The 80-Year-Old That Continues Dominating: Why Wema Bank’s Story Matters More Than Ever

Arinze Nzobum

“What have I done with my life?” It’s a question most people ask themselves at major milestones, reflecting on the path they’ve taken. Amid the celebrations and excitement of reaching a new decade or marking another year, that thought inevitably creeps in, forcing you to pause and take stock.

Over the last few months, Wema Bank’s story as they celebrated 80 years has been visible on all fronts more than ever. The story is fresh, reminding us of our journey through life where you face good, bad, hard, and plentiful times. The festivities drew attention and naturally. One question that popped up and was asked is – ‘does any company deserve this much celebration?’ A little digging answered the question loudly: Yes. Because in an economy littered with the ghosts of once-mighty brands, Wema Bank’s survival, and more importantly, its reinvention and domination after 80 years, is a lesson in resilience we rarely celebrate enough.

Just two months after its 80th anniversary, Wema Bank has already secured notable upgrades from three renowned credit rating firms that independently assess the financial strength and stability of companies worldwide. Fitch Ratings, one of the “Big Three” global rating agencies known for providing investors with credit opinions on businesses and governments across over 150 countries, upgraded Wema’s National Long-Term Rating to A‑(nga) from BBB(nga). Global Credit Ratings (GCR), a leading Pan-African agency that specializes in assessing financial institutions and corporations across Africa and emerging markets, raised its national issuer ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG). Meanwhile, Agusto & Co, Nigeria’s foremost indigenous rating agency and pioneer in providing locally relevant credit risk evaluations for Nigerian businesses, upgraded its rating to A- from Bbb+.

For any Nigerian bank, these upgrades are more than paper certificates; they’re a signal that homegrown institutions can earn global respect when they get the basics right.For Wema Bank, having its rating upgraded by one of the world’s largest and most influential credit rating agencies, Fitch, signals international investor trust. It shows that the Bank’s fundamentals, from capital adequacy to asset quality, now stand strong enough to attract global attention and reassure foreign partners and institutional investors who rely on Fitch’s independent assessments to guide investment decisions.

Equally significant is the upgrade by Global Credit Ratings (GCR), the Pan-African authority renowned for evaluating the financial soundness of banks and companies across Africa. GCR’s higher rating affirms that Wema’s performance is stable within Nigeria and stands out positively in comparison to peers across the continent. This boosts regional credibility and supports Wema’s ambitions to deepen cross-border partnerships and appeal to investors looking to tap into Africa’s dynamic financial sector through trusted institutions.

Closer to home, the improved Agusto & Co rating reflects how well Wema understands and navigates Nigeria’s unique business environment. As the country’s leading domestic rating agency, Agusto & Co’s upgraded score signals to local stakeholders, from retail depositors to corporate clients, that Wema remains a safe and well-managed bank. Together, these independent endorsements matter greatly in the Bank’s 80th year. They validate decades of strategic reforms and innovation and reinforce Wema’s readiness to keep pioneering solutions while safeguarding customers’ trust far into the future.

With these strengthened ratings reinforcing its credibility at every level – global, continental, and national – Wema Bank stands even more firmly positioned to deliver on its mission of inclusive, innovative banking filled with the future of possibilities. This renewed vote of confidence not only secures stakeholder trust today but also honors the Bank’s deep roots and long-standing promise to serve communities across Nigeria with integrity and foresight.

As a national bank born in 1945 as Agbonmagbe Bank, Wema has been a trailblazer, founded before Nigeria’s independence at a time when only foreign banks dominated the market. Born out of necessity to serve the small businesses colonial banks ignored, it grew quickly from a private bank to a public limited company in 1987 (after rebranding to Wema in 1969). By 1990, it had listed on the Nigerian Stock Exchange and steadily evolved into the institution where over 7,000 Nigerians proudly work today.

Founded out of necessity, driven by innovation, and sustained through resilience, Wema Bank has always stayed a step ahead, competing with other financial institutions and pioneering groundbreaking solutions in the financial sector. In 2017, Wema did the unexpected for a so-called old-school bank: it launched ALAT, Africa’s first fully digital bank. I remember the first time I heard about ALAT. It sounded too good to be true: open an account on your phone, save money, get loans, no branch drama. I joined millions ofothers who signed up because it was an easy sell. And instead of stopping at one good idea, Wema built an ecosystem around it- ALAT for Business, an app that enables businesses to manage all banking transactions from their devices; ALAT Xplore, Nigeria’s first licensed banking app for teenagers; ALAT Pay, a payment gateway for businesses to receive customer payments seamlessly; and ALAT Hub, an agent banking network allowing third parties to deliver financial services on the Bank’s behalf.

We have watched countless friends ditch traditional branches because Wema made banking feel like an app, not a chore. That’s not a small shift in a country where trust in banks is hard-won. ALAT transformed everyday banking by removing barriers that once kept people away from traditional branches. With just a smartphone, millions of Nigerians (especially young, tech-savvy customers) have opened accounts, hit savings targets, made low-risk investments, acquired cheaper goods, and accessed loans without queues or paperwork. By putting full banking services into the palm of a hand, ALAT has expanded financial inclusion for groups historically left out, proving that innovation can democratize access and deepen trust in the banking system.

