and supports the goals and aspirations of its customers, every step of the way. Undeniably, Wema Bank is a pivotal agent of positive transformation in Nigeria and by extension, the world.

  • Wema Bank’s ALAT gives 20% cashback to cardholders

    Wema Bank’s ALAT gives 20% cashback to cardholders

    ALAT by Wema Bank is giving  20 per cent cashback to card holders on  every transaction carried out across Nigeria with ALAT/Wema Bank cards.

    ALAT, Africa’s pioneering fully digital bank and transformative digital solution offered by  Wema Bank, kicked off the Black Friday 2023 season with the discount on all transactions executed through Wema Bank Point of Sale (PoS) machines using ALAT/Wema cards.

    The conventional Black Friday approach gives customers the chance to receive a 20 per cent reimbursement on every transaction plus any other discounts already enjoyed through ALAT Rewards or other store-specific Black Friday deals.

    The Wema / ALAT Black Friday promo, an extension of Wema Bank’s reward programme, aims to broaden the spectrum of rewards accessible to Wema Bank customers during this Black Friday period.

    Alongside discounts from various brands, Wema Bank/ALAT customers will benefit from an additional 20 er cent cashback on every transaction made using their Wema/ALAT debit/credit cards on any Wema Bank PoS machine in Nigeria.

    This initiative allows customers to seamlessly conduct their banking activities while earning substantial cashback rewards and discounts, simply by making payments with Wema/ALAT cards on Wema Bank PoS machines.

    Executive Director, Digital and Retail Business, Wema Bank, Tunde Mabawonku, attributed the launch of the campaign to the bank’s commitment to exceeding customer expectations and adding more value to their lives.

    Read Also: Wema Bank named second best place to work in Nigeria

    He said: “Our goal is to consistently drive impact, empower, and add value to the lives of every customer. The pursuit of this goal has led us to innovate continually, creating new and improved solutions. For our customers, every day is like Black Friday because with Wema Bank, the rewards never end. However, we recognize the significance of certain popular and anticipated ‘celebratory’ days, leading us to offer our customers a special experience this Black Friday season.”

    He added, “For every N100,000 spent with your ALAT card on a Wema Bank PoS machine, you’ll get a cashback of N20,000, and that continues within the 20 per cent cashback Black Friday promo. So, when you’re at a store, watch out for the Wema Bank PoS machine to make your payment with a Wema card and enjoy the cashback offer.”

    The Wema / ALAT Black Friday extravaganza which runs  from now until the end of November 2023, is a month-long season of abundant rewards and exceptional savings and is valid across all regions of Nigeria.

    Customers can obtain a Wema Bank card either by visiting a Wema Bank branch or by downloading the ALAT app to request a card on their phones, with the option of doorstep delivery.

  • Wema Bank named second best place to work in Nigeria

    Wema Bank named second best place to work in Nigeria

    Wema Bank has been certified as a ‘Great Place to Work’ by an international certification body that assesses workplaces around the world.

    The certification followed a comprehensive assessment of the bank’s workplace practices, employee feedback, and overall organisational culture.

    The award night held in Lagos, also saw Wema Bank awarded 2nd Best Place to Work in Nigeria (Large Corporate Organisation Category); Best in Promoting the Culture of Innovation by All; Best in Promoting Learning and Development Practices and The Victor Ligbago Award for Best Workplace for Millennials.

    “At Wema Bank, our employees are the heart of our success, and this certification underscores our commitment to ensuring they thrive both personally and professionally,” Moruf Oseni, Managing Director of Wema Bank said.

    “We are delighted to be recognised as a Great Place to Work, and we will continue to invest in our employees’ development and well-being.”

    He added that the achievement highlights several key attributes that make Wema Bank stand out as an exemplary workplace, including a strong emphasis on employee engagement, empowerment, and work-life balance.

    Oseni added that the bank believes that happy and motivated employees are the driving force behind its growth and success.

    Read Also: Wema Bank posts N150.9b gross earnings in Q3

    “The bank fosters a diverse and inclusive work environment where employees from various backgrounds can thrive and contribute to the organisation’s success and is committed to the continuous development of its employees, offering opportunities for skill enhancement and career advancement.

    “As a socially responsible organisation, Wema Bank encourages its employees to participate in community service and philanthropic activities, fostering a sense of purpose beyond the workplace.

