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Tag: Wema

  • ALAT by Wema named Africa’s Best Digital Bank

    ALAT, the digital bank powered by Wema Bank, has been named the ‘Best Mobile Banking App’ and ‘Best Digital Bank for 2017’ in this year’s World Finance Digital Banking Awards.

    The World Finance Digital Banking Awards, celebrate organisations that lead the way with digitalisation, while meeting consumer demands and mitigating against accompanying risks along the way.

    The recognition by World Finance, is the latest in the series of awards that have greeted the arrival of ALAT into the African banking space. Last year, ALAT was named the Digital Banking Platform of the year by Business Day. The bank also won an award for Excellence in Branchless Banking in the New Age Banking Awards, and was nominated as the best innovative digital solution in Nigeria by the World Summit Awards.

    Global Finance will confer the Best Mobile Banking App and Best Digital Bank awards on the sidelines of the World Economic Forum Africa (WEFA) 2018.

    Commenting on the awards, the Managing Director/CEO of Wema Bank, Segun Oloketuyi said: “We are delighted to earn such a global recognition so early in the existence of ALAT. To us, they are not merely a reward for the hard work but also an incontrovertible evidence of Wema Bank’s new place as a leader in banking innovation in Africa.”

    He noted that as a forward-thinking bank, Wema has and will always remain committed to leveraging technology in delivering superior value to all stakeholders. “We have developed in-house capacity and capabilities to enable us provide best-in-class digital banking services across all touch points.”

    He also highlighted the ingenuity and resourcefulness of Nigerians, noting that ALAT was completely developed locally. “ALAT was conceived and developed by Nigerians, but today the world has accepted it and we are starting to enjoy international recognition,” Oloketuyi added.

    “ALAT is not just a Bank, it’s a lifestyle,” said Funmilayo Falola, head of Brand and Marketing Communications at Wema Bank. “It is a bank created to help customers achieve their personal and financial goals, in line with Wema Bank’s vision to be the financial institution of choice in service delivery and superior returns.”

  • We’re showing signs of resilience, says Wema

    We’re showing signs of resilience, says Wema

    •Bank opens new branch in Bauchi

    Wema Bank Plc has said that despite prevailing economic conditions, it continues to show signs of resilience, evidenced by its growing brand acceptance and increased customer patronage.

    The lender, which has opened a new branch in Bauchi, says the expansion captures its determination to deploy a two-pronged approach of digital and aesthetic physical branches.

    It also grew its earnings by 16.79 per cent, from N37.89 billion in September 2016 to N45.38 billion as at September this year.

    This, it said,  was supported by increased contribution from non-interest income which rose by 35.74 per cent from N5.96 billion in September 2016 to N8.09 billion, as at September 2017.

    “The high interest rate environment continued to impact earnings, as interest expense increased year-on-year. Despite this, the bank recorded a growth in Profit Before Tax (PBT) by 20.81 per cent to N1.80 billion in September 2017,” it said in a statement.

    The bank said it is combining the power of a digital bank with the impact of physical branches in places where there are compelling business opportunities to ensure it delivers value to all stakeholders.

    In its northern expansion drive, Wema Bank has already opened branches in Kaduna, Minna, Lokoja, Maraba and Bauchi. Another branch is expected to open in Kano in the coming weeks.

    The Head of Brand and Marketing Communications at Wema Bank, Funmilayo Falola, said all the lender’s activities are tied to delivering on its promise.

    “Our promise is not only to existing customers, but to everyone who has a banking need at one point or the other in their lives,” she said.

    “This is why we founded ALAT, a fully digital bank, to cater to the needs of the banking population who want convenience, simplicity and control. And for those in the northern part of Nigeria who wanted us closer so that they can do business with us, we are closer now than ever, ready to build value-driven relationships with them,” Falola added.

    She noted that both new and existing customers of the bank can visit the new branch at Bank Road, opposite State Library, Bauchi.

  • Wema makes case for branchless banking

    Wema makes case for branchless banking

    Wema Bank Plc has stressed the need for lenders to embrace branchless banking to save cost. The lender, which described it as the future of banking, has unveiled its first fully digital bank, ALAT.

