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Tag: Wema Bank

  • Wema Bank berths open in Gwarinpa

    Wema Bank berths open in Gwarinpa

    Wema Bank has launched an ultramodern state-of-the-art branch in Gwarinpa, the federal capital territory, Abuja. 

    The new Wema Bank branch office in Gwarinpa branch located at Chembian Plaza, 4th Avenue Gwarinpa, Abuja, was officially unveiled last month.

    According to a statement by the management, the Gwarinpa branch is fully equipped with state-of-the-art banking facilities and solutions including Wema Phygital, a self-service tablet that allows customers sort their banking needs without having to see a customer service agent or representative; bringing the digital touch to the physical banking experience.

    Read Also: Wema Bank adjudged as suitable workplace

    “This new branch is open to new and existing Wema Bank customers who can access a vast range of basic and advanced financial services tailored to their personal and business needs including account opening and reactivation, debit/credit card request, control and hotlist, FX/dollar transactions, over-the-counter payments and utilities, self-service via Wema Phygital, Form M processing and more.

    “As a commercial bank with national authorisation, Wema Bank continues to expand its physical reach, complementing its innovative exploits as a leader in digital banking and innovation with a physical presence, as an option for those who may want the physical banking experience.”

  • Wema Bank adjudged as suitable workplace

    Wema Bank adjudged as suitable workplace

    Wema Bank has been adjudged the best workplace in Nigeria.

    It earned the recognition at the just concluded Great Place to Work 2024 Awards in Lagos.

    Great Place to Work (GPTW) is the global authority on workplace culture, reputed for its role in promoting healthy work culture by assessing organisational culture from the perspective of employees, celebrating organisations that demonstrate an unwavering commitment to employees’ well-being, and challenging other organisations to improve on their employee’s support efforts.

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    Great Place to Work derives insights on organisational culture through a rigorously developed employee survey called the Trust Index Survey. This survey has become the global standard for assessing workplace culture, leadership impact and overall employee experience.

    Wema Bank not only bagged its second consecutive Great Place to Work Certification in September, but has now been awarded No. 1 Best WorkPlace in Nigeria.

  • Wema Bank wins best workplace awards

    Wema Bank wins best workplace awards

    Wema Bank has been adjudged the foremost best workplace in Nigeria.

    The bank earned the recognition at the just concluded the Great Place To Work 2024 Awards in Lagos.

    Great Place To Work (GPTW) is the global authority on workplace culture, reputed for its role in promoting healthy work culture by assessing organisational culture from the perspective of the employees, celebrating organisations that demonstrate an unwavering commitment to employee wellbeing, and challenging other organisations to improve on their employee support efforts. 

    Great Place To Work derives insights on organisational culture through a rigorously developed employee survey called the Trust Index Survey, and this survey has become the global standard for assessing workplace culture, leadership impact, and overall employee experience. 

    With this transparent method that ensures that organisations’ Great Place To Work status is determined by employee feedback, Great Place To Work endorses organisations that pass the benchmark with the Great Place To Work certification and further recognises the most outstanding of these GPTW-certified organisations at its annual award ceremony. 

    Wema Bank not only bagged its second consecutive Great Place To Work Certification in September 2024 but has now been awarded No. 1 Best WorkPlace in Nigeria.

    Read Also: Wema Bank unveils banking app for teenagers

    Wema Bank has made a name for itself across various verticals and areas of impact, demonstrating an unwavering commitment to empowering lives on all levels, from individuals to businesses, institutions to industries, customers and all stakeholders, with an unyielding focus on its employees as well. 

    Moruf Oseni, Wema Bank’s MD/CEO, dedicated the award to the employees of Wema Bank, whom he referred to as ‘Wema Knights’, adding that the award serves to fuel the Bank as it remains resolute in its commitment to providing an unparalleled work experience for its employees as well as a seamless banking experience for its customers. 

    “We are honoured to receive this award and I thank Great Place To Work for the commendable work, as well as every employee of Wema Bank, for your unwavering commitment and loyalty to Wema Bank. 

