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{{reliable sources|date=May 2024}}
{{Infobox company
{{Infobox company
| name = Wema Bank Plc.
| name = Wema Bank Plc.
Line 6: Line 7:
| foundation = 2 May 1945
| foundation = 2 May 1945
| location = 54 Marina, [[Lagos Island]] [[Lagos State]], [[Nigeria]]
| location = 54 Marina, [[Lagos Island]] [[Lagos State]], [[Nigeria]]
| key_people = [[Ademola Adebise]], [[Managing Director]]/[[Chief executive officer]];<br/>Babatunde Kasali, [[Chairman]]
| key_people = [[Moruf Oseni]], [[Managing Director]]/[[Chief executive officer]];<br/>Dr (Mrs) Oluwayemisi Olorunshola, [[Chairman]]
| industry = [[Financial services]]
| industry = [[Financial services]]
| services = Banking
| services = Banking
| products = [[Retail banking]], [[Commercial bank]]ing, [[Corporate banking]]
| products = [[Retail banking]], [[Commercial bank]]ing, [[Corporate banking]]
| revenue =
| revenue =
| assets = $2.52bn (2021)<ref>{{Cite web|url=https://wemabank.com/announce-growth-in-profit/}}</ref>
| assets = $2.52bn (2021)<ref>{{Cite web|url=https://wemabank.com/announce-growth-in-profit/|title=WEMA BANK Announces 108.3% Growth in Profit Before Tax and Total Assets Now Above ₦1Trillion |date=5 April 2022 |access-date=13 March 2023}}</ref>
| num_employees = 3500+
| num_employees = 3500+
| homepage = {{URL|http://www.wemabank.com}}
| homepage = {{URL|http://www.wemabank.com}}
}}
}}


'''Wema Bank Plc''', commonly known as '''[[ALAT By Wema|Wema Bank]]''', is a Nigerian [[commercial bank]]. It is licensed by the Central Bank of Nigeria; the regulator of the nation's banking sector. As of 2019, Wema bank operates the largest digital banking system in Nigeria, [[ALAT By Wema]], which is fully in use in all of the nation's thirty seven states and territory.
'''Wema Bank Plc''', commonly known as '''[[ALAT By Wema|Wema Bank]]''', is a Nigerian [[commercial bank]]. It is licensed by the Central Bank of Nigeria; the regulator of the nation's banking sector. As of 2019, Wema bank operates the largest digital banking system in Nigeria, [[ALAT By Wema]], which is fully in use in all of the nation's thirty six states and federal capital territory.


==History==
==History==
Line 51: Line 52:
|}
|}


⚫
==Digital Transformation (ALAT By Wema)==

⚫
'''ALAT''' also known as '''ALAT by Wema''' is a [[digital bank]] based in Nigeria. The bank is branchless and paperless.
Wema Bank launched the first fully digital bank in Nigeria, ALAT By Wema, in May 2017. ALAT allows users to carry out all of their banking needs using a mobile phone, PC, or tablet without having to enter a physical bank.


==History==
==History==
Line 58: Line 60:


==ALAT For Business==
==ALAT For Business==
ALAT For Business is the corporate version of ALAT. Wema ALAT for Business is an advanced corporate internet banking platform offered by Wema Bank. It is specifically designed to cater to the needs of corporate and SME customers. With ALAT for Business, you can access your business accounts, perform financial transactions, and manage your finances online. <ref>{{Cite web|url=https://bbankbusiness.com/wema-alat-for-business/|title=Wema ALAT for Business |date=August 10, 2023|website=www.bbankbusiness.com/}}</ref>
ALAT For Business is the corporate version of ALAT.


==Leadership==
==Leadership==
Mr Babatunde Kasali is the Chairman of the Bank; [[Ademola Adebise]] is the Managing Director/CEO.
Dr (Mrs) Oluwayemisi Olorunshola<ref>https://www.vanguardngr.com/2023/06/wema-bank-appoints-olorunshola-as-new-board-chairman/</ref> is the Chairman of the Bank; Moruf Oseni is the Managing Director/CEO.


