Press Releases

Date Title
20 October 2017

Wema Bank gets shareholder approval for capital reorganisation

Wema Bank Plc. at its Extraordinary General Meeting (EGM) held on Friday October 20, 2017 in Lagos, received the approval of its Shareholders’ towards the attainment of its Scheme of Capital Reorganisation exercise. With this approval, Wema Bank would give effect to the creation of a Capital Reduction Account (CRA), the transfer the negative balances in the retained revenue account to the Capital Reduction Account (CRA), reflect the carrying amounts on the specified assets based on their current economic values while effectively setting-off these balances against the share premium account.

27 April 2017

WEMA Bank Plc Unaudited Financial Results for the 3 months ended March 31st, 2017

"Despite the continued challenging macro-economic backdrop, Wema Bank recorded a 34.89% increase in Gross Earnings, rising from N11.24 billion in Q1’2016 to N15.16 billion in the quarter. This was driven by a 27.69% and 78.79% growth in interest income and non-interest income to N12.33 billion and N2.83 billion respectively compared to the prior year. In addition, the Bank continues to benefit from the growing market acceptance and increasing market penetration while leveraging on technology. As a result, the Bank continues to record growth in low cost deposits with a 68.06% increase in Profit before Tax (PBT).

19 July 2017

WEMA Bank Plc Unaudited Financial Results for the 6 months ended June 30th, 2017 (1)

Despite the relatively tough climate, Wema Bank recorded success on a number of financial and non-financial priorities. Specifically, Gross Earnings recorded stable growth, increasing by 25.17% from N24.26 billion (H1’2016) to N30.37 billion (H1’2017). This growth results from a 25.84% increase in interest income to N25.37 billion alongside a 21.92% rise in non-interest income -- where we continue to see impressive growth, led by fees and commission income from our mobile and digital banking applications. The impact of the growth in gross earnings was, however, muted by the higher cost of funds within the sector. Despite this, we still maintained strong interest margins.

10 July 2017

Interview with Adewale Saka, head Information Technology

In this interview, our Head of IT, Adewale Saka speaks about the impact of technology in the Nigerian banking industry and how we have leveraged on technology to improve our offerings. Adewale Saka speaks about the launch of ALAT, Nigeria's first fully digital bank in May. He believes banks in Nigeria will soon adopt the use of blockchain technology and artifical intelligence.

31 March 2017

DMD Ademola Adebise educates young people about savings

28 February 2017

Wema Bank Staff donate salary to help critically ill children

Wema Bank Plc. has for the second year in a row made February its month of giving by donating funds for the treatment of children in emergency wards of three government-owned hospitals across the country.

16 February 2017

Fitch Ratings affirms Wema Bank’s Long-Term National Rating at BBB- with a stable outlook

Fitch Ratings, a global leader in credit ratings and research has affirmed the Long-term National Rating of Wema Bank at (BBB-). This is reflective of the Bank’s stable outlook and viability, in spite of the continued headwinds facing the country.

19 January 2017

Wema Bank appoints Ademola Adebise as Deputy Managing Director

The Board of Directors, Wema Bank Plc. has appointed Ademola Adebise as the Deputy Managing Director of the bank. The board announced this at a retreat held recently in Lagos.

17 January 2017

Wema Bank launches solar-powered mobile branch

Wema Bank Plc. has gone a step further in making banking convenient for its customers and Nigerians in general by launching a new mobile branch “Wema Bank on Wheels” that will be accessible to everyone in all parts of the country. The new truck where normal branch services are offered is also fitted with two automated teller machines (ATM), and is powered by solar energy, a feature that won it the Most Innovative Product for 2016 awarded by Inlaks Limited, a Lagos-based Information technology company.

01 December 2016

Wema Bank partners with Etisalat to launch Bespoke Account for Nigerian Youth

Wema Bank Plc, one of Nigeria’s foremost financial institutions, and Etisalat Nigeria have partnered to introduce WemaEasySavers, a Tier-1 savings account aimed at ensuring financial inclusion for more Nigerians, especially the youth.