    “This award speaks volumes to us because it not only reflects our employees’ true perception of the Bank, it also shows us how far we have come as a Bank and challenges us to go even further in exceeding all expectations, breaking new ground and resetting the standards of excellence for the best, as we continue to provide optimum value for every stakeholder; externally and especially internally. As a Bank, we have become the standard for innovation and our mission to empower lives through innovation is a lifelong commitment that we will never relent on.

    “Wema Bank has grown into Nigeria’s leading innovative bank and we fully recognise the indispensable role that our employees have played in bringing us this far as a Bank. 

    “So today, I dedicate this award to every Wema Knight in every part of Nigeria. You are the lifeblood of Wema Bank and I take this moment to reiterate our commitment to you. Wema Bank will forever be pro-people and we will continue to go above and beyond in providing a fulfilling, rewarding, productive, empowering and exceptional work experience for every employee. 

    “To our customers and other stakeholders, this award represents a charge which we have undertaken in our nature of exceeding expectations, so rest assured, Wema Bank is more fuelled than ever to go above and beyond in providing optimum value for our customers, shareholders, partners and every other stakeholder of the Bank. 

    “To our employees, I thank again you for trusting the vision and supporting the mission. Here’s to many more milestones and achievements together as Knights of Nigeria’s most innovative Bank, Wema Bank,” Oseni concluded.

    Wema Bank is also known to host one of the largest organisational sports competition, Wemalympics; a tournament which the Bank’s employees eagerly anticipate and proudly promote annually.

    Wema Bank gained its first Great Place To Work Certification in 2023, winning four awards including 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. 

  • Wema Bank posts N60.6b profit

    Wema Bank posts N60.6b profit

    Wema Bank  has posted profit before tax of N60.62 billion according to the bank’s unaudited consolidated financial statements for the period ended September 30, 2024 released to the Nigerian Exchange. This represented

    an increase of 174 per cent over the N22.13billion recorded in the corresponding period in 2023.

    Wema Bank’s balance sheet remained well structured with total assets growing by 38 per cent to N3.084.27 trillion in third quarter 2024 from N2.240.06 trillion in December  2023.

    The bank also grew its deposit base year-to-date by 23 per cent to N2.292.30 billion from N1,860.57 billion reported by December  2023.

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    Loans and Advances grew by 25 per cent to N1.003 trillion  in third quarter 2024 from N801.10 billion by December 2023. NPL stood at 3.19 per cent as at third quarter 2024.

    The bank recorded an improved Q3 performance as Gross Earningsgrew by 91 per cent to

    ₦288.32billion (Q3 2023: ₦150.90bn)). Interest Income was up 81 per cent y/y to ₦229.11billion (Q3 2023: ₦126.67bn). Non-Interest Income moved up 144 per cent y/y to ₦59.21billion (Q3 2023:₦24.23bn).

    Return on Equity (ROAE) peaked at 38.62 per cent , Pre-Tax Return on Assets (ROAA) of 2.64 per cent , Capital Adequacy Ratio (CAR) of 14.06 per cent and Cost to Income ratio of 60.47 per cent speak to the resilience of the brand.

    Wema Bank’s Managing Director/CEO Mr. Moruf Oseni said: “Our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025.

    “The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174 per cent. The growth of Gross Earnings by 91.07 per cent , Total Assets by 38 per cent and earnings per share at 328.1kobo shows the core improvements to our balance sheet.

    “In addition, our cost to income ratio at 60.48per cent has witnessed significant improvement from the previous period,” Oseni said.

  • Wema Bank posts Profit Before Tax of ₦60.62b

    Wema Bank posts Profit Before Tax of ₦60.62b

    Wema Bank Nigeria has posted Profit Before Tax (PBT) of N60.62billion according to the bank’s unaudited Consolidated Financial Statements for the period ended September 30, 2024 released to the Nigerian Exchange Group. 

