Business
AGM 2024: Shareholders Commend Wema Bank, Express Confidence in Stable Future
Wema Bank, Nigeria’s oldest indigenous bank, most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received a unanimous vote of confidence from its shareholders across Nigeria as it disclosed a record-breaking financial performance at its 2024 Annual General Meeting (AGM). Reinforcing its position as one of Nigeria’s most profitable financial Institutions.
According to the Bank’s 2024 Annual Report, during AGM held virtually in Lagos on Thursday, May 22, 2025. Wema Bank, in 2024, recorded an all-time-high performance, with Gross Earnings growing by 91.51% from N225.75 billion in FY 2023 to N432.34 billion in FY 2024; Profit before Tax (PBT) increasing by 135.16% to N102.51 billion in FY 2024 from N43.59 billion in FY 2023, and Profit After Tax (PAT) increasing by 140.13% to N86.29 billion from N35.93 billion reported in FY 2023; Total Deposits rose by 35.65% to N2,523.82 billion in FY 2024 from N 1,860.57 billion in FY 2023 and Total Assets stood at N3,585.05billion in FY 2024, representing a 60.04% increase over the N2,240.06billion recorded in the corresponding year of 2023 and placing the Bank squarely above the One trillion Naira mark, a milestone the Bank surpassed in Q3 2021.
The Bank also grew its loans to customers by 49.94% to close FY 2024 at N1,201.21 billion from the N801.10 billion recorded in 2023. Impressively, the Wema and ALAT brands continue to win public acceptance and market relevance as the Bank continues to record growth in its retail deposit drive. 2024 has proven beyond doubt to be an exceptional for the Bank with earnings growing by 91.51% year on year with earnings per share at 483.2 kobo. Additionally, the Bank’s Non-Performing Loan rate closed at 3.86%, a reduction from FY 2023 position. It is no surprise that the Bank received unanimous commendation from shareholders, with both internal and external stakeholders expressing full confidence in the Bank’s stable outlook and successful financial future.
Among the shareholders who expressed a vote of confidence in Wema Bank were Mr. Matthew Akinlade, who commended the Management for a performance he regarded as “very outstanding”, and Ambassador Doctor Olatunde Okelana, who described the 2024 financial performance of Wema Bank as “historical”, commending Wema Bank’s proactive approach to employee well-being.
Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, also added, “I want to start by commending Wema Bank’s outstanding performance despite the challenging macroeconomic performance. On gender inclusion, I would also like to commend Wema Bank for an impressive gender diversity on the board with 5 out of 11 directors being female, representing a remarkable 38% ratio. Furthermore, I want to seriously commend the succession plan of Wema Bank, and the board for achieving 100% attendance in meetings, which shows a full commitment on their part”.
Anchoring the Wema Bank 2024 AGM, Dr. Oluwayemisi Olorunshola, the Chairman of Wema Bank, expressed the Bank’s gratitude and appreciation to its shareholders, customers, employees, regulators, partners and other stakeholders, for their continued support and contributions to the Bank’s outstanding performance for the year in view, reiterating the Bank’s commitment to sustain the upward surge in its performance in the decades to come.
Alluding to the Bank’s plan for sustaining the gargantuan growth recorded in 2024, Moruf Oseni, the Bank’s MD/CEO, added, “We will continue to deliver best-in-class financial solutions, invest in second-to-none technology, reinforce our internal framework for maximum efficiency and remain fully committed to innovation and service excellence, as we continue to provide optimum returns for every stakeholder of Wema Bank. The N150 billion Rights Issue window ended yesterday May 21st, 2025. However, we have raised a motion to raise another N50 billion through private placement, and with your permission, we will proceed with that, come June 2025”.
“At the end of it all, what we expect is that Wema Bank will have qualifying capital slightly north of N267 billion, which allows us to sustain the resilient and robust franchise that we have built together, to keep Wema Bank thriving as a force to be reckoned with in the industry. Wema Bank stands strong at 80 and in the decades to come, I can assure you that the growth we are experiencing today, is just a tip of the iceberg”, Oseni concluded.
Wema Bank 2024 AGM saw the Bank’s shareholders authorise a number of decisions including the re-election of board members, remuneration of Audit and Board members, and payment of dividends of N1 per share.
