In the heart of Nigeria’s active history, there’s a story that speaks of visionaries who dared to dream when the odds were stacked against them. This is the tale of Wema Bank, Nigeria’s oldest indigenous bank, whose journey spans over 80 years and is rooted in an audacious dream. From humble beginnings in a bungalow in Lagos, Nigeria in the 1940s to becoming Africa’s digital banking pioneer, Wema Bank’s legacy is built on one core principle – RESILIENCE. Oluchi Chibuzor narrates the story of how Wema Bank’s transformational journey began in 1945.
THE DREAM THAT DEFIED THE IMPOSSIBLE
In the 1940s, when Nigeria was under colonial rule, few could imagine a Nigerian-owned bank would exist. The idea seemed far-fetched, an impossible dream. But In a bungalow located in Ebute metta, Lagos, Nigeria began the story of Nigeria’s oldest indigenous bank and most resilient, Wema Bank, where an ambitious young man from the Okupe family of the Agbonmagbe Ruling House, the Late Chief Matthew Adekoya Okupe, had a vision—to establish an indigenous Bank that was built to last and fortified to serve the people for years to come.
At the time, it seemed impractical and unattainable, but Chief Matthew Adekoya Okupe, a man who started his career earning a modest 20 shillings as salary, saw a future where Nigerians controlled their own financial destiny. He wasn’t alone in this vision. Alongside him were his wife, Mrs. Reginald Adekoya Okupe (R.A.O.), and Reverend Alabi, three dreamers who believed that an indigenous Nigerian bank was not just possible—it was necessary.
Together, these three exceeded all expectations and did the impossible, establishing the only indigenous bank to have stood the test of time for eight decades, surviving pre-Independence Nigeria, the digital evolution and all eras which significantly restructured the banking industry, to standing strong in the 21st century as an industry leader and a pioneer of digital banking and innovation. This Bank is Wema Bank, Plc. and its birth name was Agbonmagbe Bank limited.
ROAD TO AGBONMAGBE BANK LIMITED
In 1939, Chief Matthew Adekoya Okupe built Agbonmagbe Lodge, a building that still stands prominently today at the foot of the ramp leading into Yaba, Lagos, Nigeria from the third mainland bridge. In this timeless white bungalow (a place where dreams were turned into action), Chief Okupe birthed the vision of Nigeria’s oldest indigenous bank, joining forces with his partner in love and partners in business, R.A.O. and Reverend Alabi, to bring the vision into reality.
Out of context, one would wonder what was so special about that dream. After all, majority of the Nigerian Banking industry of today is populated with indigenous banks. A correct observation—one which unironically highlights the beauty of that dream.
The intricacies of the colonial era are no news to any adult in today’s world. Before Nigeria gained independence in 1960, the country had lived under the British colonial rule for decades, using the British currencies, adopting the services they provided and existing under their governance. In such an era, the idea of an indigenous bank may have seemed unrealistic; “It won’t last”, “How will you do it?”, “Forget it”, “It is not even possible”; but it was. All that was needed was a group of determined and resourceful individuals ready to break through and do the impossible. Against skepticism, the founders pressed on, knowing that the foundation they were laying would become a cornerstone for future generations. And today, it is now known as Nigeria’s oldest, longest surviving, most resilient and innovative bank, Wema Bank,
As the Agbonmagbe Bank Limited received its license to operate on May 2, 1945, a new chapter in Nigeria’s banking history began; marking the beginning of Wema Bank’s story.
A TEST OF STRENGTH
As one of the thriving banks at the time, Agbonmagbe Bank Limited had earned the patronage of many Nigerians on individual, business and institutional levels. One of such stakeholders was the Western Nigeria Marketing Board, who had a fixed deposit of 200,000 pounds with the bank.
However, No success story is without its trials, and for Wema Bank, the challenges came early. Despite flourishing in its early years, Agbonmagbe Bank faced its first major hurdle in 1968 when the government required banks to recapitalize to meet the minimum requirement over a certain period.
Unfortunately, this development came at a crucial point in the journey of Agbonmagbe Bank Limited, resulting in the bank being unable to meet up with its plans for raising foreign investments within the stipulated period. In an unexpected twist of fate, The Western Nigeria Marketing Board converted their fixed deposit of 200,000 pounds into shares, making the Board the majority shareholder in the bank and allowing the bank to keep on—only, this time, with the Board owning the bank. This lifechanging turn of events left Chief Matthew Okupe and his partners with a tough decision to make: hand over the reins or risk seeing their dream disappear. They chose to let the legacy continue, even if it meant losing control. This pivotal moment ensured that the bank would survive and continue its mission.
FROM AGBONMAGBE TO WEMA BANK PLC
For years after its establishment, Agbonmagbe Bank Limited thrived, providing financial services from two small rooms in Agbonmagbe Lodge, fortified with secure windows that kept documents and funds safe in a 4-foot safe high that stands as a banking industry relic today, still at Agbonmagbe Lodge. Those two rooms in Agbonmagbe Lodge served as the first branch, subsequently expanding to branches in Ebute-metta, Sagamu, Abeokuta and Ijebu-Igbo.
In 1969, Agbonmagbe Bank Limited evolved into Wema Bank Limited, a name that would eventually become synonymous with resilience and vision. As Nigeria moved into a new era, so too did the bank.