    “This certification reaffirms Wema Bank’s position as a forward-thinking financial institution that values its employees as integral partners in its mission to provide innovative and customer-centric banking solutions.

    “Wema Bank extends its appreciation to its dedicated employees, whose commitment and passion have made this certification possible. The bank remains committed to nurturing a workplace culture that promotes excellence, teamwork, and individual growth,” Oseni stated.

  • Wema Bank posts N150.9b gross earnings in Q3

    Wema Bank posts N150.9b gross earnings in Q3

    Wema Bank Plc has recored N150.9 billion gross earrings in its unaudited results for the third quarter ended September 30, 2023.

    According to the results, the bank continued its growth trajectory and momentum across all key performance indicators.

    The gross earnings represent increase of 61 per cent when compared with  N93.86 billion it achieved in same period of 2022.

    Interest Income went up 61 percent to N126.67 billion as against N78.48 billion in same period of last year while non-Interest Income also jumped up 58 per cent to N24.23 billion higher than las t year’s N15.38 billion performance.

    In an unprecedented feat, Profit before Tax (PBT) soared to N21.76 billion year-on-year increase of 130 per cent over the 99.4 billion reported in third quarter of 2022. Similarly, Profit after Tax (PAT) also increased by 131 percent to N18.88 billion, higher than N8.19 billion in third quarter of 2022.

    Commenting on the result, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said.

    Read Also: Moniepoint promises to drive financial inclusion in Nigeria

    ‘Our Q3 2023 results saw significant improvements with profit before and after tax growing strongly by about 130 per cent and 131 per cent respectively’.

    “It has been a good Q3 performance for Wema Bank with gross earnings growing by 61 per cent year on year and earnings per share at 199.6 kobo,” the Chief Finance Officer said.

     In addition, our cost to income ratio at 71.11 per cent has witnessed significant improvement from the previous period.

    The bank has also succeeded in the completion of raising its AT1 capital amounting to NGN 21 billion after obtaining CBN approval, This signifies a critical milestone for our organization, and it further underscores its commitment to maintaining a robust capital structure in accordance with regulatory requirements, 

    The bank has also commenced its N40 billion Capital raising exercise with its application to Securities and Exchange Commission  to approve the issue.           

  • Wema Bank, Fed Govt partner on Skill novation

    Wema Bank, Fed Govt partner on Skill novation

    Wema Bank and the Federal Government have called for entries into the FGN/ALAT Digital Skillnovation Programme for Youths and Micro, Small, and Medium Enterprises (MSMEs).

    The FGN/ALAT Digital Skillnovation Programme was launched on September 29.  

    The programme is targeting for training two million youths and owner of one million MSMEs across the nation.

    The initiative offers digital skills such as software engineering and product management, business analysis, cloud computing, and product design.

    Read Also: Wema Bank announces Hackaholics competition winners

    Wema Bank’s Executive Director Retail & Digital Business, Tunde Mabawonku, said the programme offers an opportunity for aspiring entrepreneurs, job seekers, and professionals. 

    It will build a marketplace for young entrepreneurs to gain digital skills that would open doors to sustainable career development and expose small-scale business owners to funding and grants. 

    He advised participants to apply on specified website between October 13 and October 31.

    At the end of the call,  those shortlisted as well as The FGN-ALAT Digital Skillnovation Hubs would be inaugurated. 

    Each hub will be equipped with state-of-the-art facilities to foster a conducive learning environment.  

  • Wema Bank announces Hackaholics competition winners

    Wema Bank announces Hackaholics competition winners

    A health-tech startup focused on bridging the gap in breast cancer management for women, IRETI, has been declared the winner of Wema Bank’s Hackaholics 4.0 competition.

     The company was announced among other winners at the Wema Bank/ALAT Hackaholics Digital Summit and grand finale, tagged: Re-Imagine: Disrupting the Ecosystem for Scale, in Lagos.

     IRETI won the N15 million cash prize for the best pitched business, while GRIP, a fintech startup, won N10 million as the first runner-up, and Trakka won N7 million as the second runner-up.

     Also, Outsidee won N5 million for the Women Led Award, which was instituted to support women in tech.

     Other winners are: Naijabox, the best energy startup; PUP Industries won the award for the best climate subset; MumAlive won in the health startup category; Chao won the e-commerce category; while University-X won the edutech category.

