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Tag: Wema Bank

  • Wema Bank’s Hackaholics gets winners

    Wema Bank has announced winners in the maiden edition of hackathon, Hackaholics held  in Lagos at the weekend.

    Hackaholics allows startups and young tech professionals to brainstorm, strategize and create solutions to the problems presented. Solutions were screened by a team of judges who announced the winner at the grand finale.

    Among a number of groundbreaking solutions from the 20 participating teams, Team EazyChange won with a solution that provides simpler payment for transportation. The solution is programmed to ease the problem of scarcity of lower denominations for transport fare within Lagos and other states. The winning team received the $10,000 prize and will also join the bank for a period of 6 months.

    Team 2i became the first runners-up for a backend solution designed to solve problems in Know Your Customer (KYC). Team Lendse came out as the second runner-up for creating a solution that tackles alternative credit scoring for financial institutions.

    Besides the winning teams, participants who impressed with their ideas and work attitude will gain access to incubation and acceleration programs at the Wema Bank’s innovation lab, Codeville. The innovation lab will help nurture tech solutions and other business ideas into marketable brands through investment opportunities, business support and mentorship.

    Read also: Wema Bank’s PAT rises by 36% to N3.08b

    The bank also used the platform to announce Ignite by Wema, a special business account for micro, small and medium enterprises. The all-inclusive account will support MSMEs to upgrade their businesses through partnerships with the bank, leverage on the bank’s network and marketing channels, provide access to business advisory, incubation benefits and concessions on business loans of up to N3m.

    Hackaholics was organized in partnership with Scooper and Ntel who provided media support and internet services respectively. Wema Bank will continue its track record of creating and promoting platforms that will pave the way towards building the future of Nigeria’s fintech and business sectors.

    The event, hosted at Codeville, Wema Bank’s innovation lab, brought together some of the brightest minds in the country to be part of various activities including keynote addresses, panel discussions and training programs for the participants by Osmosis.

     

  • Wema Bank’s PAT rises by 36% to N3.08b

    Wema Bank Plc has released its audited financial results for the full year ended December 31, 2018 which showed that its Profit After Tax (PAT) rose 36.28 per cent to N3.08 billion in 2018 from N2.26 billion in 2017.

    The bank’s Profit Before Tax (PBT) also grew by 59 per cent to N4.8 billion. The PBT figure was an improvement compared with N3.01 billion recorded in 2017 even as the lender has recommended dividend payment to its shareholders.

    The bank’s gross earnings grew year-on-year from  N65.27 billion in 2017 to N71.53 billion in 2018 representing 9.6 per cent increase.

    The bank’s interest expenses dropped by eight per cent, causing Net Interest income to increase by 36.52 per cent, this was majorly driven by a reduction in deposits held for other banks.

    According to the bank’s financial results, net loans and advances stood at N252 billion, compared to N216 billion in 2017 representing 16.84 per cent year-on-year growth.

    The bank is also pleased to be recommending to its shareholders a dividend payment for the first time in 14 years. The bank recommends a dividend of three kobo per share in line with the board approved dividend policy.

    Speaking on the result, the bank’s Managing Director/Chief Executive Officer, Ademola Adebise said that despite the challenging macro-environment, Wema Bank delivered modest improvement at the end of the 2018 financial year.

    “The group recorded a gross earning of N71.53 billion which was a 9.6 per cent increase over the 2017 figure and Profit before tax (PBT) of N4.8 billion which represents a 59 per cent growth over the N3.01 billion reported in 2017 and profit after tax (PAT) of N3.33 billion  as against N2.26 billion in 2017. This growth resulted from an 8.59 per cent increase in Interest income and a 13.95 per cent increase in non-interest income,” he said

    He said the bank continues to improve on its Deposit mobilization while at the same time working down its cost of funds. ALAT, Nigeria’s first fully digital Bank, launched in May 2017 has improved the banks retail liabilities and customer base. The bank records over 1,000 new customers daily on the digital platform and continues to grow its partnership profiles.

    The Digital Bank continued to receive several accolades in 2018, including the World Finance Awards for Most innovative Bank Africa and the Asian Banker Awards for Best Digital Bank Africa.  “Our vision is to get ALAT to become the premier digital platform in Nigeria. This will be driven by our expertise in the Digital space and our retail partnerships,” Adebise said.

    The bank also recorded other notable achievements during the year as it successfully raised Tier-2 capital of N17 billion and retained its Investment grade ratings from Fitch, GCR and Agusto.

