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Tag: Wema Bank

  • Wema Bank MD/CEO bags Business Day top 25 CEO of the year award

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

    In recognition of his inspirational leadership, outstanding financial growth, innovation and significant contribution to the success of the banking and financial services sector, MD/CEO of Wema Bank, Moruf Oseni, has been awarded top CEO of the Year at the Business Day top 25 CEOs awards.

    The Business Day Top 25 CEOs Awards is a distinguished award that celebrates the visionary leaders of companies listed on the Nigerian Stock Exchange.

     It is an honour reserved specially for those who have not only exhibited outstanding financial growth but have also made significant contributions to the advancement and prosperity of their respective sectors. 

    The award not only solidifies the role of Wema Bank in driving positive change in the society but also adds to the bank’s outstanding streak of achievements, innovations ,and positive impact on the lives of diverse Nigerians across Nigeria.

    Commenting on the award, Oseni said: “It is an honour to be recognised as one of the Top 25 CEOs in Nigeria. This award means a lot to us as a bank, considering the journey of transformation and innovation that we have embarked upon as an organization over years. 

    “I dedicate this award to our employees because the results that led to this recognition came from the collective hard work, innovation, and audacity of all Wema Bank Knights. 

    Read Also: Fed Govt, Wema Bank to train 2m youths on digital skills

    “I also want to use this opportunity to reiterate our commitment to our stakeholders, shareholders, and customers; as always, we will continue to be the dominant digital platform in Africa delivering seamless financial services”.

    Over the years, Wema Bank has pioneered a unique variety of exceptional programmes and financial services that cut across every aspect of human life and positively impact the lives of every distinct stratum of Nigerians, irrespective of their age, gender, location, financial capacity, social status, or any other factors. 

    With a mission to empower lives through innovation, a reputable history of positive impact, seamless service and an ardent commitment to providing a multifaceted, unique, and rewarding banking experience for every kind of Nigerian, Wema Bank is set to revolutionise the banking process, making their financial services a multifaceted portal through which millions of lives, businesses and nations will be immensely impacted, as is evident in their solutions. The bank continues to raise the bar and elevate the standards of banking and financial services in Nigeria. We can only imagine and anticipate the phenomenal future that Wema Bank is building for our beloved country and its people.

  • Fed Govt, Wema Bank to train 2m youths on digital skills

    Fed Govt, Wema Bank to train 2m youths on digital skills

    Wema Bank, in collaboration with the Office of the Vice President, has concluded arrangements to start an initiative that will impact 2 million youths and 1 million Micro, Small and Medium Enterprises (MSMEs) across the country.

    A statement yesterday in Abuja by the Director of Information in the Vice President’s office, Mr. Olusola Abiola, said the collaboration is in furtherance of Bola Tinubu administration’s drive to boost job creation.

    Vice President Kashim Shettima, who received an update report on the programme yesterday when he hosted the bank’s Managing Director Moruf Oseni, lauded Wema Bank’s commitment and partnership for the initiative.

    The delegation was at the Villa to brief the Vice President on the progress made in the implementation of the FGN-ALAT Digital Skill-Novation Programme – an initiative of a partnership between the Federal Government and WEMA Bank to train 2 million youths and empower 1 million MSMEs across Nigeria.

    Speaking on the support and commitment of the bank in the execution of the initiative, Shettima said: “I will call on you to be above board. You are a good organisation. I want to thank you most sincerely for your initiative and commitment. Rest assured that we will fulfill our own part of the bargain.”

    Addressing State House correspondents after the parley, Oseni said he and his team were at the Villa to brief the Vice President on “how far we have gone on the FGN/ALAT project”.

    Read Also: Flutterwave partners Wema Bank, Kadavra BDC on digital forex

    He added: “The Vice President was very happy. Shortly, you will hear from his office on how we want to progress with this programme. Part of this is to help create innovation hubs across the country for us.

    “Mr. President came out with a very bold and audacious plan on how to revive the Nigerian economy. The banks are a key player and we will put in our best to actualise this. If Nigeria does well, the financial institutions will do well.

    “Mr. President is 100 per cent on track, and we are totally in support of his administration.”

    The Senior Special Assistant to the President on Job Creation and MSMEs, Mr. Temitola Adekunle-Johnson, stressed the need for collaboration.