    The ALAT, the bank said,  signifies the beginning of a revolution in the banking industry; one where the needs of customers are met using technology to provide cheaper, faster and better services. At the moment, a large part of banks’ digital initiatives look at delivering existing services cheaper, faster and better.

    On the launch, its Managing Director/CEO, Segun Oloketuyi, said: “There is a reason banks are closing branches. Apart from the difficult economic environment, customers are increasingly adopting digital options for their banking needs, hence a reduction in the number of people that visit physical branches.”

    He said the pace at which things were changing in the digital world was rapid,“therefore, every forward-thinking brand is always looking to improve on their digital offerings. With ALAT, Wema Bank has offered Nigerians everywhere in the world a bank designed to meet their needs.”

    Oloketuyi said ALAT    has enjoyed good reception from the market since it was launched some weeks ago. The new digital bank is expected to disrupt the banking landscape and is driven by three pillars – convenience, simplicity and reliability.

    “With ALAT, account opening/sign-up can be done in five minutes from a mobile phone or personal computer. Holders of the account can also enjoy a simple automated savings plan that will see them earn 10 per cent annual interest – about three times the standard bank rate. Debit cards are delivered to an account holder’s address in two business days, anywhere in Nigeria, at no cost. Also, after activating a debit card, an account holder can lock it, unlock it and choose where it works. All these can be done from a mobile phone,” he said. ALAT is available for download on Google’s operating system Android and Apple’s iOS.

    In February, global professional services firm PwC released its Nigeria FinTech Survey 2017 report, with a striking message: Nigerian Retail banking and Payments sectors will be the most disrupted by a group of new companies building financial technology (FinTech) solutions. This has been long coming, and forward-thinking financial institutions have prepared for this by partnering with startups earlier seen as competitors.

    It is true that banks have the advantage of legacy and wide customer bases over FinTech startups, but many lack speed and the capacity to understand and quickly build a very good user experience to improve efficiency and decrease costs. Such adaptability is what characterises the typical FinTech startup today.

    Dr. Andrew S. Nevin, Advisory Partner and Chief Economist, PwC Nigeria in his comment on the Nigeria FinTech Survey 2017 report, noted: “FinTechs are empowering customers by providing services that are delivered via technology applications on customer’s mobile devices. This allows consumers to conveniently initiate and complete transactions, connect to third party entities and access information without restrictions.

    “All over the world, the increasing momentum of FinTechs and their success is challenging financial services players to devise a spectrum of strategic responses.”

    While some collaboration has started, banks remain worried about the threats posed by the sheer determination and guerilla strategies of these startups. At PayThink last September, major organisations in the payments industry gathered to discuss innovations and trends in the payment space. A line of thought kept emerging at the conference: the existing relationship with FinTech startups won’t advance innovation in banking, and fear might stymie it. What then can banks do?

    PwC’s Nevin is convinced that not all FinTechs pose the same threats or opportunities. “In some cases, FinTechs will be viewed as enablers to traditional innovation and continuous improvement. In others, it presents a series of disruptions and threats as they continue to make inroads into banks’ traditional territory by offering a competitive service or product.” The question remains: What then can banks do?

    “Collaboration is the short-term answer to the threat posed by FinTechs but for a bank that has been around since 1945, short-term is never good enough. Wema Bank has not survived crises in the global economy and the Nigerian banking industry to leave its fate in the hands of FinTech startups. Wema Bank will innovate. Wema Bank will compete,” analysts said.

     

  • Wema Bank workers donate salaries to sick children

    Wema Bank workers donate salaries to sick children

    Wema Bank Plc says it staff have donated their February salaries for the treatment of children in emergency wards of three government-owned hospitals across the country.

    Segun Oloketuyi, Managing Director/CEO, Wema Bank Plc, while presenting a cheque to one of the beneficiaries at the Children Emergency Ward of the Lagos University Teaching Hospital (LUTH), said the initiative started in 2016.