From marking the incredible milestone of its 80th anniversary to making significant strides towards meeting the CBN recapitalisation benchmark for 2026 and achieving a record-breaking 2024 financial performance that has sustained an unparalleled growth streak over the past decade, Wema Bank has proven its capacity to remain at the forefront of the African financial industry without compromising on delivering unmatched value to stakeholders.
Business
Wema Bank To Host 2026 International Women’s Day Event on March 4th
As International Women’s Day [IWD] draws near, Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced its 2026 IWD Grand Event, scheduled to hold on March 4th, 2026.
Inspired by the global IWD 2026 theme “Give To Gain”, Wema Bank’s 2026 IWD event is centred on the topic “When Women Gain, We Grow”, spotlighting not only the importance of giving to women but also the impact of each effort towards this cause, with the ultimate goal of promoting a culture of supporting and celebrating women.
Announcing the event, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to continue pulling its weight in the promotion of women inclusion. According to him, “Wema Bank has never been one to pay lip service and when it comes to gender inclusion; we walk the talk with pride. A society where women are left out is one that is crippled, and as a Bank, we have made it a priority to never relent in providing tailored opportunities for women, celebrating their growth and supporting their journey, towards building a society where every woman can thrive. This was the idea behind the launch of our women-focused proposition, SARA by Wema, in 2019 and this is the inspiration behind all we do as a Bank towards promoting the 5th Sustainable Development Goal [SDG], gender equality”.
“This year’s IWD theme is quite personal to us because as a Bank that continues to give to women, we have seen firsthand the unique potential that lies within women both personally and professionally. As such, we have decided to dedicate this year’s celebration towards reminding the world of the countless ways we can give to women, and why it is not merely an option but a necessity. This year for us, is about impact—spotlighting, celebrating and encouraging it. Our goal is for every person that joins us for this grand event to be positively transformed in mindset and in action, in the hope that more priority will be given to supporting and giving to women both in the little things we do on a daily basis and in the large-scale efforts; as we collectively bridge the gap in gender equality”, Oseni concluded.
Wema Bank’s 2026 IWD event will convene top women across diverse industries and sectors, as well as “everyday” women still trying to navigate life in the face of prevailing realities, providing a platform for women from all walks of life to network, share valuable insights, access viable opportunities and assess shared versus contrasting realities, all towards showcasing how much impact is generated when individuals, institutions and societies give to women.
Among the highlights of Wema Bank’s upcoming IWD event are the SARA Gives to Empower Her Award which promises grants in support of women who have given and made impact on other women; the employee-focused He For She Award which recognises male employees of the Bank who have given to women beyond financial support; the Wema Knight Gives initiative through which the Bank’s staff will give back to women across Nigeria; and the launch of the Wema Bank Girl Child Journal, a reflective journal that collates real-life insights and words of advice for the girl-child from the perspectives of 80 key contributors across different spheres of life.
Anyone interested in attending the event physically or virtually is encouraged to register at wemabank.com/iwd.
Business
Wema Bank Celebrates Valentine’s Day with “Evolution of Love” Campaign for Couples, Singles, and Friends
Following the launch of “ALAT: The Evolution”, Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has launched its 2026 Valentine’s campaign tagged “Evolution of Love, powered by Wema Bank”.
Inspired by the “evolution” theme of its upgraded ALAT app, Wema Bank launched the “Evolution of Love” campaign with the goal of celebrating different forms of love experienced by customers, and how they have evolved over time. From self-love to friendship, romantic love to family, this campaign introduces a fresh twist to Valentine’s, decentralising romantic love and creating a space for every Wema Bank customer this season of love.
“Evolution of Love, powered by Wema Bank” calls on new and existing Wema Bank customers across 4 categories: Singles [self-love], friends [friendship], married couples and those getting married this February [romantic love]. While the gifts vary across each category, the requirement is the same—create a Love Goal on the ALAT App and submit a 1-minute video on any social media platform sharing how your love journey has evolved over the years, for access to gifts ranging from cash to spa vouchers, vacations and expense-paid getaways, and for one couple getting married in February, a special performance at the wedding from a celebrity artiste, courtesy of Wema Bank.