    He said: “There is power in partnership. The private sector and the public sector coming together can always do more for the people. Mr. President’s Renewed Hope agenda cannot be achieved by the government or the private sector alone as it requires all hands on deck. 

    “So, we dug deep into the private sector to see how they can actually play their role. In the first instance, they agreed to partner with us on skills acquisition and in other aspects of the scheme that we plan to implement.”

    Also present at the meeting were Mr. Tunde Mabawonko (Executive Director, Wema Bank), Mr. Bamidele Adefemi (Head of Federal Public Sector), and Mr. Chioma Onuaguluchi (Regional Executive, Abuja).

     “Young entrepreneurs programme through a self-paced Online Digital Academy for Entrepreneurs, in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Through this programme, over 500 entrepreneurs were trained within a year.”

    The Coordinator of The African Youth Internet Governance Forum (AfYIGF) Multi-Stakeholder Advisory group, Lillian Nlawoga, said the continent is home to a young and vibrant population with an estimated 60 per cent of it being under the age of 25. 

    She noted that “despite this, the continent is still lagging behind in terms of internet access, with only 28 per cent of the population has access to the internet”.

  • Akeredolu: I won’t succumb to blackmail

    Ondo State Governor Rotimi Akeredolu has alleged that former Commissioner for Information Banji Ayiloge was peddling falsehood against his administration.

    The governor said he will not succumb to blackmail.

    Ayiloge is a governorship aspirant on the platform of the All Progressives Congress (APC).

    The governor acknowledged the right of Ayiloge to aspire to the highest political position in the state, stressing that this the beauty of democracy.

    A statement signed by the Senior Special Assistant( SSA) to the governor on Media, Ojo Oyewamide, said:  “Akeredolu has not, and will not find enthralling, any undemocratic arrangement whereby he is seen to be the only governorship contender. Such is no longer a contest.”

    On Internally Generated Revenue (IGR), the governor said: “A major part of the vision of this administration is how to boost the IGR of the state.

    “Governor Akeredolu believes that government cannot do much with poor IGR. A former staff of WEMA Bank, Mr. Tolu Adegbie, was appointed by the governor as the chairman of Ondo State Internal Revenue Service after emerging the best in a screening exercise conducted for applicants who sought the job.

    He added: “Although, the state is yet to attain her target, it is heartwarming to inform the public that the State IGR is no longer crawling. We have improved from N700m to an average of N1.5billion monthly.

    “Unfortunately, Ayiloge is not interested in the productivity of the revenue generation agency and commendable feat it has achieved within the last two years. Rather, the former Commissioner for Information mischievously elected to play politics by falsely linking Governor Akeredolu’s son with the now vibrant organisation.

    “This is preposterous and most unexpected of an elder whose passion for self aggrandizement has overshadowed reasoning.

    Also on infrastructure, the governor said: “We would have inferred Ayiloge’s comment on infrastructure in the state either shows self abnegation or unkindness to self. However, it imperative to state that the Akeredolu government, which came on board in 2017, began its infrastructural projects in Ifedore Local Government Area. Ayiloge hails from Ifedore.”

  • Wema Bank, 3D Zebra Crossing partner

    Wema Bank has created a 3D Zebra crossing in partnership with O2 Academy, Lagos to raise awareness on safe driving and inspire behavioural change among Nigerians.

    Located opposite the bank’s headquarters on Marina Street in Lagos, the 3D crossing is  aimed at improving road safety in the area.

    The project, which serves as part of the bank’s corporate social responsibility, will also encourage drivers to slow down for pedestrians to cross.

    The striped zebra crossing, which appears to be floating above the road, works by giving an optical illusion to oncoming drivers, causing them to slow down when approaching it.

    Beyond the innovative angle of the project, the optical painting helps drivers to see the crossing easier and anticipate the presence of pedestrians waiting to cross the road.

    The bank implemented the optical crossing following concerns over the safety of workers making their way to offices along the busy Marina Street.

    Through the innovative crossing, the bank hopes to implement a campaign that will lead to the reduction of hit-and-run and other road-related accidents. For Wema Bank, this new feat will define the future of road safety.

    Before partnering Wema Bank, O2 Academy, an advertising and creative school in Lagos, had unveiled the first 3D zebra crossing in May as an affordable solution to solving road accidents involving school children. The positive feedback it got from it inspired Wema Bank to adopt the eye-grabbing and modern 3D effect.