    According to him, other beneficiaries are patients at the Children’s emergency ward at the Braithwaite Memorial Specialist Hospital, Old GRA, Port Harcourt and the Wuse General Hospital, Abuja.

    Oloketuyi said the initiative called “Purple Nectar,’’ was designed to touch the lives of people in communities where the bank operates.

    “It involves each interested staff donating a day’s Salary for Love as a way of celebrating St. Valentine’s Day.

    “Every 14th of February, the world celebrates St. Valentine’s Day. Usually, couples go out on this day as a way of showing love to each other.

    “But at Wema Bank, we decided that while it is fine for couples to show love to each other on this day, our focus as a bank should be on showing love to those who need it but are not getting it.

    “Some are in critical situations and they need all the help they can get.

    “In our own little way of showing love, the staff of Wema Bank decided to put their salaries for that particular day (February 14) together and looked for people who need our love.

    “The demonstration of this love is to support those who need help, especially in health-related issues,” Oloketuyi said.

    The mother of a 7-month-old baby who benefitted from the initiative, Mrs Ngene broke down in tears as the Wema Bank presented a cheque to her.

    Ngene thanked the staff of Wema Bank for the kind gesture. (NAN)

  • Core investor acquires Wema’s 75% stake in GNI

    Core investor acquires Wema’s 75% stake in GNI

    Wema Bank Plc has secured  approval of the Nigerian Stock Exchange (NSE) to sell its 75 per cent majority equity stake in Great Nigeria Insurance (GNI) Plc to Insurance Resourcery and Consultancy Services Limited.

    A document obtained by The Nation at the weekend indicated that authorities at the NSE, where both Wema Bank and GNI are listed, have approved the divestment. Under the transaction, a block divestment of 2.87 billion ordinary shares of GNI currently held by Wema Asset Management would be transferred to Insurance Resourcery and Consultancy Services, a relatively unknown firm.

    The divestment is valued at N1.44 billion at current market value of GNI, which currently has total paid up capital of 3.827 billion ordinary shares of 50 kobo each with a market capitalisation of N1.91 billion. GNI is trading at its nominal value of 50 kobo per share.

    GNI at the weekend indicated that Wema Bank was its core investor. “Besides many well meaning Nigerians ,who invested in Great Nigeria Insurance Plc, our other core investors are Wema Bank Plc and Odua Investment Group of Companies. Our relationships with these great groups have created a synergy for the growth of our business,” GNI stated in its corporate profile.

    GNI started operations in 1960 and its businesses include general and life insurance.

    Following the Central Bank of Nigeria (CBN)’s banking regulatory regime that required banks to either divest from non-core banking subsidiaries or form a holding company to hold those subsidiaries, Wema Bank had opted to divest from its non-core banking businesses, including GNI. The bank had since divested from Wema Insurance Brokers Limited, Wema Registrars Limited, Independent Securities Limited and Whyte Cleon Limited. It also integrated operations of four subsidiaries into its core banking business including Wema Asset Management Limited, Wema Securities and Finance Plc, Wema Homes (Savings and Loans) Limited and Wise Properties Limited. Wema Bank had 100 per cent equity stakes in the trio of Wema Registrars, Wema Insurance Brokers and Whyte Cleon Limited while it had 94.7 per cent stake in Independent Securities and 75 per cent in GNI.

    Meanwhile, the new core investor would be required to restructure GNI’s issued share capital to dilute the existing concentrated shareholdings of the core investors and allow more investments from the investing public.

    In the latest report on public shareholding status in quoted companies obtained by The Nation, the NSE indicated that GNI and 10 other companies were in violation of the listing requirement, which compels companies quoted on the main board of the NSE to ensure that a minimum of 20 per cent of its issued shares is in the hand of the general investing public.

    Companies listed on the Exchange are required to maintain a minimum free float for the set standards under which they are listed in order to ensure that there is an orderly and liquid market in their securities. The free float requirement for companies on the main board is 20 per cent while companies on the second board, otherwise known as Alternative Securities Market (ASEM) are required to have 15 per cent free float.