==Branch Network==
==Branch Network==
[[ALAT By Wema|Wema Bank]] operates a network of over 149 branches and service stations backed by a robust ICT platform across Nigeria. Wema Bank today has become one of the Founding Signatories of the Principles and for Responsible Banking, committing to strategically align its business with the Sustainable Development Goals and the [[Paris Agreement]] on Climate Change.<ref>{{Cite web|url=https://www.newtelegraphng.com/2019/09/wema-bank-partners-unep-on-climate-action/|title=Wema Bank partners UNEP on climate action|date=September 24, 2019|website=www.newtelegraphng.com/}}</ref>
[[ALAT By Wema|Wema Bank]] operates a network of over 149 branches and service stations backed by a robust ICT platform across Nigeria. Wema Bank today has become one of the Founding Signatories of the Principles and for Responsible Banking, committing to strategically align its business with the Sustainable Development Goals and the [[Paris Agreement]] on Climate Change.<ref>{{Cite web|url=https://www.newtelegraphng.com/2019/09/wema-bank-partners-unep-on-climate-action/|title=Wema Bank partners UNEP on climate action|date=September 24, 2019|website=www.newtelegraphng.com/}}</ref>

⚫
==Digital Transformation==
⚫
'''ALAT By Wema'''
Wema Bank launched the first fully digital bank in Nigeria, '''[[ALAT By Wema]]''', in May 2017. In a bid to redefine experiential banking in Nigeria, the branchless, paperless bank reduced the stress of having to walk into a branch to open an account with a seamless sign up process using a mobile phone, PC or tablet.


==Hackaholics – The Wema Bank Hackathon==
==Hackaholics – The Wema Bank Hackathon==
In March 2019, it hosted Hackaholics - its first [[hackathon]].<ref>{{Cite web|url=https://punchng.com/wema-bank-boosts-tech-sector-with-hackaholics/|title=Wema Bank boosts tech sector with Hackaholics}}</ref><ref>{{Cite web|url=https://thenerveafrica.com/28638/nigerias-wema-bank-hopes-to-birth-disruptive-innovations-through-hackaholics/|title=Nigeria's Wema Bank hopes to birth disruptive innovations through Hackaholics|date=April 5, 2019|website=The Nerve Africa}}</ref>
In March 2019, it hosted Hackaholics - its first [[hackathon]].<ref>{{Cite web|url=https://punchng.com/wema-bank-boosts-tech-sector-with-hackaholics/|title=Wema Bank boosts tech sector with Hackaholics|date=28 February 2019 }}</ref><ref>{{Cite web|url=https://thenerveafrica.com/28638/nigerias-wema-bank-hopes-to-birth-disruptive-innovations-through-hackaholics/|title=Nigeria's Wema Bank hopes to birth disruptive innovations through Hackaholics|date=April 5, 2019|website=The Nerve Africa}}</ref>. The Hackaholics has become an annual event since inception.


==See also==
==See also==

Revision as of 07:28, 16 May 2024

Wema Bank Plc.
Company typePublic company
NGX: WEMABANK
IndustryFinancial services
Founded2 May 1945
Headquarters54 Marina, Lagos Island Lagos State, Nigeria
Key people
Moruf Oseni, Managing Director/Chief executive officer;
Dr (Mrs) Oluwayemisi Olorunshola, Chairman
ProductsRetail banking, Commercial banking, Corporate banking
ServicesBanking
Total assets$2.52bn (2021)[1]
Number of employees
3500+
Websitewww.wemabank.com

Wema Bank Plc, commonly known as Wema Bank, is a Nigerian commercial bank. It is licensed by the Central Bank of Nigeria; the regulator of the nation's banking sector. As of 2019, Wema bank operates the largest digital banking system in Nigeria, ALAT By Wema, which is fully in use in all of the nation's thirty six states and federal capital territory.