  • Wema Bank launches online platform ‘ALAT’

    Wema Bank, the creator of Africa’s first fully digital bank, ALAT, has launched a new online platform to provide seamless payment services to customers and merchants.

    The platform, named Outlet By ALAT, is primarily designed to connect shoppers with a range of digital services, including payments, event and movie ticket purchases, flight bookings, bet wallet funding, airtime vending, and utility bills.

    The platform is also a one-stop digital channel for listed merchants to receive payments for goods and services from both Wema Bank and non-Wema Bank account holders.

    Outlet By ALAT is an innovation designed to enable Nigerians who do not have an ALAT or Wema Bank account to enjoy some of the digital benefits the bank offers its customers.

    With Outlet By ALAT, customers can save time and improve productivity by cutting off long queues at the bank, electricity office, visa application offices, cinema foyers, among others.

    The platform is hosting the Big Brother Naija game, powered by Bet9ja. The prediction game offers fans of the reality TV show a chance to win exciting gifts when they show support for their favourite housemates.

    Shoppers and merchants can tap into the new innovation by registering on the website outlet.alat.ng to complete their transactions.

    Wema Bank, which recently unveiled award-winning singer, Teni the Entertainer, as its brand ambassador, is innovating to better serve customers and the  public.

     

  • Wema Bank: Growing profitability

    Wema Bank, Nigeria’s oldest surviving indigenous bank, shows steady improvements in profitability as the commercial bank leverages heritage and technologies to deepen customer base and reduce risks

    Wema Bank recorded strong growths in the top-line and bottom-line in the first quarter, sustaining a trend that has seen the commercial bank within the league of fastest growing banks.

    The interim report and accounts for the first quarter ended March 31, 2019 showed that the core income base, interest income, rose by 27.2 per cent while profit grew by 50 per cent. This year’s first quarter results built on the positive performance in 2018 when full-year profit after taxes jumped by 47.3 per cent. With the bottom-line steadily growing, the confident board and management of the bank distributed N1.157 billion to shareholders as cash dividends for the 2018 business year, its first dividend payout in 14 years.

     

    Fundamentals

    The three-month report ended March 31, 2019 indicated a strong start for the bank. Interest income rose by 27.2 per cent from N12.64 billion in first quarter 2018 to N16.07 billion in first quarter 2019. Profit before tax jumped by 50.6 per cent from N883.95 million to N1.33 billion. After taxes, net profit rose from N764.7 million in first quarter 2018 to N1.14 billion in first quarter 2019. Earnings per share thus increased from 6.8 kobo to 12.4 kobo.

    The first quarter performance reinforced board and management’s commitment to shareholders that the bank is on a steady growth curve that will deliver increasing returns to investors.

    At the Annual General Meeting (AGM) in Lagos, visibly elated shareholders unanimously approved the distribution of N1.157 billion as cash dividend for the 2018 business year, representing a dividend per share of 3 kobo. The dividend payout represents about 35 per cent of the net profit for the year.

    The audited report and accounts for the year ended December 31, 2018 showed that Wema Bank’s gross earnings rose by 9.56 per cent to N71.5 billion in 2018 as against N65.3 billion in 2017. The report showed appreciable improvements across the income lines of the bank.

    Interest income had risen by 8.6 per cent from N53.1 billion to N57.6 billion. Net fee and commission increased to N6.5 billion from N5.6 billion. Net trading income also rose to N5.5 billion from N4.8 billion while the other income appreciated to N1.8 billion from N1.6 billion. Profit before tax rose by 59.4 per cent to N4.8 billion in 2018 as against N3.01 billion in 2017.

    Profit after tax rose by 47.5 per cent to N3.33 billion as against N2.26 billion. Earnings per share consequently rose by 48.3 per cent to 8.60 kobo in 2018 compared with 5.80 kobo in 2017.

    The balance sheet of the bank also improved with more customers opting for the bank. Total assets rose to N488.8 billion in 2018 as against N387.6 billion in 2017. Total liabilities had risen from N337.9 billion to N437.9 billion. Customers deposit rose from N254.46 billion to N369.2 billion. Shareholders’ fund improved from N49.62 billion in 2017 to N50.89 billion in 2018.