As digital evolution took effect on the economy in the later parts of the 1900s, industries were gradually forced to restructure and adapt over the coming years, and institutions that were unable to act fast and implement the necessary adjustments had no choice but to go into extinction. Hundreds of financial institutions fizzled out, but Wema Bank remained resilient, surviving through the decades and continuing to deliver financial services as a private entity. Sadly, Chief Matthew Okupe passed on in 1984, leaving behind the profound legacy of Nigeria’s oldest indigenous bank, a legacy which has continued to live on into its best decades.
By 1987, Wema Bank Limited became Wema Bank plc, becoming a public limited liability company that became listed on the Nigerian Stock Exchange in 1990 under the symbol WEMABANK. By February 2001, the Bank was granted a Universal Banking License by the Central Bank of Nigeria (CBN). By 2005, after the Soludo-led recapitalization exercise, Wema Bank merged with the then National Bank of Nigeria, acquiring National Bank and retaining the name, Wema Bank plc.
Economic turbulence in the early 2000s led to dramatic restructuring. This time, the decision was to scale back and focus on regaining strength. By 2009, Wema Bank received its regional banking authorisation and took a step back to refuel, knowing that it had the resilience to come back stronger.
REBIRTH AND RISE OF DIGITAL INNOVATION
In the face of adversity, Wema Bank didn’t just survive—it reinvented itself. After years of restructuring, the bank rebranded itself as Nigeria’s most innovative bank, embracing technology as the future of banking. By 2015, Wema Bank regained its national banking license, ushering in a new chapter of growth and transformation.
Slowly but surely, Wema Bank rebuilt itself over six years, restrategising with a new focus on innovation, customer centricity and transformation, thus rebranding from simply being Nigeria’s oldest indigenous bank and most resilient bank to also becoming the Bank we all know today as Nigeria’s most innovative bank.
Nigeria’s oldest indigenous bank soon began to spearhead a digital transformation in the banking industry, going beyond the Wema Mobile App, which stood on par with other mobile banking apps in the industry, to pioneering ALAT, the first fully digital bank in Africa.
This unexpected yet groundbreaking move shook the financial services industry, introducing a new era of banking where Nigerians could bank end-to-end without ever having to visit a physical branch. In its true nature of breaking new ground since birth, Wema Bank, within the past decade, has launched several industry firsts into the industry, leveraging its wealth of experience in the industry and its drive for innovation, futuristic and customer centric banking to discover new areas of need to provide solutions, meet needs and make remarkable impact.
Over the past ten years, the Bank has introduced CoopHub, Nigeria’s first digital solution for cooperative societies; the ALAT Xplore App, Nigeria’s first licensed banking app for teenagers; ALATPay, an unparalleled payment gateway that streamlines the process of conducting transactions by eliminating the need for a middleman and providing instant settlement for business transactions on the gateway.
Beyond pioneering innovation, Wema Bank has assumed the role of an enabler of innovation, empowering Nigerians to innovate on both individual and business levels. On the individual level, the Bank launched Hackaholics, its youth-focused hackathon that has empowered thousands of Nigerian youths to bring their innovative tech-driven ideas to life and become startup owners as early as their undergraduate years.
The Bank has also launched partnerships with the Federal Government of Nigeria to introduce the FGN-ALAT Digital Skillnovation Programme for Youth and Business Owners, as well as the National Youth Service Corps to introduce the NYSC-ALAT Digital Skillnovation Programme, addressing unemployment and underemployment by equipping youth with digital and business skills, financial and material resources, practical insights on how to become highly sought after in their careers, and job placements to ensure a smooth education to employment transition for them.
Currently, Wema Bank is a partner to over 80% of FINTECHs in the industry today, providing them with the infrastructure to operate and execute their operations.
Having experienced the evolution of Nigeria’s economic trends and witnessed first-hand its impact on lives and businesses, Wema Bank did the groundwork of reinventing itself to become stronger and now, the Bank is on a quest to empower Nigerians on all levels to earn a sustainable living, become economically active, thrive and contribute to the economy of the country as a whole.
Naturally, Wema Bank’s customer base and financial performance have continued to skyrocket since its reinvention and with a foolproof strategy of constantly adapting and innovating to deliver optimum value, meet needs and generate unparalleled impact, Wema Bank is evidently headed for the top of Africa’s financial industry—and it is beyond doubt at this point, that the Bank is well equipped to do so.
WEMA BANK AT 80: THE BEST IS YET TO COME
From its humble beginnings in a bungalow to over 160 branches in 26 states, to becoming a trailblazer in Africa’s banking sector, Wema Bank has proven that with determination, innovation, and a people-first approach, anything is possible. For 80 years, the Bank has stood resilient, evolving, and empowering Nigerians across all walks of life.
The journey of Wema Bank stands deeply symbolic, representing the resilience of a Bank that rose in the depth of Nigeria’s colonial struggles as an indigenous and Nigerian-owned bank, surviving the worst to emerging one of the best.
The celebration of Wema Bank’s 80th anniversary is one that calls for national honour. It is the celebration of the transformative Bank that proved that Nigerian-owned businesses have the capacity to last. For 8 decades, Wema Bank has stood the test of time, weathering all storms, navigating all hurdles and defying all odds to stand strong at 80 years, proving that the sky is indeed its starting point.
Today, Wema Bank is not just a bank—it’s an institution. An institution in the financial industry that believes in the power of individuals, businesses, and communities to rise, innovate, and make a difference. As it looks to the future, Wema Bank’s story is far from over. In fact, the best is yet to come.
