Wema Bank, Nigeria’s foremost innovative financial institution and the pioneer of Africa’s first fully digital bank, stands as a beacon of resilience, innovation, and unwavering commitment to Nigeria’s financial sector. Established in 1945, Wema Bank has not only survived the test of time but has also thrived, evolving into one of Nigeria’s most dynamic and forward-thinking financial institutions. Over the decades, the bank has played a pivotal role in shaping the Nigerian economy, introducing groundbreaking products, and setting benchmarks for excellence in the banking industry.
From its humble beginnings as Agbonmagbe Bank Limited to its status as the pioneer of Africa’s first fully digital bank, Wema Bank’s journey is a testament to its ability to adapt, innovate, and lead. As we celebrate this remarkable milestone, let’s take a journey through the key moments that have defined Wema Bank’s legacy over the past eight decades.
The Early Years: Laying the Foundation (1945–1970)
Wema Bank was founded on May 2, 1945, as Agbonmagbe Bank Limited, by the late Chief Mathew Adekoya Okupe, a visionary entrepreneur. The bank began operations in Lagos, Nigeria’s commercial hub, with a mission to provide financial services to individuals and businesses. At a time when Nigeria was still under colonial rule, Agbonmagbe Bank was one of the few indigenous banks that championed financial inclusion for Nigerians.
In its early years, the bank focused on providing basic banking services such as savings accounts, loans, and money transfers. It quickly gained a reputation for reliability and customer-centricity, which helped it build a loyal customer base.
Starting with its first branch in Lagos, Nigeria’s bustling commercial hub, the bank quickly expanded to Ebute-Metta, Sagamu, Abeokuta, and Ijebu-Igbo. Its mission was simple yet profound: to provide accessible financial services to individuals and businesses. By offering savings accounts, loans, and money transfers, Agbonmagbe Bank built a reputation for reliability and customer-centricity, laying a solid foundation for future growth.
In 1969, the bank rebranded to Wema Bank Limited, signaling a broader vision and a commitment to regional integration. This marked the beginning of its transformation into a formidable player in Nigeria’s financial sector.
The 1970s: Transformation and Expansion
The 1970s marked a significant turning point for Wema Bank. In 1970, the bank changed its name from Agbonmagbe Bank Limited to Wema Bank Limited, reflecting its desire to modernize and expand its reach. This decade also saw the bank embrace technological advancements, such as the introduction of computerized banking systems, which improved efficiency and customer service.
During this period, Wema Bank played a crucial role in supporting Nigeria’s post-independence economic development. The bank provided financing for small and medium-sized enterprises (SMEs), which were the backbone of the Nigerian economy. It also supported infrastructure projects, such as road construction and electricity generation, which were critical to the country’s growth.
The 1980s and 1990s: Navigating Economic Challenges
The late 1980s and early 1990s were pivotal for Wema Bank. In 1987, it transitioned to a public limited liability company, a move that culminated in its listing on the Nigerian Stock Exchange in 1990 under the ticker symbol WEMABANK. This public listing not only enhanced its capital base but also increased transparency, corporate governance, and investor confidence. The bank’s commitment to comprehensive banking services was further solidified in 2001 when it obtained a Universal Banking License, enabling it to diversify its offerings across retail, commercial, and corporate banking sectors. The bank implemented strategic reforms to strengthen its operations and maintain its financial stability.
In the 1990s, Wema Bank continued to innovate, introducing new products and services to meet the evolving needs of its customers. The bank launched its first automated teller machines (ATMs), making it one of the pioneers of digital banking in Nigeria. It also introduced foreign exchange services, which facilitated international trade and investment.
The 2010s: Strengthening Financial Inclusion & Embracing Digital Transformation
The 2010s were a decade of growth and expansion for Wema Bank. The bank continued to innovate, launching new products and services to promote financial inclusion. One of the key initiatives during this period was the introduction of agency banking, which allowed the bank to reach underserved communities in rural areas.