     

    Restructured for growth

    Wema Bank had in 2009 launched a comprehensive restructuring exercise that touched all key aspects of the bank including corporate brand and ambience, capital base, capital restructuring, risk management, stakeholders’ engagement, products and services, banking application and technologies, human resources and strategic goal direction of the bank. With stronger capital base and additional investments in technologies, the bank in 2017 launched Nigeria’s first fully digital bank, ALAT, a game-changing product that has positioned Wema Bank in the competitive end of convenience banking in Nigeria. ALAT has since continued to record significant milestones, especially around customer acquisition.

    In 2018, Wema Bank won the World Finance Awards for Most Innovative Bank Africa and the Asian Banker Awards for the Best Digital Bank Africa. It had in 2017 won the BusinessDay Banking Award for The Digital Banking Platform of the Year, TUSH Awards for Most Youth-Friendly Brand, Infosys’ Finacle Client Innovation Award, World Finance Award for Best Mobile Banking App.

    The bank has also continued to widen its operational and technology base in line with its four focus areas of innovation and technology, relationships, risk management and national footprint.

    Established in 1945, Wema Bank is running on both its heritage and its cutting-edge technologies, two major planks that reassure on the future prospects of the bank.

    Wema Bank Plc Managing Director, Mr Ademola Adebise said the bank plans to make ALAT the premier digital platform in Nigeria.

    “For us, we want to be an idea bank. We want to be known for innovation and we want to be very agile. For you to make a mark in this space, you need to be very agile and speak to market with products that appeal to customers. It is not about developing products, it is about appealing to the needs of the customers,” Adebise said.

    Wema Bank Chairman Mr Babatunde Kasali said the banks have been delivering on its strategic goals by taking bold steps that not only reinforces confidence in its immediate future but long-term growth prospects.

    According to him, the results of the bank in recent period have justified the success of the bank’s turnaround programme as the bank continues to record significant achievements in various areas.

    He noted that the bank has been able to maintain its non-performing loan ratio below the regulatory limit of five per cent while simultaneously growing its business.

    He said the bank’s aim is to consistently scale up and improve market share through various initiatives pointing out that the success of these many initiatives have not only positioned the bank as a choice of customers but also investors, as shown in the growing customer base and the success of its capital raising efforts. Wema Bank raised tier 11 capital in 2018 and plans to raise additional capital in the months ahead.

     

    Looking forward

    “As we go into 2019, we will deepen our focus on the commercial and corporate business while we introduce a renewed focus on our retail business. The above will help to continue to reinforce our commitment towards balance sheet optimisation, efficient processes and operations as well as value creation for our esteemed customers and shareholders,” Kasali said.

    He assured that despite the envisaged challenges in the banking sector and the general macroeconomic environment, the bank will look beyond the clouds to find opportunities for accelerated growth, especially around the sectors and industries which are enjoying growth, including agriculture and manufacturing.

    According to him, significant steps had been taken internally in 2018 to ensure that the bank delivers value to shareholders in 2019.

    “Another of our core commitment in 2019 is to continue to use our technological edge to drive disruption to deliver on our goals for the year. Wema Bank is well positioned to ride the growth curve and deliver even better performance in 2019,” Kasali assured.

    Adebise said the bank will continue to explore opportunities to bring banking services to the nook and crannies of the country through branch network expansion and digital banking.

    Speaking against the background of the opening of the bank’s branch in Ilorin, Adebise said the bank planned to launch new branches in Gombe, Onitsha and other leading cities in Nigeria.

    “We are excited to open a new branch which will help us as a bank meet the growing demand for financial products and services by the residents of Ilorin. For us, it is not about just opening branches, we are targeting communities where there are opportunities,” Adebise said. With its new national status, the bank has reopened branches in the North and South East, including in Kano, Kaduna, Bauchi, Minna, Lokoja and Aba.

    Shareholders appeared to agree with the board and management of the bank on the future outlook. Wema Bank’s share price is one of the three stocks with positive year-to-date returns in the banking sector. With the benchmark index for the equities market indicating a five-month average year-to-date return of -1.15 per cent, Wema Bank’s modest positive return of 1.59 per cent showed resilience and resistance to the selloffs that characterised the equities market during the period.

