WEMA Online

Brief Profile of WEMA Bank Plc


Widely reputed as the longest surviving and most resilient indigenous Nigerian bank, Wema Bank Plc has over the years, diligently offered a fully-fledged range of value-adding banking and financial advisory services to the Nigerian public.


Incorporated in 1945 as a Private Limited Liability Company (under the old name of Agbomagbe Bank Limited) and commencing banking operations in Nigeria the same year, Wema Bank later transformed into a Public Limited Company (PLC) in April 1987 and was listed on the floor of the Nigerian Stock Exchange (NSE) in January 1990. On February 5, 2001, Wema Bank Plc was granted a universal banking licence by the Central Bank of Nigeria (CBN), thus allowing the Bank provide the Nigerian public with diverse financial and business advisory services.


However, in 2009, the Bank underwent a strategic repositioning exercise spearheaded by a new management team that has seen its profile rise considerably which finally culminated into its taking a sound strategic decision to operate as a commercial Bank with regional Scope in South-South Nigeria, South-West Nigeria, Lagos and Abuja in 2011.





With a distinctive industry brand, Wema Bank's offers a full range of financial services to a select clientele that include but are not limited to; commercial and consumer banking, institutional banking, corporate finance, retail banking, trade finance and foreign-exchange operations.


The Bank maintains a broad client base comprising; government parastatals and agencies, small and medium-scale enterprises (SMEs), middle-tier to multinational companies and diversified business enterprises whilst also ensuring different sectors of the Nigerian economy from telecommunications, manufacturing, agriculture, food and beverages, oil and gas industries, construction, are impacted.


With about 130 branches spread across its target areas, the Bank's operation is presently supported by processes, technology and structures  that are in tune with global standards, and most importantly, a highly skilled workforce to ensure seamless and excellent service delivery to its various customers.


In the past few years, Wema Bank Plc has achieved major advances in e-banking, network expansion and quality of service delivery and today operates an ultra-modern innovative Information Technology structure with an integrated computerized banking system based on the world-class Finacle Banking Software platform. This infrastructure interconnects all the Bank's branches and service stations, while enabling the provision of online, real-time banking services to the Bank's customer base. These have positively impacted the bank’s financial performance and with its current drive at corporate transformation, the bank is strategically positioned to fully leverage new and exciting opportunities in the industry.


Wema Bank offers a wide range of electronic banking products accessible via its website, www.wemabank.com, and has deployed scores of Automated Teller Machines (ATMs) located to all major branches.


The Bank also introduced its innovative electronic debit card, “The Wema MasterCard”, that allows customers to perform basic financial transactions via ATMs, PoS (Point of Sale) terminals, Online Shops & e-commerce websites, WemaMobile (Wema Bank Java & Android-based Mobile banking applications) and Internet-based Web Pay (online purchase/payment) 24hours a day, 7 days a week.




Wema Bank currently boasts of both financial and non-financial subsidiaries which have been fully integrated into the corporate objectives and culture of the bank.


Proud of its business pedigree and backed by a burgeoning domestic franchise, Wema Bank has built  robust and rewarding relationships and business alliances with various correspondent Banks around the globe, which positions Wema to offer efficient banking services to its valued customers within and outside Nigeria. These correspondent Banks include Citibank, HSBC, Standard Chartered Bank (London), Lloyds Bank, ANZ Banking Group, BHF Bank (Frankfurt) and Union Bank Plc (London).




Since its transformation into a Public Limited Company (PLC), the Bank’s shareholders’ funds have been in excess of N25 billion, with an asset base of N165 billion. Having served the Nigerian public diligently for over 60 years, Wema Bank Plc is reputed as the longest surviving and most resilient indigenous bank in Nigeria. Currently, the Bank’s majority equity of 90% belongs to both private and corporate investors, including staff of the Bank, while Odu’a Investment Company Limited owns the remaining 10%.





Wema Bank Plc's Board is made up of experienced, tested, and astute business leaders headed by Mr. Adeyinka Asekun as Chairman. The board is composed of 4 Executive and 10 Non-Executive Directors.


The management team is led by Mr. Segun Oloketuyi, a first-rate banker and inveterate change agent with several years of banking and managerial experience, as the current Managing Director/Chief Executive Officer of the Bank. Prior to coming on board as the MD/CEO, Oloketuyi was an Executive Director at Skye Bank Plc. He leads a bright and dynamic team at Wema Bank.


With a culture based on the principles of professionalism, Service excellence, Integrity and Innovation, the Bank currently employs slightly below 2,000 staff anchored on the skills and experience of seasoned professionals from across the financial services industry. The deepening of the Bank's human capital base is in pursuit of total and enterprise-wide transformation which the Bank recently embarked upon.




Without equivocation, Wema Bank Plc is resolute to maintain and sustain an adaptive, responsive corporate culture in all facets of its operations. The Bank is committed to improving overall asset and liability management, asset quality and achieving lower cost of funds, in order to achieve and sustain superior financial returns.


 As a service-oriented Bank, Wema is determined to continually upgrade its service delivery quality through steady investments in human capital development, business process improvement and technology enhancement. Currently, the Bank's branch network is undergoing re-engineering to exploit identified profitable market segments with a balanced spread, without compromising profitability.




The Wema Bank Brand reinforces our key differentiating factor which is Value Driven Relationship Banking.


This is the single concept which drives the understanding of the new direction of the Wema Bank Brand. It is the one word that best personifies the behavior, products and services of the Bank. It is the summation of the Bank’s Brand Muscles.


Our Brand is driven by a desire to develop an intimate relationship with our customers, putting us in a position to recognize their requirements and priorities. Our approach is hinged on mutual respect, service, innovation and efficiency. In line with our core ideals and values, seek to understand our customers’ businesses and objectives, such that we are able to meet and anticipate their needs.


The choice of Wema Bank’s colours and elements of the logo are fundamentally premised on the philosophies of our brand. The purple depicts the royal elements of the brand while the gold indicates wealth, both as creators of wealth and custodian of the collective wealth of the people. The logo is styled like a shield made out of an African basket which is traditionally a carrier or receptacle. This symbolises the Bank as a carrier or repository of wealth, culture and heritage. It also represents reward for success, steadfastness and enduring achievements.


·         We are conscientious believers: believers in people and societal values, believers in the people we work for, the people we work with, and the people we serve.


·         We believe in collective progress, the common good and sustainable success.


·         We measure our success not only by what we gain or reap from the people we interact with, but most importantly, by the reciprocal value we add to them - their lives, their businesses.


·         We strive to create values that endure, values that uplift human dignity and collective welfare.


·         Success to us implies succeeding along with all our stakeholders, all moving… together to greater heights.




The PURPLE LINE is a driving philosophy that seeks to showcase to the world, our unique type of Banking which is based on creating and nurturing enduring, value-adding relationships with all stakeholders


The PURPLE LINE is all about creating and nurturing relationships through professionalism, trustworthiness, service excellence, mutual respect, integrity, accessibility, teamwork, innovation, focus, dependability and much more


It seeks to position us as proponents of a new brand of banking; it seeks to tell our story in a way that highlights the major reason we have survived since 1945 and will continue to shape our way of doing business going forward


It seeks to define our way of life and how we do business – i.e.  By creating value, building enduring beneficial relationships and walking the PURPLE LINE!


It seeks to show the world what great relationships are made of




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