    This represents an increase of 174 per cent over the ₦22.13billion recorded in the corresponding period in 2023.

    Wema Bank’s balance sheet remained well structured with total assets growing by 38 per cent to ₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. 

    The bank also grew its deposit base year-to-date by 23 per cent to ₦2,292.30billion from ₦1,860.57billion reported in FY 2023. 

    Loans and Advances grew by 25 per cent to ₦1003.28billion in Q3 2024 from ₦801.10billion in FY, 2023. NPL stood at 3.19 per cent as at Q3 2024. 

    The bank recorded an improved Q3 performance as Gross Earningsgrew by 91 per cent to ₦288.32billion (Q3 2023: ₦150.90bn)). Interest Income was up 81 per cent y/y to ₦229.11billion (Q3 2023: ₦126.67bn). 

    Non-Interest Income moved up 144 per cent y/y to ₦59.21billion (Q3 2023:₦24.23bn).

    Return on Equity (ROAE) peaked at 38.62 per cent , Pre-Tax Return on Assets (ROAA) of 2.64 per cent, Capital Adequacy Ratio (CAR) of 14.06 per cent and Cost to Income ratio of 60.47 per cent speak to the resilience of the brand.

    Wema Bank’s Managing Director/CEO Mr. Moruf Oseni said: “Our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. 

    “The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174 per cent. The growth of Gross Earnings by 91.07 per cent , Total Assets by 38 per cent and earnings per share at 328.1kobo shows the core improvements to our balance sheet. 

    “In addition, our cost to income ratio at 60.48per cent has witnessed significant improvement from the previous period,” Oseni said.

  • Wema Bank unveils export trade academy

    Wema Bank unveils export trade academy

    Wema Bank has launched an export trade academy to boost business, and supporting them to grow globally.

    It addresses global trade, guiding SMEs on compliance, documentation, planning, and risk management.

    Through the academy, SMEs will benefit from  sessions, mentorship from professionals, and insight into international business practice, positioning them to contribute in global markets.

    The programme emphasises building a network of exporters, encouraging peer support and collaboration, while fostering connections between businesses and international trade facilitators..

    Read Also: Wema Bank boss bags CIBN Fellowship

    Moruf Oseni, managing director and chief executive officer, said: “The academy reinforces Wema’s dedication to building capacity and supporting business evolution into global competitors.

    “By addressing barriers in export trade, we are enabling SMEs to seize opportunities in global markets, which aligns with our vision to empower lives and support business growth.”

    The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions. With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.

  • Wema Bank chief Oseni gets CIBN award

    Wema Bank chief Oseni gets CIBN award

    In recognition of his exceptional performance, profound impact and remarkable footprint in championing innovation and growth in the Nigerian financial services industry, Moruf Oseni, the Managing Director and CEO of Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has been awarded the Fellowship of the Chartered Institute of Bankers of Nigeria (CIBN). The fellowship investiture took place on Saturday, October 26, 2024, in Lagos.

    The CIBN Fellowship, which is the highest cadre of membership the Institute grants, is a hallmark of professional integrity, excellence and achievement. This prestigious award is a symbol of lifetime achievement and success, conferred on deserving individuals who have made a positive mark. The award stands as the epitome of professionalism, ethics and transformative success; an attestation to the remarkable impact, admirable repute and extraordinary results that have identified Moruf Oseni as a force to be reckoned with in the banking and financial services industry.

    Reputed as a catalyst of innovation and positive transformation, Moruf Oseni, spearheaded the launch of ALAT, Africa’s first fully digital bank and a gamechanger in the financial services industry. Further reinforcing his reputation as a pioneer of innovation, Moruf Oseni rejigged the financial services industry earlier in 2024 with the launch of yet another “first-of-its-kind” in the Nigerian banking industry, CoopHub, a digital solution tailored to the needs of cooperative societies and designed to empower cooperatives for optimal productivity. Moruf Oseni, an MBA holder from Institut European d’Administration des Affaires (INSEAD) in France, a Master’s holder in Finance (MiF) from the London Business School and a B.Sc. holder in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria, is also an alumnus of both the King’s College in Lagos and the Advanced Management Program (AMP) of Harvard Business School. His frontline role in raising the standards in the financial services industry is unequivocal, and it beyond doubt that the industry icon and CEO of Nigeria’s leading innovative bank, Wema Bank, is indeed deserving of the CIBN Fellowship Investiture.