    The contrarian value of Wema Bank is further highlighted by the steep declines suffered by other stocks. The NSE Banking Index, which tracks banking stocks, closed weekend with a five-month average return of -9.37 per cent while the NSE Main Board Index, where Wema Bank and most other quoted companies, about 80 per cent of quoted companies, are listed closed weekend with average year-to-date return of -11.96 per cent.

    Most analysts said they expected Wema Bank to increase dividend payouts as profit increases, a major appeal to the vast majority of retail investors that have for decades trusted the bank as a store of value. With improving operations, stronger fundamentals and resilience share price, Wema Bank appears to be winning on all fronts.

     

  • Wema Bank: Growing profitability

    Wema Bank, Nigeria’s oldest surviving indigenous bank, shows steady improvements in profitability as the commercial bank leverages heritage and technologies to deepen customer base and reduce risks

    Wema Bank recorded strong growths in the top-line and bottom-line in the first quarter, sustaining a trend that has seen the commercial bank within the league of fastest growing banks.

    The interim report and accounts for the first quarter ended March 31, 2019 showed that the core income base, interest income, rose by 27.2 per cent while profit grew by 50 per cent. This year’s first quarter results built on the positive performance in 2018 when full-year profit after taxes jumped by 47.3 per cent. With the bottom-line steadily growing, the confident board and management of the bank distributed N1.157 billion to shareholders as cash dividends for the 2018 business year, its first dividend payout in 14 years.

     

    Fundamentals

    The three-month report ended March 31, 2019 indicated a strong start for the bank. Interest income rose by 27.2 per cent from N12.64 billion in first quarter 2018 to N16.07 billion in first quarter 2019. Profit before tax jumped by 50.6 per cent from N883.95 million to N1.33 billion. After taxes, net profit rose from N764.7 million in first quarter 2018 to N1.14 billion in first quarter 2019. Earnings per share thus increased from 6.8 kobo to 12.4 kobo.

    The first quarter performance reinforced board and management’s commitment to shareholders that the bank is on a steady growth curve that will deliver increasing returns to investors.

    At the Annual General Meeting (AGM) in Lagos, visibly elated shareholders unanimously approved the distribution of N1.157 billion as cash dividend for the 2018 business year, representing a dividend per share of 3 kobo. The dividend payout represents about 35 per cent of the net profit for the year.

    The audited report and accounts for the year ended December 31, 2018 showed that Wema Bank’s gross earnings rose by 9.56 per cent to N71.5 billion in 2018 as against N65.3 billion in 2017. The report showed appreciable improvements across the income lines of the bank.

    Interest income had risen by 8.6 per cent from N53.1 billion to N57.6 billion. Net fee and commission increased to N6.5 billion from N5.6 billion. Net trading income also rose to N5.5 billion from N4.8 billion while the other income appreciated to N1.8 billion from N1.6 billion. Profit before tax rose by 59.4 per cent to N4.8 billion in 2018 as against N3.01 billion in 2017.

    Profit after tax rose by 47.5 per cent to N3.33 billion as against N2.26 billion. Earnings per share consequently rose by 48.3 per cent to 8.60 kobo in 2018 compared with 5.80 kobo in 2017.

    The balance sheet of the bank also improved with more customers opting for the bank. Total assets rose to N488.8 billion in 2018 as against N387.6 billion in 2017. Total liabilities had risen from N337.9 billion to N437.9 billion. Customers deposit rose from N254.46 billion to N369.2 billion. Shareholders’ fund improved from N49.62 billion in 2017 to N50.89 billion in 2018.

     

    Restructured for growth

    Wema Bank had in 2009 launched a comprehensive restructuring exercise that touched all key aspects of the bank including corporate brand and ambience, capital base, capital restructuring, risk management, stakeholders’ engagement, products and services, banking application and technologies, human resources and strategic goal direction of the bank. With stronger capital base and additional investments in technologies, the bank in 2017 launched Nigeria’s first fully digital bank, ALAT, a game-changing product that has positioned Wema Bank in the competitive end of convenience banking in Nigeria. ALAT has since continued to record significant milestones, especially around customer acquisition.

    In 2018, Wema Bank won the World Finance Awards for Most Innovative Bank Africa and the Asian Banker Awards for the Best Digital Bank Africa. It had in 2017 won the BusinessDay Banking Award for The Digital Banking Platform of the Year, TUSH Awards for Most Youth-Friendly Brand, Infosys’ Finacle Client Innovation Award, World Finance Award for Best Mobile Banking App.

