Wema Bank, which started from a very humble and modest beginning has made a name for itself not just as Nigeria’s oldest indigenous and most resilient bank but also a beacon of hope and empowerment for Nigerians, writes Oluchi Chibuzor

How It All Began

Wema Bank, founded by the late Chief Matthew Adekoya Okupe, is an indigenous financial institution created by dint of hard work, modesty, resilience and innovation, was formerly known as Agbonmagbe Bank. Prior to its establishment, the financial institution which is now known as Wema Bank, had gained huge patronage of many people and entities.

One of these entities was the Western Marketing Board. At one point, the Western Marketing Board (WMB) had deposited close to 200,000 pounds in a fixed deposit account in Agbonmagbe Bank.

It happened that at that time, the money was converted into shares and coincidentally, the government raised the capital base of banks at that period. But unfortunately, the time was too short for the bank to raise that money to meet the condition set by the government, the Western Marketing Board decided to convert the money it saved in a fixed account in Agbonmagbe Bank to shares and on converting the money, automatically become the majority shareholder and thereafter took over the bank.

According to Alaba Adegboyega Okupe, the eldest surviving son of the late founder of  Wema Bank, Chief Matthew Adekoya Okupe, who witnessed the bank’s transformation stated that  the bank thereafter changed its name from Agbonmagbe  Bank to Wema Bank and that the bank was duly incorporated on May 2, 1945. Alaba added that the bank commenced operations as a legally licensed bank two days later.

He also said that the bank which is today known as Wema Bank started from a very humble and modest beginning has made a name for itself not just as Nigeria’s oldest indigenous and most resilient bank but also a beacon of hope and empowerment for Nigerians.

He submitted that Wema Bank has transformed from championing innovative solutions that bridge gaps to delivering of practical and impactful services to banking the unbanked across the length and breadth of Nigeria, thereby setting the pace for other the banking industry to thrive and empower the next generation.

Adegboyega Okupe’s Optimism

According to him, “I believe that Wema Bank is equipped to carry for another century, perhaps even more. I see the work Wema Bank is doing and it is highly commendable to say the least. The bank had previously reached about a decade ago during its 70^th anniversary celebration in 2015, extending an invitation to us to attend the event and Wema bank made a courteous gesture by giving us 2,000,000 of ordinary shares of 50 kobo each which is commendable.

“More recently, I got a visit from some of the staff and executive of Wema Bank and we had some very insightful discussions and they also extended a verbal invitation to us to the 80^th anniversary celebration ahead of the physical invitation. I look forward to celebrating this great milestone with Wema Bank.”

“Honestly, I am happy and grateful to be alive in my 80s to see the vision that my father foresaw in 1945 also become 80 years strong. What my father’s trailblazing act of service to his indigenous people has not only grown to become the longest standing indigenous bank in Nigeria but also a trailblazer in innovative banking and financial services. It is a beautiful thing to see such resilience, growth and impactful transformation 

“It is a pleasure to see that Wema Bank is flourishing and growing from strength to strength. It is God who implanted the idea in 1945 and it was from a humble beginning. I wish Wema Bank a happy 80^th anniversary. More grease to your elbows, future developments and limitless growth. The sky is your stepping stone.” He concluded.

Beyond the above, the bank has achieved some milestones, which includes: the renaming of the of the bank from Agbonmagbe bank to Wema Bank in 1969, securing regional banking in 2009, transition to a national bank in 2015 and pioneered Africa’s first fully digital bank with the introduction of ALAT F

Former Board Chairman’s Testament

Also speaking on the Wema Bank At 80:  A Testament To Growth, Innovation And Legacy, the former Chairman of the Board of Directors, Wema Bank (December 2012 to May 2017), Adeyinka Asekun, stated that he was at Wema Bank during at a time he described as not only a consequential period but also a period that was very pivotal to the making or the breaking of the bank.  He added that it was a time of great challenge in Wema Bank and that he believed God helped the institution to overcome the challenge.

“I always like to recall that during that period, there were several key things that took place that were important and I give the credit to the management and the board. The management was very professional, very focused, very disciplined, and capable of thinking strategically. The board on its part was very cohesive, very united, and very trusting. The board trusted members trusted one another, which I thought was important. So several key things took place. The first thing I would like to mention is that the bank was able to recapitalise. We had a problem with capital, which was resolved. We were able to get a strategic investor. We were able to recapitalise the bank. That was one.