History

Structure of Wema Bank office

The bank was established on May 2, 1945, as a private limited liability company (under the old name of Agbonmagbe Bank Limited). The bank was founded on May 2, 1945 as Agbonmagbe Bank by the Late Chief Mathew Adekoya Okupe. He set up the first branches of the bank which were in Ebute-metta, Sagamu, Abeokuta and Ijebu-Igbo. The bank remained his until it was taken over by Western Nigeria Marketing Board and later renamed Wema Bank Limited in 1969. Since then, Wema Bank has gone on to be Nigeria's longest surviving indigenous bank. It was granted a commercial banking license and commenced banking activities during the same year. Wema Bank converted to a public limited liability company in 1987. In 1990, the Bank was listed on the Nigerian Stock Exchange. It trades under the symbol: WEMABANK. It was granted a Universal Banking License in February 2001.[2]

In December 2015, Wema became a national bank, with a capital base of over N43.8billion having met the regulatory requirements for the National Banking license as stipulated by the Central Bank of Nigeria [3][4]

Ownership

Wema Bank Plc. is a publicly-traded limited liability company, trading under the symbol WEMABANK on the Nigerian Stock Exchange. According to the company website, the shareholding in the bank is as depicted in the table below:[5]

Centenary Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Neemtree Limited 27.54
2 Odu'a Investment Company Limited 10.01
3 Petrotrab Limited 8.54
4 SW8 Investment Limited 8.02
5 Other Private Investors 45.89
Total 100.0

Digital Transformation (ALAT By Wema)

Wema Bank launched the first fully digital bank in Nigeria, ALAT By Wema, in May 2017. ALAT allows users to carry out all of their banking needs using a mobile phone, PC, or tablet without having to enter a physical bank.

History

ALAT was launched on May 2, 2017 by Wema Bank Plc, a Nigerian commercial bank. During its first year, ALAT by Wema acquired more than 250,000 customers responsible for well over NGN 1.6bn ($4.48m) in general deposits. In 2018, the bank closed in the NGN 1bn ($2.78m) mark in terms of deposits into savings accounts.

ALAT For Business

ALAT For Business is the corporate version of ALAT. Wema ALAT for Business is an advanced corporate internet banking platform offered by Wema Bank. It is specifically designed to cater to the needs of corporate and SME customers. With ALAT for Business, you can access your business accounts, perform financial transactions, and manage your finances online. [6]

Leadership

Dr (Mrs) Oluwayemisi Olorunshola[7] is the Chairman of the Bank; Moruf Oseni is the Managing Director/CEO.

Branch Network

Wema Bank operates a network of over 149 branches and service stations backed by a robust ICT platform across Nigeria. Wema Bank today has become one of the Founding Signatories of the Principles and for Responsible Banking, committing to strategically align its business with the Sustainable Development Goals and the Paris Agreement on Climate Change.[8]

Hackaholics – The Wema Bank Hackathon

In March 2019, it hosted Hackaholics - its first hackathon.[9][10]. The Hackaholics has become an annual event since inception.

See also

References

  1. ^ "WEMA BANK Announces 108.3% Growth in Profit Before Tax and Total Assets Now Above ₦1Trillion". 5 April 2022. Retrieved 13 March 2023.
  2. ^ "The History of Wema Bank".
  3. ^ "Wema Bank PLC".
  4. ^ "CBN upgrades status of Wema Bank". 19 November 2015.
  5. ^ "Shareholders of Wema Bank Plc".
  6. ^ "Wema ALAT for Business". www.bbankbusiness.com/. August 10, 2023.
  7. ^ https://www.vanguardngr.com/2023/06/wema-bank-appoints-olorunshola-as-new-board-chairman/
  8. ^ "Wema Bank partners UNEP on climate action". www.newtelegraphng.com/. September 24, 2019.
  9. ^ "Wema Bank boosts tech sector with Hackaholics". 28 February 2019.
  10. ^ "Nigeria's Wema Bank hopes to birth disruptive innovations through Hackaholics". The Nerve Africa. April 5, 2019.
source: https://en.wikipedia.org/w/index.php?title=Wema_Bank&diff=1224100895&oldid=1127595450

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