    The bank has also continued to widen its operational and technology base in line with its four focus areas of innovation and technology, relationships, risk management and national footprint.

    Established in 1945, Wema Bank is running on both its heritage and its cutting-edge technologies, two major planks that reassure on the future prospects of the bank.

    Wema Bank Plc Managing Director, Mr Ademola Adebise said the bank plans to make ALAT the premier digital platform in Nigeria.

    “For us, we want to be an idea bank. We want to be known for innovation and we want to be very agile. For you to make a mark in this space, you need to be very agile and speak to market with products that appeal to customers. It is not about developing products, it is about appealing to the needs of the customers,” Adebise said.

    Wema Bank Chairman Mr Babatunde Kasali said the banks have been delivering on its strategic goals by taking bold steps that not only reinforces confidence in its immediate future but long-term growth prospects.

    According to him, the results of the bank in recent period have justified the success of the bank’s turnaround programme as the bank continues to record significant achievements in various areas.

    He noted that the bank has been able to maintain its non-performing loan ratio below the regulatory limit of five per cent while simultaneously growing its business.

    He said the bank’s aim is to consistently scale up and improve market share through various initiatives pointing out that the success of these many initiatives have not only positioned the bank as a choice of customers but also investors, as shown in the growing customer base and the success of its capital raising efforts. Wema Bank raised tier 11 capital in 2018 and plans to raise additional capital in the months ahead.

     

    Looking forward

    “As we go into 2019, we will deepen our focus on the commercial and corporate business while we introduce a renewed focus on our retail business. The above will help to continue to reinforce our commitment towards balance sheet optimisation, efficient processes and operations as well as value creation for our esteemed customers and shareholders,” Kasali said.

    He assured that despite the envisaged challenges in the banking sector and the general macroeconomic environment, the bank will look beyond the clouds to find opportunities for accelerated growth, especially around the sectors and industries which are enjoying growth, including agriculture and manufacturing.

    According to him, significant steps had been taken internally in 2018 to ensure that the bank delivers value to shareholders in 2019.

    “Another of our core commitment in 2019 is to continue to use our technological edge to drive disruption to deliver on our goals for the year. Wema Bank is well positioned to ride the growth curve and deliver even better performance in 2019,” Kasali assured.

    Adebise said the bank will continue to explore opportunities to bring banking services to the nook and crannies of the country through branch network expansion and digital banking.

    Speaking against the background of the opening of the bank’s branch in Ilorin, Adebise said the bank planned to launch new branches in Gombe, Onitsha and other leading cities in Nigeria.

    “We are excited to open a new branch which will help us as a bank meet the growing demand for financial products and services by the residents of Ilorin. For us, it is not about just opening branches, we are targeting communities where there are opportunities,” Adebise said. With its new national status, the bank has reopened branches in the North and South East, including in Kano, Kaduna, Bauchi, Minna, Lokoja and Aba.

    Shareholders appeared to agree with the board and management of the bank on the future outlook. Wema Bank’s share price is one of the three stocks with positive year-to-date returns in the banking sector. With the benchmark index for the equities market indicating a five-month average year-to-date return of -1.15 per cent, Wema Bank’s modest positive return of 1.59 per cent showed resilience and resistance to the selloffs that characterised the equities market during the period.

    The contrarian value of Wema Bank is further highlighted by the steep declines suffered by other stocks. The NSE Banking Index, which tracks banking stocks, closed weekend with a five-month average return of -9.37 per cent while the NSE Main Board Index, where Wema Bank and most other quoted companies, about 80 per cent of quoted companies, are listed closed weekend with average year-to-date return of -11.96 per cent.

    Most analysts said they expected Wema Bank to increase dividend payouts as profit increases, a major appeal to the vast majority of retail investors that have for decades trusted the bank as a store of value. With improving operations, stronger fundamentals and resilience share price, Wema Bank appears to be winning on all fronts.

  • Shareholders laud Wema Bank for dividend payment

    Shareholders of Wema Bank have commended the board, management and staff of the financial institution for recording impressive performance in 2018 despite the challenging macroeconomic and regulatory environment.

    They gave the commendation on Wednesday at the bank’s 2018 Annual General Meeting (AGM) in Lagos.