Taking this vision further, ALAT Xplore was created to bring teenagers into the banking fold early, empowering the next generation to build healthy financial habits. It’s not just an app; it’s a gateway for young people to learn money management, savings culture, and responsible spending through an experience designed just for them. By investing in financial literacy from adolescence, Wema Bank is helping to shape financially responsible adults who can confidently navigate Nigeria’s economy in the years ahead.

On the other hand, Wema Bank’s other industry-first product, CoopHub, extends the bank’s impact beyond individuals to communities and cooperative societies. CoopHub digitizes and simplifies how cooperatives operate, from contribution tracking to loan disbursements and record-keeping. By giving thousands of cooperatives an easy, transparent, and secure platform, Wema is strengthening grassroots financial networks, promoting accountability, and ensuring that groups built on collective trust can thrive sustainably in a modern economy.

This commitment to staying ahead we can say is born out of the Bank’s drive to create meaningful impact. Over the last few years, as Wema Bank has pushed the boundaries of innovation, it has also deepened its focus on people-driven programs that grow not just its financial footprint but its social impact as well. Internally, the Bank has invested heavily in its people, earning Great Place to Work Nigeria recognition twice in the past two years, being named Nigeria’s No. 1 Best Workplace, and winning Best Culture of Innovation & Learning Practices in 2024. In its milestone 80th year, Wema’s corporate university, Purple Academy, also received the Global CCU Gold Award for Culture, recognizing its excellence and strategic role in building a strong learning culture across the organisation.

But it’s not just about solutions and innovation, crystal awards, and shiny tech. For the community, it’s the real story of the lives touched.Wema Bank’s investments in SMEs, women, and youth have also delivered real economic impact across Nigeria. In-depth research shows that the Bank has injected over N200 billion in loans to support SMEs nationwide, with 40% of this funding going to women-led businesses, providing vital capital for growth and sustainability. Since launching Sara by Wema in 2019, the Bank has focused on empowering women financially and personally, building a vibrant community and resources to help them maximize their potential. Sara by Wema has empowered over 50,000 women, disbursed more than N75 billion in low-interest loans and over $20,000 in grants, created more than 900 jobs, and connected 3,000 women to 135,000 customers, generating over $4 million in sales.

Wema Bank also introduced Hackaholics in 2019 as a unique platform that fosters creativity and tech innovation among young Nigerian entrepreneurs and tech enthusiasts, further cementing Wema’s role as a bank that nurtures bold ideas and the people behind them.To date, Hackaholicshas awarded over N300 million in grants, funded more than 20 startups, and reached over one million aspiring founders across five countries and 18 universities. Beyond these impressive figures, Wema has launched several other initiatives for women and youth, including the MOWA-SARA Accelerator Program, Transforming Nigerian Youth, Transitioning to Tech for Women, the NYSC-ALAT Accelerator Program, and FGN-ALAT Skillnovation, which alone has trained more than two million young Nigerians.

Through its Market Access initiative, the bank has also uplifted several women and those who didn’t benefit as business owners got a chance to benefit as buyers. Wema’s market access initiatives havecreated visibility for women-led businesses across the country, driven sales growth, and positioned SMEs on the global stage through internationalfairs. The program connects businesses with investors, buyers, and prospective customers to unlock new market opportunities such that it has seen 100,000+ transactions routed through fairs, payments, and collection platforms.

Despite positively affecting millions of lives, Wema’s impact goes far beyond humans and communities and reaches tothe environment. In 2023 alone, the Bank disbursed over N28 billion in SME loans, including through its Green Energy Finance Facility, which offers up to N10 million for renewable energy projects. Over 1,350 staff members participated in clean-up efforts, removing more than 4.4 tons of waste on World Cleanup Day and reducing the Bank’s carbon footprint by 300 tons, achieving significant energy savings. In addition, Wema continues to design and deliver multiple sustainability, community, and health-focused programs aimed at ensuring Nigeria remains a great place to live and thrive.

All of this impact shows intentionality from an indigenous and most innovative Bank; it shows up where it matters most: in results. Wema’s efforts over the last eight decades have translated into solid financial results and greater value for shareholders.In its 80th year, Wema rewarded shareholders with N1 per share (the highest dividend in its history), supported by record-breaking results in 2024: a 134% increase in profit before tax, an 89.61% rise in gross earnings, and a 146.84% jump in profit after tax compared to the previous year. Assets also grew significantly, climbing from N1.2 trillion in 2018 to N3.62 trillion in 2023.

Growth like this build an institution, it creates real change for real people and this is evident in the Wema Bank story. The Bank’s steady rise has opened doors for thousands, supported small businesses, and delivered financial access where it once seemed out of reach. By empowering women, backing young innovators, and investing in cleaner, healthier communities, the Bank has turned its success into hope and opportunity nationwide. At 80, Wema stands as living proof that true progress is measured not only in profits, but in the people lifted and futures secured along the way.

So, the next time you pass a Wema at 80 visual and feel tempted to shrug, pause instead. This isn’t just nostalgia for an old bank, it’s proof that an institution can survive, reinvent itself, and lift millions along the way. Nigeria’s oldest indigenous bank, is most innovative, and is the pioneer of Africa’s first fully digital bank that is still standing tall at 80. More importantly, Wema Bank is refusing to coast on legacy alone, it is determined to create a future full of possibilities for its employees and customers.

.Nzobum a chartered stockbroker and public affairs analyst wrote from Lagos