    Free float, otherwise known as public float, refers to the number of shares of a quoted company held by ordinary shareholders other than those directly or indirectly held by its parent, subsidiary or associate companies or any subsidiaries or associates of its parent company; its directors, who are holding office as directors of the entity and their close family members and any single individual or institutional shareholder holding a statutorily significant stake, which is 5.0 per cent and above in Nigeria.

    Thus, free float’s shares do not include shares held directly or indirectly by any officer, director, controlling shareholder or other concentrated, affiliated or family holdings.

    The report indicated that GNI currently has 16 per cent of its issued shares in the hands of the general investing public.

    According to the report, the management of the NSE had given GNI a deadline of July 8, 2016 to free more shares for the general investing public.

  • Wema promises to do better

    Wema promises to do better

    Wema Bank Plc has assured the shareholders the lender will make more profit in 2015, its Chairman, Mr. Adeyinka Asekun said. He said the bank will consolidate last year’s successes this financial year.

    He said the 2014 financial year was an eventful one, as the first half of the year went on well, with buoyant growth and a stable Nigeria economy.

    However, by the second half of the year, the nation was initially faced with a viral epidemic that was eventually contained. He said despite the regulatory tightening and sociopolitical headwinds, the bank was able to make progress during the year.

    Asekun said the bank will continue to evolve even in the coming months as it explores new frontiers in business development, service delivery and settlement platforms. “We will expand our footprint in 2015 in an efficient manner in order to get maximum returns on investment,” he said.

    He said the bank remained focused on its core areas of expertise especially the retail and commercial segment of the market as it navigated the systematic headwinds of the second half of the year.

    Specifically, the Coordinator Ibadan Shareholders Association, Mr. Shola Abodunrin said, “We want dividend for our investments. We cannot be investing our money without anything to show for it. We have exercised patient enough and we want the bank to do all it can to pay us dividend next year,” he said.

  • Wema Bank’s leap of faith

    Wema Bank’s leap of faith

    Wema Bank Plc has improved its profit and customer growth despite intense competition in the industry. The regional lender, which marked its 70th anniversary on May 2, intends to reapply for a national banking licence to enable it serve its customers better. Its Group Managing Director/CEO, Segun Oloketuyi unfolded the bank’s plans at the anniversary grand ball held in Lagos last weekend, COLLINS NWEZE reports.

    For Wema Bank Plc, 70 years is a milestone worth celebrating. So, the bank saw the landmark as an opportunity to assure customers, shareholders and regulators that it is moving to greater heights.

    It’s Group Managing Director/CEO, Segun Oloketuyi said he is humbled that the mantle fell on him to steer the bank to its 70th anniversary. The bank chief also told stakeholders that the bank is taking giant steps that will move it from a regional lender to national bank.

    Oloketuyi unveiled a new logo and look of Wema Bank, which he described as “a contemporary symbol that is youthful”. He said just as the bank was committed to offering quality services to its customers in 1945 when it first started business, so it is doing today, and will continue to do. He said the new logo depicts the bank as modern, bold, good business partner and forward looking.

    Oloketuyi said the lender needs a national banking licence to enable it meet the increasing financial needs of its customers, adding that it has already secured the needed regulatory capital that will aid its comeback as a national bank.

    “We will come back as a national bank. We now have the required capital to achieve the feat,” he told guests at the grand ball anniversary.

    The bank chief reiterated that as a regional bank, the bank has been able to boost its e-payment infrastructure, and now has over 200 Automated Teller Machines (ATMs) that make banking easier for its customers. He said the bank is also always willing and committed to offering its customers the best quality of services through its e-payment channels and face to face transactions.

    Oloketuyi said the bank has survived the worst of times, and attributed the feat to the great support it enjoyed from customers, shareholders and regulators. “Seventy years in the life of a man, if he looks back, he will see ups and downs. Same thing applies in the life of a bank. There have been ups and downs but we have reasons to come out and celebrate. We have gone through circles, but we are here celebrating,” he said.