     

  • Man jumps to death in Ibadan

    A man suspected to be mentally unstable on Saturday  jumped to his death from a bank’s network mast in Sango area of Ibadan.

    Confirming the incident to the News Agency of Nigeria (NAN), the Oyo State Police Public Relation officer, Olugbenga Fadeyi, said the naked victim  came to the Wema Bank branch in Sango and entered the building  through its   small gate.

    Fadeyi said that the victim, having successfully entered the premises of the bank through the small gate, climbed the bank’s  mast  before the security personnel  became aware.

    READ ALSO: Girl ‘raped to death’ in Enugu

    He  said the victim, however,  jumped down  to the roof of the bank  before the police and Fire Service personnel  arrived.

    “The impact was so much that he crashed  through the roof and fell inside the bank.

    “ An official of the bank was called in to open the premises.

    “By the time the bank’s  door was opened,  the man was already bleeding through the mouth and was rushed to the University College Hospital where he was confirmed dead,’’ Fadeyi said.

    He said the corpse had been deposited at the Adeoyo Hospital for autopsy while efforts were on  to ascertain his identity.

  • Wema Bank’s PBT rises 59% to N4.8b, pays dividend

    Wema Bank Plc yesterday released its audited financial results for the full year ended December 31, 2018 which showed that its Profit Before Tax (PBT) rose by 59 per cent to N4.8 billion. The bank has recommended dividend payment to its shareholders.

    The PBT figure was an improvement compared with N3.01 billion recorded in 2017. The bank’s gross earnings also grew year-on-year from N65.27 billion in 2017 to N71.53 billion in 2018 representing 9.6 per cent increase while Profit After Tax (PAT) rose 36.28 per cent to N3.08 billion in 2018 from N2.26 billion in 2017.

    Read also: Court jails pastor 54 months for stealing WEMA Bank’s N984,450

    The bank’s interest expenses dropped by eight per cent, causing net Interest income to increase by 36.52 per cent, this was majorly driven by a reduction in deposits held for other banks.

    According to the bank’s financial results, net loans and advances stood at N252 billion, compared to N216 billion in 2017 representing 16.84 per cent year-on-year growth.

  • Wema Bank’s PBT rises by 59 percent to N4.8b, pays dividend

    Wema Bank Plc on Friday released its audited financial results for the full year ended December 31, 2018 which showed that its Profit Before Tax (PBT) rose by 59 per cent to N4.8 billion. The bank has recommended dividend payment to its shareholders.

    The PBT figure was an improvement compared with N3.01 billion recorded in 2017. The bank’s gross earnings also grew year-on-year from N65.27 billion in 2017 to N71.53 billion in 2018 representing 9.6 per cent increase while Profit after Tax (PAT) rose 36.28 per cent to N3.08 billion in 2018 from N2.26 billion in 2017.

    The bank’s interest expenses dropped by eight per cent, causing Net Interest income to increase by 36.52 per cent, this was majorly driven by a reduction in deposits held for other banks.

    According to the bank’s financial results, net loans and advances stood at N252 billion, compared to N216 billion in 2017 representing 16.84 per cent year-on-year growth.

    The bank is also pleased to be recommending to its shareholders a dividend payment for the first time in 14 years. The bank recommends a dividend of three kobo per share in line with the board approved dividend policy.

    Speaking on the result, the bank’s Managing Director/Chief Executive Officer, Ademola Adebise said that despite the challenging macro-environment, Wema Bank delivered modest improvement at the end of the 2018 financial year.

    “The group recorded a gross earning of N71.53 billion which was a 9.6 per cent increase over the 2017 figure and Profit before tax (PBT) of N4.8 billion which represents a 59 per cent growth over the N3.01 billion reported in 2017 and profit after tax (PAT) of N3.33 billion as against N2.26 billion in 2017). This growth resulted from an 8.59 per cent increase in Interest income and a 13.95 per cent increase in non-interest income,” he said

    He said the bank continues to improve on its Deposit mobilization while at the same time working down its cost of funds. ALAT, Nigeria’s first fully digital Bank, launched in May 2017 has improved the bank’s retail liabilities and customer base. The bank records over 1,000 new customers daily on the digital platform and continues to grow its partnership profiles.

    The Digital Bank continued to receive several accolades in 2018, including the World Finance Awards for Most innovative Bank Africa and the Asian Banker Awards for Best Digital Bank Africa. “Our vision is to get ALAT to become the premier digital platform in Nigeria. This will be driven by our expertise in the Digital space and our retail partnerships,” Adebise said.