Wema Bank also partnered with various organizations to provide financial literacy programs and support for SMEs. These initiatives helped to empower individuals and businesses, contributing to poverty reduction and economic development.
In 2015, Wema Bank celebrated its 70th anniversary, marking eight decades of excellence in banking. The bank used this milestone to reflect on its achievements and reaffirm its commitment to delivering value to its customers and stakeholders.
The turn of the century ushered in a new era of digital transformation for Wema Bank. Recognizing the potential of technology to revolutionize banking, the bank invested heavily in digital infrastructure and innovation. Wema Bank emerged as a trailblazer with the launch of ALAT by Wema on May 2, 2017. Celebrated as Nigeria’s first fully digital bank, ALAT revolutionized banking by allowing customers to perform all banking activities via mobile devices without visiting physical branches. This innovation not only enhanced customer convenience but also set new standards in the banking industry. Within its first year, ALAT garnered over 250,000 customers and accumulated deposits exceeding NGN 1.6 billion, underscoring the market’s positive reception. The success of ALAT exemplifies Wema Bank’s commitment to leveraging technology to meet evolving customer needs.
In 2017, Wema Bank launched ALAT, Nigeria’s first fully digital bank. ALAT allowed customers to open accounts, transfer funds, and access other banking services entirely online, without the need to visit a physical branch.
ALAT was a game-changer for Wema Bank and the Nigerian banking industry. It not only attracted a new generation of tech-savvy customers but also positioned Wema Bank as a leader in digital banking. The success of ALAT inspired other banks to follow suit, accelerating the adoption of digital banking in Nigeria.
Empowering Women: The Launch of Sara by Wema
Recognizing the critical role women play in driving economic growth and development, Wema Bank identified the need for a specialized platform that catered to their unique challenges and aspirations. This led to the launch of Sara by Wema, a dedicated proposition designed to empower women across all walks of life—entrepreneurs, professionals, homemakers, and students. More than just a banking service, Sara by Wema provides a holistic ecosystem of financial support, healthcare benefits, and community-building opportunities, equipping women with the necessary tools to thrive and achieve their dreams.
Sara by Wema is built on a strong foundation that addresses the unique needs of women. It provides access to financial resources through tailored loan products that support business expansion, education, and personal development. These loans come with competitive interest rates and flexible repayment plans, ensuring accessibility and affordability. By bridging the financial gap for women, Wema Bank fosters an environment where women-led businesses can grow and flourish.
Understanding the importance of health in achieving personal and professional goals, Sara by Wema offers healthcare benefits such as discounted medical check-ups, health insurance packages, and wellness programs. By prioritizing women’s health, the initiative ensures that they can focus on their ambitions without the burden of medical uncertainties.
Beyond banking, Sara by Wema creates a vibrant community where women can connect, share experiences, and learn from one another. Through workshops, seminars, and networking events, the platform fosters collaboration and mentorship, ensuring that women have the necessary support system to succeed.
A key feature of Sara by Wema is its commitment to supporting women entrepreneurs. Small and medium-sized enterprises (SMEs) owned by women often face significant challenges in accessing credit and financial services. Sara by Wema addresses this gap by providing business loans, financial literacy training, and mentorship programs. A female entrepreneur looking to expand her fashion business can access a Sara loan to purchase equipment, hire staff, or open a new store. Additionally, she can benefit from the platform’s networking events to connect with other entrepreneurs and industry experts, gaining valuable insights and opportunities for collaboration.
Sara by Wema is also a powerful tool for promoting financial inclusion among women, particularly those in underserved and rural communities. By offering accessible banking services and financial education, the initiative empowers women to take control of their finances, save for the future, and invest in their personal and professional growth. It fosters a sense of belonging among women, encouraging them to support one another, share their stories, and celebrate their achievements. This approach has strengthened the bond among women and inspired many to pursue their goals with confidence.
Since its launch, Sara by Wema has transformed the lives of countless women. From budding entrepreneurs who have scaled their businesses to mothers who have accessed healthcare services for their families, the initiative has made a tangible impact. One such success story is that of a small-scale farmer who used a Sara loan to purchase modern farming equipment, significantly increasing her yield and income.