    The shareholders also gave their approval to the financial results of the bank and the three kobo per share dividend payment for the year ended December 31, 2018.

    The for the first time in 14 years, rewarded the shareholders on their investment in the company.

    The Chairman of the bank, Babatunde Kasali, said the banking industry witnessed a lot of challenges in the year under review as the central bank increased its interventionist posture, issuing circulars with increased frequency.

    Kasali, however, said that the bank delivered on most of its strategic goals for 2018 and undertook bold steps to ensure that its future mandate consolidated on the good work done in previous years.

    Wema Bank recorded an increase in its gross earnings by 9.56 per cent to N71.5 billion from N65.3 billion in 2017, while the interest income appreciated by 8.6per cent to N57.6 billion from N53.1 billion.

    From the results presented, the net fee and commission increased to N6.5 billion from N5.6 billion, the net trading income rose to N5.5 billion from N4.8 billion, while the other income appreciated to N1.8 billion from N1.6 billion.

    Its total assets rose to N488.8 billion from N387.6 billion, while the total liabilities went up to N437.9 billion from N337.9 billion, with the shareholders fund rising to N50.9 billion from N49.6 billion.

    While the profit before tax rose by 59.4 per cent to N4.8 billion, the profit after tax rose by 47.5per cent to N3.3 billion from N2.3 billion, with the earnings per share going up by 48.3 per cent to N8.60k from N5.80k in 2018.

    On the outlook for 2019, the chairman said growth would be slow advising the banking industry to prepare for that.

    Kasali said the bank intended to find opportunities for accelerated growth especially around the sectors and industries that enjoyed growth such as agriculture and manufacturing.

    According to him, internally significant steps were taken in 2018 to ensure that the bank delivers value to shareholders in 2019.

    “Another of our core commitment in 2019 is to continue to use our technological edge to drive and deliver on our goals for the year.

  • Mojec, banks collaborate on meter provision for customers

    As the date for the take off of the Meter Asset Provider (MAP) scheme draws nearer, Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, and also one of the selected MAP operators, is partnering some banks to ease the roll out of meters to customers next month.

    Mojec with the banks – FirstBank, Wema Bank, Unity Bank, Keystone Bank, Zenith Bank, Sterling Bank, Polaris Bank and First Option Micro Finance Bank – entered into a deal to provide retail financing to electricity customers to ease their acquisition of prepaid meters.

    The banks will provide finance to customers within the coverage area of Mojec’s partner-electricity distribution companies (DisCos) across the country. The banks, this week, signed memoranda of understanding (MoU) with Mojec in Lagos.

    MAP is a scheme that was initiated by the Ministry of Power, Works and Housing and approved by the Nigerian Electricity Regulatory Commission (NERC).

    The MAPs will provide, install and maintain customers’ meters and fast-track the closure of the metering gap, which is five million and  end estimated billing.

    According to the regulation guiding MAP operation, a MAP must install a customer’s meter within 10 days of payment for such meter and the operators of the scheme must meter unmetered electricity users in Nigeria within three years from the time they strart work next month.

    Mojec International Limited Managing Director/Chief Executive Officer, Ms. Chantelle Abdul, said at a summit of the partnering banks and DisCos in Lagos that the company is determined to bridge the metering gap in the sector by ensuring provision of top quality electricity meters to customers in Nigeria.

    Abdul said: “Now that MAP is here, Mojec is once again blazing the trail in the provision of high-end quality prepaid meters to customers, helping to reduce the financial burden estimated billing is putting on electricity consumers. Mojec as a company has invested a lot of resources positioning it as best suited to meet the metering needs of all customers within the coverage of its partner DisCos.

    “Mojec would be partnering eight DisCos, including, Ikeja Electric, Eko DsCo, Abuja DisCo, Kano DisCo, Enugu DisCo, Jos DisCo, Ibadan DisCo and Kaduna DisCo, covering about 20 states of the federation.”

    The General Manager, Finance and Management Services, NERC, Abdulkadir Shettima, commended Mojec for its leadership in the metering subsector as demonstrated by its efforts towards the full scale implementation of the MAP scheme, which allows customers easy and direct access to meter assets.

    “This MoU signing between Mojec and these banks as well as the announcement of the company’s readiness to implement the MAP scheme is very commendable. It goes to show that Mojec is a real leader in this business and it is committed to industry’s mission of ensuring that every household in this country is metered.”

