Wema Bank, Nigeria’s oldest indigenous financial institution and the pioneer of Africa’s first fully digital bank, ALAT, has received upgraded ratings from global credit agencies Fitch Ratings and GCR Ratings, reflecting its consistent growth and resilience. Fitch upgraded the bank’s National Long-Term Rating from ‘BBB(nga)’ to ‘A-(nga)’ with a Positive outlook, while maintaining its Long-Term Issuer Default Rating (IDR) at ‘B-’. GCR followed suit, raising Wema Bank’s national scale long- and short-term issuer ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), and assigned a Stable outlook.
These upgrades recognize Wema Bank’s robust operational strategy and its commitment to innovation and value delivery to stakeholders. The bank has built a reputation for resilience and excellence, emerging as a leading force in Nigeria’s banking industry over the past eight decades.
Wema Bank’s Managing Director and CEO, Moruf Oseni, welcomed the independent assessments by Fitch and GCR, describing them as a reflection of the institution’s upward trajectory.
“Wema Bank is more than just a provider of financial services. This great institution represents a bold and firm statement to the world, ‘Nigerian-owned can stand the test of time’. Wema Bank was founded on the precipice of catering to the needs of Nigerians when no one else would. 80 years later, that legacy lives on and we are more fueled than ever to keep that timeless legacy thriving.
Wema Bank has navigated every challenge, bounced back with an unquenchable thirst to keep going, and consistently developed solutions that accelerate progress across various industries beyond banking. Today, Wema Bank stands stronger than ever at 80 years. This is what happens when you devote your ‘all’ to self-improvement and delivering value to the people you serve. 80 years seems like a lot, and it is, but it is nothing compared to what lies ahead.
These upgrades are very significant and represent good news for us as a bank. It stands as a strong testimony to the great work we have all put in in the last one year. Wema Bank will continue to exceed all expectations, support the people on all levels and never relent in our promise to keep delivering optimum value to every stakeholder,” Oseni concluded.
The latest upgrades add to a series of positive recognitions Wema Bank has earned in recent times. Earlier in 2024, Agusto & Co upgraded the bank’s rating to Bbb+ with a Stable outlook and an ESG Score of 2.
Similarly, GCR previously upgraded Wema Bank’s national long-term rating to BBB(NG) from BBB-(NG), affirming its A3(NG) short-term rating and revising the outlook to Stable, while Fitch maintained a ‘B-’ rating with a Stable outlook.
These developments underline Wema Bank’s enduring commitment to innovation, customer-centric services, and sustainable growth, which have allowed it to remain relevant and competitive over its 80-year history.