    Accepting the honours, Moruf Oseni expressed gratitude to the Chartered Institute of Bankers of Nigeria for acknowledging his impact, industry footprints and achievements with the awarding of the CIBN Fellowship Investiture. “I am honoured by this recognition and I don’t take for granted the journey that has brought me this far. As an individual, my drive for excellence in every action, result and achievement has fuelled me to consistently exceed expectations and this passion for excellence continues to fuel my journey as a CEO of a Bank that is dearer to me than anyone can imagine. Long before becoming the CEO, I took passionate interest in the Wema Bank vision and poured myself into a personal mission of exceeding expectations, challenging limitations and aiming for the extraordinary; and with a force of Knights aligned with this vision, we have gone on to exceed goal after goal. We are just getting started and there is no stopping us”.

    Read Also: Wema Bank partners Ministry to empower 500,000 women

    “The banking and financial services industry is a dynamic terrain and to keep the industry thriving, it is important that we all in our various roles and capacities, strive to maintain excellence and consistently raise the bar, innovating intentionally and strategically to expand our frontiers beyond the limits of banking into driving impact for the people we serve across various verticals. This is how we can collectively build the Nigerian financial services industry into a global force and this is how we can contribute significantly to accelerating economic growth in Nigeria. I receive this honour with gratitude for the acknowledgement and I take this opportunity to say thank you to everyone who has contributed in any way to bringing every vision to life, every dream to realization and every goal to fulfilment”.

    The Head of Corporate Communication and Brand Management of the Chartered Institute of Bankers of Nigeria, Mrs. FolakeAkintayo, attributed the CIBN Fellowship Award as an avenue to recognise the awardees’ meritorious services, commitment to professional responsibilities and valuable contributions to the industry and the economy at large.

    Moruf Oseni was also awarded Top CEO of the Year at the BusinessDay Top 25 CEOs Awards 2023 and The Sun Banker of the Year 2023, among others.has context menu

  • Wema Bank boss bags CIBN Fellowship

    Wema Bank boss bags CIBN Fellowship

    Honour came the way of Moruf Oseni, the Managing Director and CEO of Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, at the weekend as he awarded the Fellowship of the Chartered Institute of Bankers of Nigeria (CIBN). 

    The fellowship investiture was in recognition of his exceptional performance, profound impact and remarkable footprint in championing innovation and growth in the Nigerian financial services industry.

    The CIBN Fellowship, which is the highest cadre of membership the Institute grants, is a hallmark of professional integrity, excellence and achievement. This prestigious award is a symbol of lifetime achievement and success, conferred on deserving individuals who have made a positive mark. 

    The award stands as the epitome of professionalism, ethics and transformative success; an attestation to the remarkable impact, admirable repute and extraordinary results that have identified Oseni as a force to be reckoned with in the banking and financial services industry.

    Reputed as a catalyst of innovation and positive transformation, Moruf Oseni, spearheaded the launch of ALAT, Africa’s first fully digital bank and a gamechanger in the financial services industry. 

    Further reinforcing his reputation as a pioneer of innovation, Oseni rejigged the financial services industry earlier in 2024 with the launch of yet another “first-of-its-kind” in the Nigerian banking industry, CoopHub, a digital solution tailored to the needs of cooperative societies and designed to empower cooperatives for optimal productivity. Oseni, an MBA holder from Institut European d’Administration des Affaires (INSEAD) in France, a Master’s holder in Finance (MiF) from the London Business School and a B.Sc. holder in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria, is also an alumnus of both the King’s College in Lagos and the Advanced Management Program (AMP) of Harvard Business School. 