    He said the bank’s first priority remains providing superior returns to its shareholders, adding that in the last few years, it has been carrying out some internal restructuring on its processes, people and technology.

    He said that Wema Bank continues to record year on year, improvement in its financial performance adding that it has improved significantly on its profitability and customer growth despite shrinking margins and intense competition.

    The bank’s Chairman, Adeyinka Asekun, praises the customers for their loyalty and commitment to the success of the lender. “It has been seventy years of building business relationships with customers, shareholders and other stakeholders. We delight in giving every customer a memorable service experience. Experience can accomplish a lot but true professionalism and exceptional service delivery will bolster customer satisfaction. At Wema Bank, we breed professionals who strive valiantly to deliver a delightful and memorable service experience,” he said.

    Former Managing Director/CEO of the bank, Tunde Lemo, who represented past CEOs attributed the survival of Wema Bank to divine mercy. He said the bank is celebrating the faithfulness of God, who has preserved it in the midst of storms. He praised the bank’s management for its visionary leadership and commitment to customers’ needs.

    Lemo, who was Central Bank of Nigeria (CBN) Deputy Governor, Operations, said the future of the bank remains bright, adding that the lender has a good brand that is widely accepted. “Wema Bank is a giant in the making. It has a bright future,” he said.

    A representative of the bank’s Founding Family, Alaba Okupe, said his family has by founding Wema Bank, contributed to the development of the Nigerian economy. He thanked the management of the bank for recognising the family at this milestone, even when it is not bound to. “When people talk about a bank, they never related it to who the founder is. God enlightened the founder of Wema Bank. The family has contributed to the development of Nigeria’s economy by founding the bank. Thank you for recognising us because you are not bound to,” he said.

     

    Banks’ groupings

    Although it obtained a regional banking licence in the wake of the regime of classification of banks by the CBN, the management of Wema Bank Plc has lined up processes to go for a national licence.

    In Nigeria, international banks require minimum capital of N100 billion under the new regulatory regime. National banks require minimum capital of N50 billion while regional banks, which can operate in only six to 12 states are required to have about N25 billion.

    Banks that got international banking licence include Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, and First Bank of Nigeria Plc, First City Monument Bank Plc, Guaranty Trust Bank Plc, Skye Bank Plc, Zenith Bank Plc and United Bank for Africa Plc.Under the national banking category are banks, which include Citibank Nigeria Limited, Ecobank Nigeria Plc, Stanbic IBTC Plc, Standard Chartered Limited, Sterling Bank Plc and Unity Bank Plc.

    Wema Bank Plc and the defunct Equitorial Trust Bank applied for a regional banking licence. The latter has since merged with Sterling Bank Plc. Other banks that were being speculated for regional licence were Societe Generale Bank Limited and Savannah Bank. The two institutions were said to be at the verge of returning back to business although nothing concrete has happened in that direction so far.

     

    Financial highlights

    Wema Bank Plc announced its full year audited results for the 12 month ended December 31, 2014 during which it declared a 58.8 per cent growth in profit before tax from N1.95 billion in 2013 to N3.09 billion in 2014.

    The bank recorded a 19 per cent growth in customer deposit volumes largely from the commercial and retail space despite the tightening government regulation on cash-reserve. Its loans and advances to customers increased by 51 per cent, as the bank was able to lend more to productive sectors of the economy. In addition, it has continued to ensure strong risk management, and this is evidenced by the level of non-performing loans ratio at 2.5 per cent.

    The bank’s total assets up 16 per cent to N382.6 billion compared to N330.9 the previous year while gross loans and advances to customers up 51 per cent to N149.3 billion against N98.6 billion previous year.

    Speaking from the bank’s headquarters in Lagos, Oloketuyi said: “It gives me great pleasure to report that Wema Bank continues to record year on year improvement in its financial performance. The bank has improved significantly on its profitability and customer growth despite shrinking margins and intense competition. This progress recorded is a result of the continued execution of our three-year growth strategy – Project LEAP.