     The 10 finalists for the Hackaholics 4.0 are IRETI, GRIP, Trakka, Outsidee, Chao, Raptor, Pup Industries, University-X, Naijabox, and MumAlive.

    Read Also: 25 vie for N50m in Wema Bank’s hackaholics’ grand finale

     Three universities won Wema Bank’s Science, Technology, Engineering and Mathematics (STEM) endowment fund. They are: Babcock University at Ilisan-Remo, Ogun State (N10 million), Afe Babalola University at Ado-Ekiti (ABUAD) (N7 million), and Nile University in Abuja (N5 million).

     Founder and Creative Director of IRETI, Jane Agbaohwo, after picking the grand prize, said the victory would enable her organisation to reach out to women in urban communities to create awareness on the dangers of breast cancer.

     “Going forward, we will be able to reach out to women in urban communities and women in rural communities because we are partnering non-governmental organisations (NGOs). We are reaching out to them, helping them to create awareness about breast cancer. It kills. But you stand a chance to live, if you detect early and start treatment on time,” she said.

     Wema Bank’s Managing Director and Chief Executive Officer Moruf Oseni said a unique blend of traditional banking expertise and technology embedded deeply in the bank’s system gave the bank the opportunity to support the growth of the tech ecosystem in Nigeria.   “We also recognise that any economy that is serious about sustainable economic and social development must pay serious attention to science, technology, engineering, and mathematics education.

     “Entertainment and sports have put Nigeria on the global landscape in a positive light. But they cannot help to predict technology and infrastructure deficits that will see Nigeria achieve its true potential,” Oseni said.

     The Founder and Chief Executive Officer of Flutterwave, Olugbenga Agboola, stressed that events like Hackaholics 4.0 could provide valuable opportunities to founders who are leveraging technology to solve both local and global challenges.  He hailed Wema Bank for creating structures to support innovation in the fintech ecosystem.

     Wema Bank’s Executive Director for Retail and Digital Business, Tunde Mabawonku, noted that the digital summit transcended boundaries to unite digital innovators, visionaries, and industry leaders from across Nigeria.

  • 25 vie for N50m in Wema Bank’s hackaholics’ grand finale

    25 vie for N50m in Wema Bank’s hackaholics’ grand finale

    Wema Bank Plc has unveiled the top 25 finalists that will be competing for more than N50 million cash prize in the grand finale of Hackaholics 4.0.

    The grand finale holds at the Hackaholics Digital Summit, scheduled for tomorrow in Lagos.

    Wema Bank stated that the Hackaholics is its youth and start-up focused initiative designed to provide a platform for young innovators with game changing, tech-driven ideas and products, to bring their creative ideas to life, hone their skills and gain a competitive edge in the global technology and digital space.

    The 25 finalists included Daniel Babalola for Team Talo, Adeniyi Daniel for Team TouchNut, David Campbell for Team Naija Box, Ebulue Ifeanyichukwu Henry for Team Raptor, Jane Agbaohwo for Team Ireti, Raphael Fynecontry for Team Qevolt Limited, Oluwayemi Victoria Oluwapelumi for Team Crox Technologies Limited, Joshua Mosinmiloluwa Ajadi for Team District 7 and Bonojo Adedayo for Team Pup Industries.

    Others included Tochukwu Ifeanyi for Team Outsidee, Olukayode Fadairo for Team mumAlive, Kingsley Obasi for Team Telehealth Support, Seriki Sogo for Team SitiPass, Efemena Hilda Onovre for Team Nadir, Oluwatimilehin Ogunme for Team Trakka, Nelson Nelson-Atuonwu for Team Grip, Godfrey Ayaosi for Team Afrilingo and Oluwatoyin Ajayi for Team Travel Buddy.

    Also included were Gift Akobundu for Team Shopalz Chai, Olabanji Taiwo for Team Waste2Life, Macaulay Precious Teinna for Team Chekka Inc., Gladness Akinpelu for Team Oak, Victor Ojo for Team Favorite Doctor, Idiare Grace for Team VarsityScape and Damilare Ololade for Team UniversityX.

    The bank noted that since its launch in 2019, Hackaholics has toured the six geo-political zones in Nigeria including 37 universities across Africa, sourcing creative undergraduate students, youth and start-ups, challenging them to innovate and create practical solutions to real-life problems, using technology.