    The bank also recorded other notable achievements during the year as it successfully raised Tier-2 capital of N17 billion and retained its Investment grade ratings from Fitch, GCR and Agusto.

  • Wema Bank, Songversation With Aramide partner

    Gender balance in society will take centre stage as Wema Bank collaborates with Afro-soul queen, Aramide to host Songversation with Aramide.

    As part of global efforts to promote women’s rights, equality and justice, the event will capture the ‘Balance for Better’ theme of the 2019 International Women’s Day.

    Although in its second year, Wema Bank is poised to use the platform to promote a positive narrative for Nigerian women and re-emphasise their significance in establishing a better society. This is a continuation of the bank’s effort to provide avenues for the progress of women in society.

    Last year, the bank celebrated women in Nigeria’s tech space through Tech Chicks – a platform that highlights the achievement of young women in the technology industry. Tech Chicks calls attention and recognizes the work of women such as Temitope Omotayo, Bolanle Banwo, Ada Nduka Oyom, and Dele Tejuosho. Through Tech Chicks, the bank has provided a channel for women to share related goals, dialogue and inspire each other.

    Wema Bank also marked the 2018 International Women’s Day themed ‘Press for Progress’, through the ‘Woman to Woman’ ALAT Open Office event. Omilola Oshikoya, Africa’s wealth connoisseur; Tomi Balogun, financial education instructor; Chika Uwazie, Chief Operating Officer at EnterFive and Bimbo Agbejule, Head of Commercials ALAT by Wema, were among the panel of women leaders who deliberated on the advancement of Nigerian women.

    Enthused by the weighty role of women in the financial and institutional sphere in Nigeria, the bank plans to moderate thoughts for a gender-balanced world at Songversation with Aramide to mark the theme of this year’s International Women’s Day. The event will celebrate women leaders such as Kemi Onabanjo, management consultant, blogger, and mentor; Omoyemi Akerele, an icon in Nigeria’s fashion industry and artistic director of the Lagos Design and Fashion Week; Oghenekaro Omu, founder of Sanitary Aid for Nigerian Girls (S.A.N.G), a non-profit organisation that aims to provide free sanitary pads for young women; and Temie Giwa-Tubosun, founder of Lifebank, a company focused on health management and improving access to blood transfusions.

     

     

  • Wema Bank plans for tech start-ups

    Wema Bank Plc has reinforced its commitment to technology banking with its plan to launch  hackathon  to help tech- start-ups achieve their goals.

    Hackathons are tech projects that bring together software developers and other digital creators to design solutions for everyday challenges. Every successful hackathon harvests new solutions that will drive business ideas and scale the heights of technology in the world.

    In a statement, the bank said with  Hackaholics, it will pull together startups and young tech professionals to develop digital solutions that will alleviate financial, institutional and social challenges.

    Participants will be required to analyse the given problem areas, strategise, brainstorm and develop solutions that will be screened by a reliable team of judges.

    “For the bank, the goal is to avail innovators, creative thinkers and developers the opportunity to convert their visionary concepts into winning solutions which will be nurtured into marketable products. Along with awarding the best solution with full technical support and funding up to $10,000, the hackathon will improve skills and re-echo the bank’s passion to build a community of innovators working constantly to bring safer, more convenient and profitable banking,” it said.

    “Are you a start-up or a tech team that has been working together for up to five years? Do you have innovative ideas for ground-breaking solutions? Are you a programmer, coding expert or creative thinker? Register to participate in the Wema Bank hackathon by visiting www.wemabank.com/hackaholics.  You can also register to attend and witness magic come alive from March 29 – 31 or follow the conversation on social media using the hashtag #hackaholics,” the bank said added.

     

  • Wema Bank celebrates world savings day

    Wema Bank has joined the world in celebrating the World Savings Day under the theme “Decoding the financial educate challenge.” It visited several schools across the country to encourage students to build healthy savings habits and educate them on the ways to grow the little they manage to save.

    Senior members of staff of the bank, including the Managing Director, Ademola Adebise, visited five schools each across five different states in each of the Geopolitical zones including Edo, Bauchi, Oyo, Ogun, and Enugu.

    Speaking at one of the schools, Adebise explained in an interactive session with some students that there is no future as secure as the future of a person who saves.