     

    “The “New Wema Bank” that has now emerged is a stronger, more efficient, resilient and customer-focused organisation with a robust risk management and corporate governance structure. The bank has realigned its business focus to concentrate on its key area of strength – Retail Banking. We have used technology to our advantage, deploying in-branch solutions, mobile and internet banking applications and other social media tools to drive customer patronage and reduce our cost to serve.  We have continued to contain our operating expenses despite the increased inflationary environment while at the same time improving on our fee-based income lines,” the bank chief said.

    Speaking further, he said: “In this year that we turn 70 as the premier indigenous financial institution in Nigeria, we are glad to unveil a “New” Wema Bank that responds faster and better to customers’ needs whilst adapting more quickly to the ever-changing dynamics of the industry. We remain firmly committed to being the financial institution of choice in Nigeria whilst ensuring that we consistently deliver superior returns to all stakeholders”.

     

    Int’l trade, structured finance

    Wema Bank Plc has also reaffirmed its commitment to supporting international trade. Oloketuyi disclosed this during a forum the lender organised on trade and structured finance for stakeholders in Lagos.

    The forum, tagged: “Supporting Businesses through renewed Trade Focus” brought together regulators, various stakeholders and regulators in the international trade business in Nigeria.

    He said the trade forum was part of efforts at sensitizing stakeholders on developments within the sector as well as brings various parties – stakeholders and regulators together to discuss issues, challenges and chart a way forward for future development and policy formulation.

    Oloketuyi  said as part of the ongoing positive transformation, Wema Bank s well poised to support businesses in the areas of trade and structured finance, adding  that in recent times, Wema Bank has attracted over $100 million line of credit dedicated to foreign trade and another $50 million in structured finance line from various institutions.

    The Deputy Comptroller, Nigeria Customs Services, Aber T Benjamin spoke on the Pre-Arrival Assessment Report (PAAR) scheme, which was introduced by the Nigerian Customs Service in 2013 to fast-track the clearance of cargo and reduce costs at the nation’s ports. He also introduced the new web-based trade portal of the Nigeria Customs Services to handle a customer’s end-to-end trade needs.

    Deputy Director, Trade & Exchange Department, Central Bank of Nigeria (CBN), Onyinye Ahuchogu, commended Wema Bank for the strides it has made in recent years. She also spoke of the CBN’s partnership with other relevant institutions in making the international trade process simple and effective in Nigeria. One of the initiatives that came into being as a result of this partnership is the electronic form ‘M’.

     

    Recent transactions

    Wema Bank Plc recently secured a $10 million development finance loan to support the real estate sector for Shelter Afrique, a Pan-African development finance institution focused on financing affordable housing in Africa.

    Speaking at the signing ceremony in Lagos, Oloketuyi, said the facility underscores the confidence of local and international partners in the lender’s capacity to handle such transactions.

    He said Wema Bank is deeply committed to supporting the growth of real estate and affordable housing financing in the country, by providing access to loans as well as other value-added services, including financial advisory from its expert team of corporate banking professionals.

    Oloketuyi said Wema Bank remains a premier financial institution and Nigeria’s longest surviving lender with branches spread across 125 locations, adding that the bank provides a host of corporate banking, retail banking, electronic banking, treasury and trade services to its customers.

    The Managing Director, Shelter Afrique, James Mugerma, said his organisation remained committed to providing affordable housing in Africa, stating that the partnership with the bank through the grant of this facility, is another step in the right direction. He said strong mechanisms have been put in place to ensure that the viable projects get access to this fund. He also praised the unique nature of this transaction which not only provides project funding but also includes mortgage financing.

    Other stakeholders insist that Wema Bank has all it takes to make significant progress in the coming years.

     

  • Wema Bank eyes national banking licence

    Wema Bank eyes national banking licence

    WEMA Bank Plc has unveiled its new logo and reiterated its commitment to reapply for a national banking licence.

    Its chief executive officer, Segun Oloketuyi, who unveiled the new look during the bank’s 70th anniversary grand ball in Lagos at the weekend, said the new logo would be out today.

    He added that just like the bank was committed to offering quality services to its customers in 1945, “so it is doing today, and will always do”.