“The second thing is that during that period we returned to profitability. The bank had been making losses but during that period we were able to start making a profit again. During that period the bank was able to upgrade from a regional banking license to a national banking license which also was a very, very significant thing.

“During that period also, exactly to be precise, when the bank turned 70 in 2015, we were able to rebrand the bank and breathe fresh life into the brand. So from previously looking like a grandfather bank, we became a more vibrant, dynamic bank,” he said.

Major Milestones

Adeyinka posited that the final thing which happened before he stepped down as Chairman in 2017 was that on May 2,  2017, when the bank turned 72 years old, it  launched Nigeria’s first fully digital bank; ALAT, which  according to him was in a sense the crowning glory of that period.

He pointed out that it was a very pivotal time during the affairs of the bank, and it changed the trajectory of the bank altogether.

“I look back at that period with fondness. I went on to become Nigeria’s High Commissioner to Canada, which I did for another six years. But I look back at this period with great fondness. I am really thrilled with the management; I describe the management in very glowing terms, and it is for a reason. I think the results speak for themselves. Beyond the profitability, you are looking at viability. You are looking at a bank which has redefined itself. The bank has been transformed.” he said. 

 Speaking further on the bank’s innovation ALAT, Adeyinka said, “ALAT has won all manner of awards, over 30 awards, for being surely innovative, and successful, and impactful. And Wema Bank ‘s  transformation is being studied as a case study in Lagos Business School and the George Business School, University of Cambridge.”

Still speaking on innovation, the former Chairman said that Wema Bank was able to survive, make profit and return to viability despite the challenges.

“We were once again a viable growing concern. But you need to move beyond just surviving. How do you now thrive? And we were in an industry that had a lot of very heavy hitters. There were some banks with massive balance sheets that were obviously able to do all kinds of big transactions and big business. So we needed to define a niche for ourselves where we could be viable and thrive and technology was a means to an end because by that time one of the challenges the bank faced was that it needed to capture a younger target market. And what did those people require?

“They required convenience. They required solutions that were nimble and worked for them. Technology was a means to an end. Technology was our means of being able to reach out to these people and meet their needs because you are looking at a generation that is very tech-savvy. We know that the youths who are at the bulk of our population are very much into technology. But the idea was to get the right technology so it is not just about deploying technology but deploying it properly. And a digital bank made a lot of sense.

“There was a lot of research that was done by the bank. It was not just a question of pie in the sky. There was research that was conducted that made it quite clear that the digital bank was something that the market was waiting for. And ALAT was birthed.” Adeyinka said.

The future of Wema Bank he insisted, is very, very bright, as the bank has  displayed  an ability to reinvent itself and an ability to innovate, adding that its ability to innovate is very, very important and that the bank has shown itself able to do that.

According to him, “If you look at what the bank has done, you look at ALAT for Business, you look at SARA, ALAT Xplore, Coop Hub, Hackaholics etc. you see an ongoing effort to keep on doing new things, to take on new segments, and meet new needs. And as far as you keep the customer as your focus and the center of what you are doing, the sky is the limit. The bank has also shown itself to be able to respond quickly to situations and circumstances. So, I am very, very optimistic about the future for the bank.”

Wema Bank’s Legacy

On Wema Bank’s legacy, the ex-Chairman of the Board of Directors posited that several banks have gone under between the year 1988 till the 2017, when he stepped down as the Chairman of Wema Bank, adding that Wema Bank over the years has not only deployed technology to make its operation seamless but that beyond that it has also embraced innovation which, he said has won several awards because of its acceptance.

He commended the bank for weathering the regulatory storm and for demonstrating resilience and adaptability to operate for 80 years, adding that the feat is an uncommon one and deserves commendation for the enviable legacy

“In looking at an industry, if you look at the number of banks, I worked in the banking industry effectively from November 1988 till I stepped down as chairman of Wema from 2017. The number of banks that I have seen that have failed in Nigeria, and I can think of at least 79 banks that have failed. So, for a bank to be around for 80 years is a legacy. It is something to look back at with a lot of pride and to hope that the future will certainly be bright, and I believe it will be,” he said.

Congratulating Wema Bank on its 80^th anniversary celebration, Adeyinka said, “I say 80 looks good. I say the best is yet to come. I say that we have achieved a lot of things in the past, but the future is much brighter. Keep on innovating. Keep on keeping the customer at the focus and keep on winning. God bless”