    “Don’t ever forget that your journey to building a wealthy future starts with nurturing a good and sustainable savings culture today,” Adebise was quoted to have told the students.

    Introduced in 1924 to promote the value of bank savings, the World Savings Day also aims to promote savings in educational institutions such as schools of the member countries and thus various savings movements were planned in the schools. It emphasises the importance of savings to economic development and provides a good occasion to look at how fintech may help solve the challenge of savings.

    In its 72 years of existence, Wema Bank has encouraged the savings culture among its customers and has reinforced this position by setting up ALAT, a digital bank that offers 10 per cent interest on savings.

  • Wema Bank assures workers on incentives

    Wema Bank plc has assured its workers of continued investment in capacity building intiatives and incentives in to adequately prepare them for sustainable life after retirement.

    At the Association of Senior Staff Banks, Insurance and Financial Institutions (ASSBIFI) 2018 annual symposium in Lagos, its Managing Director, Ademola Adebise, said the initiatives include entrepreneurship trainings, business development, health and other relevant trainings that would assist them to settle down to a comfortable life after retirement.

    He also assured that the bank would continue to support and strengthen the union to make it more effective and better equipped to take care of retired workers of the Bank.

    “Basically, that is a normal talk in any organisation, but what we are saying is that we want to be more performance driven. We are going to review our appraisals step-by-step basically to ensure that everybody is working very hard.

    “There is no way anybody can be caged in the system, and when any staff is due for promotion, he or she will get promoted once the target is met by the staff. A number of things will begin to happen.

    “When I assumed office a few months ago, we had meetings with staff across regions in the form of town hall meetings and discussed all issues at stake. We’ve started addressing issues that came up such as allowances, incentives, leave days and all that for different cadres of staff,” Adebise said.

    He assured that the bank will continue to do its best, just as it expects a reciprocal performance from its staff. “If we build a big and profitable bank, everybody will be happy for it. We will all enjoy the benefits,” he said.

    The union’s unit President, Comrade, Olushogo Oyebanji, said the union has discussed with the bank management on how to upgrade workers’ condition and that there was an assurance from the management to look into it.

    He said the spirit of unionism in Wema Bank was coming alive, adding that the union will not disappoint its members.a Bank, Mr. Ademola Adebise said such initiatives include entrepreneurship trainings, business development, health and other relevant trainings that would assist them to settle down to a comfortable life after retirement.

    He also assured that the bank would continue to support and strengthen the union to make it more effective and better equipped to take care of retired sfaff of the Bank.

    “Basically, that is a normal talk in any organisation, but what we are saying is that we want to be more performance driven. We are going to review our appraisals step-by-step basically to ensure that everybody is working very hard, and there is no way anybody can be caged in the system, and when any staff is due for promotion, he or she will get promoted, basically once the target is met by the staff. A number of things will begin to happen.

     

  • Wema Bank to fund pharmaceutical service providers

    As a financial institution committed to wealth creation and building a thriving ecosystem for Micro Small and Medium Enterprises (MSMEs), Wema Bank plc,  has partnered with the industry sector of the Association of Community Pharmacist of Nigeria (ACPN) through Advantage Health Africa (AHA) to support licensed community pharmacies across the country.

    This partnership will offer financial and non-financial support to providers of health care services within the pharmaceutical sub-sector and their value chain at competitive terms for the improvement of health care facilities in Nigeria.

    The funding will be geared towards members of Community Pharmacy Development Initiative (also known as CPN NEXUS) delivered in partnership with Advantage Health Africa, an aggregator in the pharmaceutical space.

    Under the partnership with Advantage Health Africa, access to skills that will boost productivity and expertise of members and position them for sustainable business growth will be prioritized. The CEO of AHA, Abimbola Adebakin, mentioned how members of CPN Nexus will have access to markets via HMO, online orders, joint bids, joint advocacies that will help grow revenue and maximizing productivity. Members also will have access to non-financial support like Business and Tax Advisory, as well as business growth strategy materials.

    Speaking on the bank’s decision to support this sector, Head of Retail Banking at Wema Bank, Dotun Ifebogun, explained that the Bank believes strongly in the growth potential of small and medium scale businesses particularly in a high-growth and a critical socio-economic sector like health and is keen to provide the required financial and non-financial support needed to ensure these businesses realize their potential and the sector receives the required support needed to grow.

    With funding deficit still greatly evident, the government increasingly appears open to greater private sector participation that can help resolve some of the inadequacies of the public health system as well as help relieve funding pressures.