Sara by Wema aligns with global efforts to achieve gender equality and women’s empowerment, as outlined in the United Nations Sustainable Development Goals (SDGs). By providing women with the tools and resources they need to succeed, Wema Bank contributes to a more inclusive and equitable society. The success of Sara by Wema is evident in the impressive milestones it has achieved, having empowered over 50,000 women, disbursed over NGN 5 billion in loans, and facilitated significant business growth. Women who have accessed Sara loans report remarkable progress in their businesses, demonstrating the transformative impact of the initiative. Additionally, its financial literacy programs have led to a substantial increase in women’s understanding of financial management and investment opportunities.
Sara by Wema is more than just a banking product—it is a movement that celebrates and empowers women. By addressing their unique needs and challenges, Wema Bank has once again demonstrated its commitment to innovation, inclusivity, and nation-building. As Sara by Wema continues to grow, it will remain a beacon of hope and empowerment, ensuring that women have the resources and support needed to turn their aspirations into reality.
The 2020s: Leading the Future of Banking & Financial Milestones
Wema Bank’s financial trajectory over the decades reflects strategic planning and operational excellence. In 2023, the bank reported a pre-tax profit of N30.46 billion, marking a 104.7% increase from the previous year. This impressive growth was driven by a 61.4% rise in gross earnings, totaling N214.70 billion. The surge in interest income, which grew by 68.34% to N181.87 billion, played a significant role in this financial upturn. Additionally, loans and advances to customers saw a substantial increase of 53.88%, reaching N802.36 billion. These figures not only highlight Wema Bank’s financial health but also its expanding role in providing credit facilities to various sectors.
The upward trajectory continued into 2024, with the bank reporting staggering unaudited financial results that further solidified its growth momentum. Profit before tax soared to N102.105 billion, reflecting a 134% increase from the previous year, while gross earnings surged by 89.61% to N430.259 billion. Additionally, profit after tax experienced a remarkable 146.84% increase, reaching N88.834 billion. These outstanding results underscore Wema Bank’s strategic focus on core banking operations, its commitment to financial sustainability, and its ability to effectively adapt to market dynamics.
Product Innovation and Diversification
Beyond ALAT, Wema Bank has consistently introduced products tailored to meet the diverse needs of its clientele. The launch of ALAT for Business exemplifies this commitment, offering corporate clients a seamless platform to manage their finances digitally. This service caters to both SMEs and large enterprises, providing features that streamline operations and enhance efficiency. By focusing on digital solutions, Wema Bank has positioned itself as a forward-thinking institution, ready to meet the challenges of a rapidly evolving financial landscape.
Contributions to Nigeria’s Economic Development
Wema Bank’s contributions to the Nigerian economy over the past 80 years cannot be overstated. The bank has been a driving force in financial inclusion, SME support, and infrastructure development, ensuring that individuals and businesses have access to the financial tools needed to thrive. Through initiatives like the SME Business School, Export Trade Academy, FGN ALAT & NYSC Skillnovation Program, and strategic partnerships with Naija Brand Chick and the Nigeria Philanthropy Office, Wema Bank has actively nurtured entrepreneurship, expanded access to financial services, and accelerated economic growth.
Recognizing that SMEs are the backbone of the Nigerian economy, Wema Bank established the SME Business School to provide entrepreneurs with the knowledge and resources necessary to grow their businesses. This program goes beyond financing; it offers hands-on training in business management, financial planning, marketing strategies, and digital transformation. By equipping business owners with the right skills, the SME Business School ensures that startups and growing enterprises can navigate challenges, scale their operations, and contribute meaningfully to the economy.