    His frontline role in raising the standards in the financial services industry is unequivocal, and it beyond doubt that the industry icon and CEO of Nigeria’s leading innovative bank, Wema Bank, is indeed deserving of the CIBN Fellowship Investiture.

    Accepting the honours, Oseni expressed gratitude to the Chartered Institute of Bankers of Nigeria for acknowledging his impact, industry footprints and achievements with the awarding of the CIBN Fellowship Investiture. 

    “I am honoured by this recognition and I don’t take for granted the journey that has brought me this far. As an individual, my drive for excellence in every action, result and achievement has fuelled me to consistently exceed expectations and this passion for excellence continues to fuel my journey as a CEO of a Bank that is dearer to me than anyone can imagine. 

    “Long before becoming the CEO, I took passionate interest in the Wema Bank vision and poured myself into a personal mission of exceeding expectations, challenging limitations and aiming for the extraordinary; and with a force of knights aligned with this vision, we have gone on to exceed goal after goal. We are just getting started and there is no stopping us.

    “The banking and financial services industry is a dynamic terrain and to keep the industry thriving, it is important that we all in our various roles and capacities, strive to maintain excellence and consistently raise the bar, innovating intentionally and strategically to expand our frontiers beyond the limits of banking into driving impact for the people we serve across various verticals. 

    “This is how we can collectively build the Nigerian financial services industry into a global force and this is how we can contribute significantly to accelerating economic growth in Nigeria. I receive this honour with gratitude for the acknowledgement and I take this opportunity to say thank you to everyone who has contributed in any way to bringing every vision to life, every dream to realisation and every goal to fulfilment,” he stated.

    The Head of Corporate Communication and Brand Management of the Chartered Institute of Bankers of Nigeria, Mrs. Folake Akintayo, attributed the CIBN Fellowship Award as an avenue to recognise the awardees’ meritorious services, commitment to professional responsibilities and valuable contributions to the industry and the economy at large.

    Oseni was also awarded Top CEO of the Year at the BusinessDay Top 25 CEOs Awards 2023 and The Sun Banker of the Year 2023, among others.

  • Wema Bank partners Ministry to empower 500,000 women

    Wema Bank partners Ministry to empower 500,000 women

    Wema Bank through its women-focused proposition, SARA by Wema, has forged a synergy of cooperation with the Federal Ministry of Women Affairs to implement the MOWA x SARA Accelerator Programme, an initiative aimed at empowering 500,000 women across Nigeria with vocational and business management skills.

    SARA by Wema is Wema Bank’s women-focused proposition established with the goal of promoting gender inclusion and equality by empowering women with tailored resources, opportunities and solutions essential to enable them thrive personally and professionally.

    The newly inaugurated MOWA x SARA Accelerator Programme is one of such partnerships which is set to run for 24 months and will cover 36 states and the Federal Capital Territory. The focus will be on two areas: vocational skills and business management skills with a schedule encompassing two days of soft skills and business management skills, followed by two days of vocational training.

    The five day in-person training session will be organised into eight cohorts with the initial pilot phase starting in Anambra and spanning to Ekiti and Kano. This capacity building and women empowerment programme will equip more Nigerian women to earn revenue, become economically active, contribute to national development and will ultimately serve to further bridge the gap in gender inclusion.

    Tunde Mabawonku, Wema Bank’s Executive Director of Retail and Digital, expressed confidence in the programme’s potential for empowering women to thrive.

    According to him, “Nigeria’s ever-evolving macroeconomic landscape calls for an acutely intentional approach to providing tailored solutions and opportunities to empower our people, especially the women. At Wema Bank, we understand this need as captured in our mission of empowering lives through innovation and we are very intentional about tailoring our empowerment efforts to the needs of our diverse customer demographics. This commitment is evident in our solutions, partnerships, products, initiatives, and propositions; one of which is SARA by Wema.