    “Since inception, at least 300,000 lives and businesses across the country have leveraged the visionary hackathon to make their big break into the tech industry and transform their passion for technology into sustainable sources of income, earning grants of over $200,000 from Wema Bank.”

    Read Also: Wema Bank, Wakanow partner on ALAT integration

    “The ongoing 4th edition of Hackaholics, dubbed Hackaholics 4.0: Reimagine, has seen participants pitch compelling creative ideas for impactful solutions that would ease struggles across 10 different areas of human life: education, climate, govtech, health, gender-based violence, financial inclusion, entertainment, fintech, insurance and civictech. Now pared down to 25, the best performing contestants have been unveiled as the top 25 finalists in the Hackaholics 4.0 competition.

    “The legendary Hackaholics grand finale week is here, and the finalists have convened in Lagos for a week-long programme of strategic digital empowerment activities, carefully curated by Wema Bank. Over the first few days, finalists received one-of-a-kind executive mentorship from renowned national and global technology corporations like Microsoft, KPMG, Samsung, Paystack, Flutterwave and Dream Space, among others.

    “This would equip them with hands-on insight and prepare them for the Hackaholics 4.0 grand finale pre-pitch on Thursday 5th October 2023, where the pre-pitch judges will select the top 10 finalists that would compete in the Hackaholics 4.0 grand finale. The winners will be chosen at the grand finale on Friday 6th October 2023, through a rigorous selection process anchored by an esteemed panel of three judges: Ireayomide Oladunjoye, MD of Endeavor Africa, Adeoluwa Akomolafe, Chief Information Officer of Wema Bank and Ayodele Olojede, Wema Bank’s Divisional Head, Retail and SME,” the bank stated.

    Wema Bank has raised the bar for holistic banking and financial services in Nigeria, with over N50 million cash prize distributed across five categories; The winner gets N15 million, 1st runner-up gets N10 million, 2nd runner-up gets N7 million, N5 million is reserved for any female-led team to encourage more women to key into tech, while N22 million is disbursed in University Stem endowment.

    Wema Bank said it was undeniably the foremost organisation in Nigeria to host a campus-based ideathon of this magnitude for young Nigerians across Nigeria.

    “With each solution, partnership and initiative, the pioneering financial institution continues to orchestrate a seamless financial, economic and digital innovation ecosystem to enhance Nigerian lives and businesses, support goals and drive economic growth and national development,” the bank stated.

  • Wema Bank, Wakanow partner on ALAT integration

    Wema Bank, Wakanow partner on ALAT integration

    Wema Bank’s ALAT has partnered  Wakanow to integrate digital banking and seamless flight bookings through the former’s platform.

    According to Wema Bank, the partnership aims to revolutionise banking and financial services by offering Nigerians a seamless way to book local and international flights at a discounted rate.

    Executive Director, Lagos Directorate at Wema Bank, Oluwole Ajimisinmi, expressed the bank’s optimism at the prospect of partnering an industry-certified brand like Wakanow.

    He addid that with the deal, customers that book their flights on ALAT would get a cashback of 0.5 per cent within a three-month timeline.

    Read Also: Wema Bank to raise N40b new equity funds from shareholders

    “By merging the functionalities of our digital banking platform ALAT and Wakanow flight bookings, we are enabling Nigerians to have all their financial and travel needs met in one place. This collaboration reflects our commitment to constantly deliver innovative solutions that enhance our customer convenience and satisfaction, he said.

    CEO, Wakanow Nigeria, Adenike Macaulay, stated that the partnership is not just a convergence of banking and travel services but also a testament to Wakanow and Wema Bank’s shared vision of leveraging technology to enhance the lives of customers.

    “We take immense pride in being a leading travel technology company in Africa, dedicated to democratizing travel and simplifying access for all. Our collaboration with Wema Bank’s ALAT is a testament to our commitment to working with the banking sector to achieve this goal. We are thrilled about this partnership and look forward to forging more innovative alliances, both within and outside the banking sector,” Adenike stated.

  • Wema Bank to raise N40b new equity funds from shareholders

    Wema Bank to raise N40b new equity funds from shareholders

    Wema Bank Plc plans to raise about N40 billion in new equity funds from its existing shareholders as part of efforts to strengthen its balance sheet.

    Regulatory filing indicated that the oldest surviving indigenous bank plans to float a rights issue, in a major bid to may increase the bank’s equity base by a third.