    He said the new logo depicts the bank as modern, bold, good partnership and forward-looking.

    He described the new logo as “a contemporary symbol that is youthful”.

    Oloketuyi said the bank was still considering reapplying for a national banking licence to enable it meet the increasing financial needs of its customers.

    The bank, he noted, has secured the needed regulatory capital that would aid its comeback as a national bank.

    “We will come back as a national bank. We now have the required capital to come back as a national bank,” he said.

    The bank chief added that as a regional bank, Wema Bank has been able to boost its e-payment infrastructure, and now has “over 200 Automated Teller Machines (ATMs) making banking easier for its customers”.

    According to him, “the bank is always willing and committed to offering its customers the best quality of services”.

    Oloketuyi said the bank has survived the worst of times, because of great support it enjoyed from customers, shareholders and regulators.

    “Seventy years in the life of a man, if he looks back, he will see ups and downs. Same thing applies in the life of a bank. There have been ups and downs. But we have reasons to come out and celebrate. We have gone through circles, but we are here celebrating,” he said.

    Oloketuyi said the bank’s first priority remains providing better returns to its shareholders, adding that in the last few years, the bank has been carrying out some internal restructuring on its processes, people and technology.

    The bank’s former Chief Executive Officer, Tunde Lemo, who represented the past chief executive officers, attributed the survival of Wema Bank to God’s divine mercy.

    He hailed the bank’s management for its visionary leadership and commitment to customers’ needs.

    He said the future of the bank remains bright, adding that the lender has a good brand.

    “Wema Bank is a giant in the making. It has a bright future,” he said.

  • WEMA 70th anniversary ball

    WEMA 70th anniversary ball

    From left , Group Managing Director Wema Bank Plc, Segun Oloketuyi; Chairman Wema Bank Plc, Adeyinka Asekun and a Serving Overseer of the Latter Rain Assembly, Pastor Tunde Bakare during the bank’s 70th anniversary Grand Ball held in Lagos at the weekend. Photo; SOLOMON ADEOLA
    From left , Group Managing Director Wema Bank Plc, Segun Oloketuyi; Chairman Wema Bank Plc, Adeyinka Asekun and a Serving Overseer of the Latter Rain Assembly, Pastor Tunde Bakare during the bank’s 70th anniversary Grand Ball held in Lagos at the weekend. Photo; SOLOMON ADEOLA

  • Wema Bank promotes int’l trade, structured finance

    Wema Bank Plc has reaffirmed its commitment to supporting international trade. The bank’s Managing Director, Segun Oloketuyi disclosed this during a forum the lender organised on trade and structured finance for stakeholders in Lagos.

    The forum, tagged: “Supporting Businesses through renewed Trade Focus” brought together regulators, various stakeholders and regulators in the international trade business in Nigeria.

    He said the trade forum was part of efforts at sensitizing stakeholders on developments within the sector as well as brings various parties – stakeholders and regulators together to discuss issues, challenges and chart a way forward for future development and policy formulation.

    Oloketuyi also said that as part of the ongoing positive transformation at Wema Bank, the bank was well poised to support businesses in the areas of trade and structured finance. He further disclosed that in recent times, Wema Bank has attracted over $100 million in lines of credit for foreign trade and another $50 million in structured finance lines from various institutions.

    The Deputy Comptroller of the Nigeria Customs Services, Aber T Benjamin spoke on the Pre-Arrival Assessment Report (PAAR) scheme, which was introduced by the Nigerian Customs Service in 2013 to fast-track the clearance of cargo and reduce costs at the nation’s ports. He also introduced the new web-based trade portal of the Nigeria Customs Services to handle a customer’s end-to-end trade needs.

    Deputy Director, Trade & Exchange Department, Central Bank of Nigeria (CBN), Onyinye Ahuchogu, commended Wema Bank for the strides it has made in the past four years. She also implored all stakeholders.

    She also spoke of the CBN’s partnership with other relevant institutions in making the international trade process simple and effective in Nigeria. One of the initiatives that came into being as a result of this partnership is the electronic form ‘M’.