Announcing the campaign, Wema Bank’s MD/CEO, Moruf Oseni, gave further insights into the Bank’s approach to celebrating Valentine’s this year. According to him, “Love is central to the delivery of true customer-centric service, and as a Bank that prides itself on being customer-centric, this is reflected in the thought, intentionality and commitment we put into all we do at Wema Bank. It has always been clear how much we care about our customers and this year, we decided to celebrate the journey of love across different categories that reflect the different experiences and realities of our customers, from friends and couples who have grown together over the years to lovers taking the bold step of marriage and even singles because self-love is crucial”.
“This Valentine’s, we chose to acknowledge the beauty of every love journey, and we are inviting all new and existing customers who have a story to share. For the friends and singles, our goal is to promote true friendship and self-love. For families and married couples, our goal is to strengthen bonds by reminding them of how far they have come. For those intending to get married, we are adding one more memorable touch to their wedding with a special artiste performance. Our ultimate goal is for every Wema Bank customer to feel loved this season and beyond,” Oseni concluded.
Anyone interested in submitting their entry is encouraged to make a 1-minute video sharing their love journey and where applicable, feature the person with whom their love has evolved. All submissions are to be posted on any social media platforms using #ALATEvolutionofLove and tagging @alat_ng and @wemabank.
To be eligible, customers are expected to activate SAW, the Voice Banking virtual assistant on the upgraded ALAT App, create a personal or group goal on the app with the name “Love Goal”, fund the goal and transact with their ALAT/Wema card between February 1st – February 10th.
More details on qualification criteria are available at wemabank.com/love
Business
Wema Bank Launches the Upgraded Version of ALAT Banking App
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has launched the upgraded version of its flagship digital banking platform, ALAT by Wema. Designed as the next phase in digital banking, the upgraded version of ALAT delivers a smarter, faster, and more intuitive experience, reinforcing Wema Bank’s leadership in technology-driven financial services.
Tagged ALAT: The Evolution, the upgraded version represents a significant advancement in how customers interact with their bank. It enables seamless banking through intelligent features such as voice banking (called SAW), which allows customers to carry out banking activities using natural voice commands, reducing friction and improving accessibility. It also introduces Tap and Pay for quick, secure, and convenient contactless transactions, alongside uptime prediction that enhances transparency, reliability, and confidence around service availability. Together, these innovations are designed to simplify everyday banking while anticipating customer needs in real time, reinforcing Wema Bank’s commitment to trust, efficiency, and customer-centric digital experiences.
Announcing the upgraded version, the Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said, “ALAT: The Evolution is more than an upgrade. It is a clear demonstration of our commitment to redefining digital banking in Africa. By understanding the future of banking and listening closely to our customers, we have upgraded ALAT by Wema to a digital banking platform that is smart, intelligent and dependable. This evolution reinforces our promise to deliver innovation that genuinely enhances how people live, work, and transact everyday.”
He added that migrating to the upgraded app is seamless. “Existing customers can simply visit the Google Play Store or Apple App Store to update their existing ALAT app and sign-in with their existing login details (All their account information and transaction history remain intact on their profile and they will also gain access to new features that make banking faster, more intuitive, and more reliable). For new customers, all they have to do is visit the Google Play Store or Apple App Store to download ALAT by Wema app and click the Get Started icon to onboard seamlessly.
Speaking on the technology in the upgraded ALAT by Wema, Mr. Olusegun Adeniyi, Chief Digital Officer at Wema Bank, explained, “With ALAT: The Evolution, we set out to enhance not just functionality but the overall banking experience. By integrating voice banking, contactless payments, and predictive reliability, we are delivering a platform that is built on powerful technology and responds intelligently to customer needs. This upgrade reflects our long-term digital vision to create a digital bank that is adaptive, intuitive, and consistently available.”
Built on speed, intelligence, and user-centric design, ALAT: The Evolution redefines everyday banking through intuitive features such as voice-enabled transactions, contactless payments, and predictive service reliability. Designed to anticipate customer needs in real time, the platform delivers a smarter, more seamless, and dependable digital banking experience that reflects Wema Bank’s vision for the future of finance.
With the upgraded version of ALAT, Wema Bank continues to strengthen its position as a digital-first institution, delivering innovative solutions that empower individuals and businesses to bank with confidence in an increasingly digital economy.
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