    Polaris Bank Chief Executive Officer Tokunbo Abiru explained that the bank was pleased to partner with Mojec by providing financing support to customers on the meter acquisition scheme. “Our bank is glad to be facilitating the acquisition of these meters by granting loans to eligible customers under the programme,” he said.

    Keystone Bank Acting Chief Executive Officer, Abubakar Sule, explained: “Energy cost is by all standards the major cost line in most homes and businesses. The scheme is set to eradicate the unnecessary prevalence of estimated billing, which deprived the national economy of funds which otherwise could be deployed into other productive use. We are, therefore, excited to be part of this initiative to bring electricity to homes and businesses at the most prudent cost, putting households and business in control of their expenditure pattern.”

    The Managing Director Unity Bank Plc, Tomi Somefun, explained that the development reinforces the long-standing beneficial relationship and business commitment it had maintained with Mojec International Limited for well over two decades, adding: “The partnership will create beneficial impact on electricity customers, further drive financial inclusion through consumer banking, restore customer’s confidence, increase transparency and thereby replacing the opaque estimated billing system that had prevailed.”

    The Divisional Head, Retail and Consumer Banking, Sterling Bank, Shina Atilola, represented by Ayodele Odulaja, Head of Power and Telecoms Team, stated: “We are excited to be a key driver of the pre-paid meter acquisition programme, which will eliminate the inefficiencies associated with estimated billing and inaccurate post-paid meter readings. Leveraging technology, Sterling Bank is reputed for providing Nigerians with a convenient way to access loans ranging from N10,000 to N5million in five minutes through the Specta online lending platform.

    ‘’Electricity consumers will benefit from the speed of this solution under this partnership without the attendant delays of traditional lending.”

    The Managing Director, Wema Bank, Ademola Adebise, noted that the partnership with Mojec is a proof of the bank’s commitment to provide simple and easy retail financing for Nigerians. ‘’As a bank that takes pride in applying innovative solutions to societal challenges, we are proud and excited to work with Mojec in meeting the demands of equitable electricity metering in the country. This is a reflection of our can’t stop, won’t stop drive to create avenues that will support Nigerians to achieve their future dreams today,” he said.

    The Managing Director, First Option Micro Finance Bank, Godfrey Ogbuehi, stated: “The MAP project resonates so much with the company’s goal of enhancing lives and in response, a new product,  Light-Up Loan (Prepaid Meter Acquisition Loan), has been  strategically   created   to   provide   funding   to   help   energy   consumers   (both individual  and businesses), especially  the  low-  income  earners and  rural  dwellers; acquire prepaid meters with ease under the Meter Asset Provider Regulations.”

  • Wema Bank, Mojec partner on meter acquisition

    Wema Bank has announced its partnership with Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, to provide retail financing for electricity customers.

    The announcement was made at a Press Conference and Memorandum of Understanding signing ceremony held in Lagos.

    In a statement, the bank saod the partnership is a step towards the commencement of the Meter Asset Providers (MAP) scheme approved by the Nigerian Electricity Regulatory Commission (NERC).

    The scheme is a regulation designed for the provision, supply, installation and maintenance of end-user meters by Meter Asset Providers with a view to accelerating closure of the metering gap and end estimated billing in Nigeria.

    Working with Mojec, the bank will help speed up the full-scale implementation of the MAP Scheme which allows all consumers easy and direct access to meter assets. The end goal of the scheme is to ensure the provision of top quality electricity meters to consumers in Nigeria.

    The MAP project will focus on both individual and corporate customers with the first phase targeted at salaried and self-employed individuals as well as corporate customers. For individual accounts, metering finance charges will run for a maximum tenor of six months, and a maximum period of 12 months for corporate customers.

    The MoU signing between Wema Bank and Mojec is proof of the bank’s commitment to continually provide simple and easy retail financing for Nigerians. Through the partnership, the bank hopes to help meet the demands of equitable electricity metering in the country while fulfilling its goal of applying innovative solutions to societal challenges.

    Along with Mojec, the bank will also work with eight electric Distribution Companies (DISCOs) including, Ikeja Electric, Eko DISCO, Abuja DISCO, Kano DISCO, Enugu DISCO, Jos DISCO, Ibadan DISCO and Kaduna DISCO covering about 20 states of the Federation.