20 October 2017

Wema Bank gets shareholder approval for capital reorganisation

Wema Bank Plc. at its Extraordinary General Meeting (EGM) held on Friday October 20, 2017 in Lagos, received the approval of its Shareholders’ towards the attainment of its Scheme of Capital Reorganisation exercise. With this approval, Wema Bank would give effect to the creation of a Capital Reduction Account (CRA), the transfer the negative balances in the retained revenue account to the Capital Reduction Account (CRA), reflect the carrying amounts on the specified assets based on their current economic values while effectively setting-off these balances against the share premium account.

27 April 2017

WEMA Bank Plc Unaudited Financial Results for the 3 months ended March 31st, 2017

"Despite the continued challenging macro-economic backdrop, Wema Bank recorded a 34.89% increase in Gross Earnings, rising from N11.24 billion in Q1’2016 to N15.16 billion in the quarter. This was driven by a 27.69% and 78.79% growth in interest income and non-interest income to N12.33 billion and N2.83 billion respectively compared to the prior year. In addition, the Bank continues to benefit from the growing market acceptance and increasing market penetration while leveraging on technology. As a result, the Bank continues to record growth in low cost deposits with a 68.06% increase in Profit before Tax (PBT).

19 July 2017

WEMA Bank Plc Unaudited Financial Results for the 6 months ended June 30th, 2017 (1)

Despite the relatively tough climate, Wema Bank recorded success on a number of financial and non-financial priorities. Specifically, Gross Earnings recorded stable growth, increasing by 25.17% from N24.26 billion (H1’2016) to N30.37 billion (H1’2017). This growth results from a 25.84% increase in interest income to N25.37 billion alongside a 21.92% rise in non-interest income -- where we continue to see impressive growth, led by fees and commission income from our mobile and digital banking applications. The impact of the growth in gross earnings was, however, muted by the higher cost of funds within the sector. Despite this, we still maintained strong interest margins.

10 July 2017

Interview with Adewale Saka, head Information Technology

In this interview, our Head of IT, Adewale Saka speaks about the impact of technology in the Nigerian banking industry and how we have leveraged on technology to improve our offerings. Adewale Saka speaks about the launch of ALAT, Nigeria's first fully digital bank in May. He believes banks in Nigeria will soon adopt the use of blockchain technology and artifical intelligence.

31 March 2017

DMD Ademola Adebise educates young people about savings

28 February 2017

Wema Bank Staff donate salary to help critically ill children

Wema Bank Plc. has for the second year in a row made February its month of giving by donating funds for the treatment of children in emergency wards of three government-owned hospitals across the country.

16 February 2017

Fitch Ratings affirms Wema Bank’s Long-Term National Rating at BBB- with a stable outlook

Fitch Ratings, a global leader in credit ratings and research has affirmed the Long-term National Rating of Wema Bank at (BBB-). This is reflective of the Bank’s stable outlook and viability, in spite of the continued headwinds facing the country.

19 January 2017

Wema Bank appoints Ademola Adebise as Deputy Managing Director

The Board of Directors, Wema Bank Plc. has appointed Ademola Adebise as the Deputy Managing Director of the bank. The board announced this at a retreat held recently in Lagos.

17 January 2017

Wema Bank launches solar-powered mobile branch

Wema Bank Plc. has gone a step further in making banking convenient for its customers and Nigerians in general by launching a new mobile branch “Wema Bank on Wheels” that will be accessible to everyone in all parts of the country. The new truck where normal branch services are offered is also fitted with two automated teller machines (ATM), and is powered by solar energy, a feature that won it the Most Innovative Product for 2016 awarded by Inlaks Limited, a Lagos-based Information technology company.

01 December 2016

Wema Bank partners with Etisalat to launch Bespoke Account for Nigerian Youth

Wema Bank Plc, one of Nigeria’s foremost financial institutions, and Etisalat Nigeria have partnered to introduce WemaEasySavers, a Tier-1 savings account aimed at ensuring financial inclusion for more Nigerians, especially the youth.

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