    Wema Bank will issue 8.572 billion ordinary shares of 50 kobo each at N4.66 per share to all shareholders on its register as at close of business on Thursday, September 28, 2023. The rights will be pre-allotted on the basis of two new ordinary shares for every three shares held as at the September 28, 2023.

    A stockbroking firm acting for the bank, Global Asset Management Nigeria Limited, has already submitted an application to Nigerian Exchange (NGX), seeking approval for the offer and the listing of the additional shares that will result from the offer.

    Wema Bank’s share price closed weekend at N4.89 per share at the NGX, representing a discount of 4.7 per cent to the offer price.

    The addition of the new equity funds will raise Wema Bank’s equity base to about N130 billion, as against N89.28 billion recorded in half year ended June 30, 2023.

    Key extracts of the interim report and accounts of Wema Bank for the six-month period ended June 30, 2023 showed considerable expansion in the operations of the bank. Gross earnings rose from N60.30 billion in first half 2022 to N89.63 billion in first half 2023. Interest income had grown from N50.45 billion to N76.65 billion. Profit before tax stood at N12.06 billion in first half 2023, as against N6.10 billion recorded in comparable period of 2022. After taxes, net profit doubled from N5.28 billion to N10.49 billion. Earnings per share thus increased from 82.0 kobo in first half 2022 to 163.2 kobo in first half 2023.

    Read Also: Repositioning Nigeria Customs through multi-stakeholders collaboration

    The balance sheet size of the bank also expanded considerably with total assets rising to N1.88 trillion by June 2023 as against N1.442 trillion recorded by December 31, 2022. Customer deposits rose from N1.17 trillion to N1.39 trillion. Total liabilities increased from N1.36 trillion to N1.79 trillion. While the bank’s share capital remained unchanged at N8.698 billion, shareholders’ funds improved from N82.54 billion by December 2022 to N89.28 billion by June 2023.

    Wema Bank had last year undertook a massive share reconstruction exercise with the delisting of the old issued shares and relisting of the new post-reconstruction shares.

    The bank had secured shareholders and regulatory approvals to undertake a share reconstruction as part of a new recapitalisation programme. Under the share reconstruction, the bank’s issued and fully paid shares were reconstructed from about 38.575 billion ordinary shares of 50 Kobo each to 12.858 billion ordinary shares of 50 Kobo each on the basis of exchange ratio of one new post-reconstruction share for every three old pre-reconstruction shares held.

    With the completion of the exchange process, the entire old share capital was delisted from the NGX and the new paid up share capital comprising 12.858 billion ordinary shares was listed at N2.76 per share.

    Wema Bank had then indicated plans to raise new equity and debt capital, and the share reconstruction was meant to create headroom for new issuances.

  • Wema Bank holds digital summit

    Wema Bank holds digital summit

    Wema Bank has announced the launch of the Hackaholics Digital Summit 2023, Africa’s largest gathering of innovators, disruptors, regulators, policymakers, investors and customers in the digital space.

    The bank stated that the event would serve as a hub for sharing  insights, trends, and best practices in the tech industry towards the positive transformation of technology and innovation not just in Nigeria but across the continent.

    The summit, scheduled for October 6  in Lagos, has as its  theme “Re-Imagine: Disrupting the ecosystem for scale.”

    The event commences with the launch of the summit and concludes with the  grand finale of Hackaholics 4.0.

    Read Also: Wema Bank MD/CEO bags Business Day top 25 CEO of the year award

    During the grand event, the standout teams from the contest would showcase their innovations, contending for the titles of Hackaholics 4.0 winners.

    Notably, the winning team will receive a grant of N10 million, the first runner-up N7 million, the second runner-up N5 million, while a special grant of N3million is reserved for a female-led team.

    Also, a N15 million grant will be allocated to the University STEM endowment.

    The summit will further encompass master classes, providing attendees with the opportunity to witness the emergence of Africa’s technological future while gaining invaluable insights from renowned experts. These masterclasses will delve into topics such as “The Future of Financial Services,” “Venture Capital and Funding Viable Innovation for Scale,” and “Strategic Technology for Impact & Societal Change: Transforming Today & Tomorrow’s World.”

    Attendance to this prestigious event is by invitation only; however, interested customers and technology enthusiasts can secure a spot at the Wema Bank Hackaholics Digital Summit 2023 by registering.