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    “Recognising the need for tailored solutions that help women thrive, we launched SARA in 2019 as a dedicated avenue for reaching out to women across Nigeria, empowering them with unique solutions tailored to their needs even beyond banking, and providing them with the support they need to maximise their potential. This is the basis of our work through SARA, and this is what has informed the launch of MOWA x SARA Accelerator Programme. Our goal is to help women navigate the challenging economic terrain by providing them with skills for self-employment, resources for productivity and support for success.

    “I encourage every woman out there who is willing to learn a skill with potential for income generation, to register for the MOWA x SARA Accelerator Programme. We also have grants reserved for this programme so it’s a total package designed to help these women become economically active. Inclusion runs deep for us so we have curated this programme such that women of various ages from any part of the country can participate and reap the benefits of this programme. To every woman out there, I also take this opportunity to invite you to join the SARA Community, our community for women who want better. There are so many opportunities rooted in the SARA and every woman can tap into this extensive range of benefits as a SARA Woman,” Mabawonku said.

    The Minister for Women Affairs, Uju Kennedy-Ohanenye, added, “I believe that if we empower the women and they start making money, a lot of prevalent challenges faced by women as a result of gender inequality may be averted. This partnership is beyond the Federal Ministry of Women Affair, it extends to the Nigerian Women Affairs. Our goal is to ensure the sustainability of all women empowerment initiatives, which is why we are bringing in the private sector. On this project, Wema Bank is evidently ready to fly and we are committed to flying together to achieve our objectives.”

  • Wema Bank bags two awards at Edge Awards 2024

    Wema Bank bags two awards at Edge Awards 2024

    Wema Bank, and its digital banking arm, ALAT have received two awards at the Edge Awards 2014. 

    The awards are the Edge Platinum Brand Award (Corporate) and for ALAT, Outstanding Leadership Award In Digital Banking 2024.

    The ceremony tagged: ‘Excellence Beyond Borders’, the Edge Awards 2024 is the 2024 edition of an annual award ceremony pioneered by Marketing Edge, Nigeria’s leading marketing, economic and corporate publication. 

    The ceremony is dedicated to celebrating brands, organisations, and individuals who exemplify excellence through groundbreaking ideas, innovative exploits, impactful campaigns, and a strategic vision. 

    Receiving the awards, Mabel Adeteye, Wema Bank’s Head of Brands and Marketing Communications, expressed appreciation to The Edge Awards for consistently acknowledging Wema Bank’s commendable impact. 

    “We are honoured by the recognition we have received not just for Wema Bank as a brand but also for our pioneering digital game changer, ALAT. 

    “When the Bank launched ALAT over seven years ago, our goal was essentially excellence beyond borders—extending our unique range of solutions and services to customers across the world, beyond our branches. 

    “ALAT’s evolution from a trailblazing fully digital bank to an ecosystem of dynamic financial solutions tailored to provide seamless, reliable, and convenient service for all; has been awe-inspiring. Every milestone achieved and every recognition we receive brings a paradoxical sense of humbling pride. 

    “We are humbled by the support of every stakeholder who has been instrumental to bringing our vision to life, and we are proud of the outstanding results that our collective efforts continue to produce.

    “As always, we take this accolade as a challenge to do even more, exceed more expectations and go above and beyond in sustaining excellence beyond borders as Nigeria’s foremost innovative bank. Our mission is to empower lives through innovation and we are committed to breaking silos in the fulfilment of our mission and the proliferation of our positive impact on the lives and businesses of Nigerians across the world. 

    “I take this moment to appreciate every Wema Bank stakeholder for making our success possible. We will continue to go above and beyond in sustaining the best quality of banking experience for all as we continue to provide optimum value for every stakeholder. To the Team at The Edge Awards, Wema Bank says Thank You,” Adeteye concluded. 

    The Bank also recently received two awards for Sustainable Financing at The Digital Banker’s Global Sustainable Finance Awards, two awards for SME Financing and Women Entrepreneur Financing at the 2024 Global SME Finance Forum Conference which held in Sāo Paulo, Brazil; amongst other accolades.