To further support business expansion, Wema Bank introduced the Export Trade Academy, a platform designed to prepare Nigerian businesses for the global market. Many SMEs struggle with the complexities of exportation, including trade regulations, financing, and global market access. Through this academy, business owners receive specialized training on export financing, compliance with international trade laws, and strategies for penetrating foreign markets. By bridging the knowledge gap in export trade, Wema Bank is not only fostering economic diversification but also boosting Nigeria’s foreign exchange earnings.
In line with its commitment to youth empowerment, Wema Bank collaborated with the Federal Government to launch the FGN ALAT & NYSC Skillnovation Program. This initiative targets young graduates undergoing their National Youth Service Corps (NYSC), equipping them with entrepreneurial training, financial management skills, and access to digital banking tools via ALAT. With Nigeria’s youth unemployment rate on the rise, the Skillnovation Program is designed to shift the mindset of young Nigerians from job seekers to job creators, empowering them with the skills and financial knowledge needed to build sustainable businesses and also understanding the crucial role of businesses and meeting with customers in different regions. Wema Bank partnered with Naija Brand Chick, a platform dedicated to supporting business owners. Through this partnership, thousands of women-led businesses have gained access to funding, mentorship, and business growth strategies. By investing in female entrepreneurship, Wema Bank is fostering inclusivity and ensuring that women have equal opportunities to succeed in the business landscape.
Further expanding its reach, Wema Bank collaborates with the Nigeria Philanthropy Office (NPO) to provide financial support to SMEs in various sectors, particularly those in underserved communities. Many small businesses face challenges accessing capital, which limits their ability to grow. Through its work with the NPO, Wema Bank ensures that these businesses receive the necessary funding to scale, create jobs, and contribute to local economies.
Beyond SME development, Wema Bank has been a trailblazer in digital banking, pioneering Africa’s first fully digital bank, ALAT. By leveraging technology to offer seamless banking solutions, the bank has transformed the way Nigerians access financial services, making banking more efficient, inclusive, and customer-centric. This innovation has set a benchmark for the financial sector, inspiring other institutions to embrace digital transformation.
Wema Bank’s influence extends beyond banking—it plays an active role in supporting critical sectors such as agriculture, manufacturing, and services. Through strategic lending, business advisory services, and tailored financial products, the bank has facilitated expansion across multiple industries, leading to job creation and an overall increase in GDP.
As Wema Bank continues to push the boundaries of financial innovation, its impact on the Nigerian economy remains undeniable. Through its commitment to entrepreneurship, digital banking, and financial inclusion, the bank is not just a financial institution—it is a catalyst for economic transformation. By empowering businesses, supporting youth and women, and pioneering technological advancements, Wema Bank is shaping a stronger, more resilient economy for future generations.
Commitment to Sustainability and Responsible Banking
In alignment with global best practices, Wema Bank has embraced sustainability as a core aspect of its operations. As a founding signatory of the Principles for Responsible Banking, the bank is dedicated to aligning its business strategies with the Sustainable Development Goals and the Paris Agreement on Climate Change. This commitment is evident in its efforts to finance projects that promote environmental sustainability, social inclusion, and economic development. By integrating these principles, Wema Bank not only enhances its corporate responsibility but also contributes to the broader goal of sustainable development in Nigeria.
Through various strategic initiatives, Wema Bank has significantly impacted financial inclusion, ensuring that individuals and businesses gain access to essential financial services. Over 13,700 beneficiaries have been reached through programs aimed at expanding financial literacy, increasing digital banking adoption, and facilitating access to credit. These efforts empower communities and foster economic growth, enabling more Nigerians to participate in the formal financial system.
Education remains a critical focus area for the bank, as it recognizes the role of knowledge in shaping a sustainable future. Wema Bank has empowered more than 11,500 individuals through scholarships, literacy programs, and digital learning initiatives. Additionally, during the International Day of the Girl Child, 350 female students benefited from impactful mentorship sessions led by Director Bolanle Matel-Okoh, reinforcing the bank’s commitment to gender equality in education. Other notable initiatives include the International Day of Education, which reached 350 students in Lagos and Abeokuta, and International Literacy Day, where 542 students were trained on multilingualism for peacebuilding.
