Wema Bank PLC
NNSENG:WEMABANK29.00
NGN
-1.00
(-3.33%)
Wema Bank PLC
NSENG:WEMABANK
(Nigerian Stock Exchange)
Recent
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29.00
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- -
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- Wema Bank PLC is a Nigeria-based commercial banking institution providing a comprehensive suite of retail banking, commercial banking, corporate banking, treasury, and digital financial services to individual consumers, small and medium-sized enterprises (SMEs), corporations, and public sector institutions. Founded in 1945 as Agbonmagbe Bank Limited and headquartered in Lagos, Nigeria, the bank operates across Nigeria through an extensive nationwide network of physical branches, automated teller machines, agency banking locations, and digital delivery channels. The bank organizes its operations into core business segments comprising Retail Banking, Commercial and SME Banking, Corporate and Institutional Banking, and Treasury and Financial Markets. Its primary products and services include personal banking solutions, such as savings accounts, current accounts, fixed-term deposits, target savings, salary advance facilities, consumer asset loans, personal overdrafts, and payment cards; business and SME banking services, such as working capital financing, trade finance, letters of credit, bills for collection, invoice discounting, equipment lease financing, merchant point-of-sale (POS) terminals, and collection management; corporate banking services, such as structured finance, syndicated lending, project finance, cash management, foreign exchange dealing, and liquidity management; and digital banking solutions anchored by its proprietary digital platform ALAT by Wema, which offers digital account onboarding, automated savings goals, virtual and physical cards, instant credit facilities, utility bill payments, ALAT for Business for corporate cash flow and payroll management, the ALATPay payment gateway, open banking application programming interfaces (APIs), and USSD mobile banking. In recent developments, Wema Bank has pursued significant capital raising and recapitalization exercises, including rights issues and equity offerings designed to strengthen its capital base and satisfy the Central Bank of Nigeria's revised regulatory minimum capital requirements for commercial banks. The institution has expanded strategic public-private partnerships, including collaborating with the Federal Government of Nigeria on the FGN-ALAT Digital Skillnovation Programme to deliver technology training, mentorship, and business incubation to millions of Nigerian youths and micro-enterprises. Additionally, the bank has accelerated its digital transformation through continuous enhancements to ALATPay merchant infrastructure, integrations with emerging fintech ecosystems, and the expansion of targeted market propositions such as SARA by Wema, which delivers dedicated credit lines, capacity building, and financial services to women entrepreneurs.