Beyond education, Wema Bank has prioritized health-related interventions to enhance community well-being. On World Malaria Day, the bank provided free mosquito nets and health screenings to over 1,500 beneficiaries at Alafia Community, Mushin, reducing the risk of malaria and improving public health. Similarly, during Breast Cancer Awareness Month, 100 women in Lagos received free breast scans, reinforcing the bank’s dedication to preventive healthcare and early detection.
Environmental sustainability is another core pillar of Wema Bank’s responsible banking strategy. The bank has undertaken several initiatives to reduce carbon emissions, promote waste management, and support community-driven environmental efforts. During World Cleanup Day, it recovered 2,650.3 kg of waste across Lagos, Abeokuta, and Port Harcourt, benefiting over 60,000 people. On World Environment Day, 1,350 individuals participated in cleanup activities, further emphasizing the importance of environmental stewardship. Additionally, in Ondo State, the bank facilitated the evacuation of 1,757 kg of waste and recyclables from the Surulere, Okelisa, and Iya Alaje communities, positively impacting 25,000 residents. Through these efforts, Wema Bank has successfully reduced its carbon emissions by 300 metric tonnes and achieved significant energy savings.
The bank’s commitment to Environmental, Social, and Governance (ESG) principles is evident in its robust training programs. Over 3,000 individuals have been educated on ESG practices, ensuring widespread awareness of responsible business operations. Wema Bank’s iVolunteer Program has also experienced remarkable growth, with over 1,400 employees contributing 4,566 volunteer hours in 2024—an impressive 128.3% increase from the previous year. This program underscores the bank’s dedication to social impact through employee engagement and community service.
Wema Bank’s sustainability leadership has earned it widespread recognition. At the Global Sustainable Finance Awards 2024, the bank received three prestigious accolades, reaffirming its position as a frontrunner in sustainable banking. Additionally, its ESG rating was upgraded to Bbb+, reflecting its commitment to corporate governance and ethical banking practices. In furtherance of its transparency and accountability in sustainability reporting, Wema Bank achieved a significant milestone by receiving Federal Reporting Council of Nigeria (FRCN) approval for the voluntary adoption of IFRS S1 & S2 standards.
Underpinning all these initiatives is a strong financial commitment. Wema Bank has disbursed over $50 million in impact funding, supporting sustainability programs across financial inclusion, education, healthcare, environmental conservation, and women’s empowerment. By strategically channeling resources into these areas, the bank continues to create lasting value for individuals and communities, reinforcing its role as a responsible financial institution.
As Wema Bank continues to drive sustainable banking, its unwavering focus on financial inclusion, education, health, environmental conservation, and governance ensures that its impact is both meaningful and far-reaching. Through a combination of strategic investments, innovative programs, and strong stakeholder engagement, the bank is fostering a more inclusive and environmentally conscious society. With sustainability at the heart of its operations, Wema Bank remains dedicated to shaping a better future for generations to come.
Celebrating 80 Years of Impact, Future of Possibilities.
As Wema Bank marks 80 years of excellence, it celebrates not just a legacy of impact but a future brimming with possibilities. For eight decades, the bank has been a pillar of resilience, innovation, and financial empowerment, adapting to changing times while staying true to its commitment to customers, businesses, and the economy. From pioneering Africa’s first fully digital bank, ALAT, to driving financial inclusion, SME growth, and sustainability initiatives, Wema Bank has not only built a strong legacy but also paved the way for a more inclusive and sustainable future and has consistently set benchmarks in the financial industry. Milestones such as the IFRS standards adoption, improved ESG ratings, and groundbreaking community programs further reinforce the bank’s leadership in responsible banking.
Looking ahead, Wema Bank remains dedicated to driving digital transformation, empowering businesses, and fostering economic growth. As it steps into the future, the bank continues to embrace innovation, sustainability, and customer-centric solutions, ensuring that the next chapter is even more impactful.
Here’s to 80 years of driving progress—and to a future filled with endless possibilities!
