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Tag: Wema Bank

Banking

Wema Bank surpasses N157bn in first phase of recapitalisation

Wema Bank Plc has exceeded its recapitalisation target after successfully completing the first phase of its capital-raising plan, securing N157 billion through a rights issue. The digital-focused lender launched the exercise to meet the Central Bank of Nigeria’s recapitalisation directive, noting that the strong investor response underscores confidence in its strategy, leadership, and long-term growth […]

Wema bank posts ₦100.5bn pre-tax profit in H1 2025
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Wema bank posts ₦100.5bn pre-tax profit in H1 2025

A tier-2 Nigerian commercial bank, Wema Bank has reported a pre-tax profit of ₦100.5 billion ($65 million) for the first half of 2025—marking a 229% year-on-year increase and underscoring its strong financial momentum. The bank attributed the impressive growth to a sharp rise in interest income, which climbed 64.76% compared to the same period in […]

UBA, Wema Bank resume international transactions on naira cards
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UBA, Wema Bank resume international transactions on naira cards

Two major Nigerian banks, United Bank for Africa and Wema Bank have announced the resumption of international transactions on their naira debit cards, marking a significant shift in the country’s banking sector after years of restrictions. The move comes nearly three years after most Nigerian banks suspended global transactions on naira cards due to a […]

Banking News

Wema Bank bags new certification

Wema Bank has been honoured as the best workplace for millennials and for fostering a culture of innovation, according to a statement released on Thursday. This recognition comes as part of the bank’s achievement in being certified as a Great Place to Work for 2024-2025, marking its second consecutive year of receiving this prestigious certification, […]

Wema bank posts ₦100.5bn pre-tax profit in H1 2025
News

Wema Bank launch payment solution for MSMEs

Wema Bank has launched a payment gateway for Micro, Small and Medium Enterprises in Nigeria. The platform named ALATPay, which provides customers with a secure end-to-end shopping experience and immediate settlement for merchants, all via the merchant’s unique ALATPay link was introduced in Lagos recently. In a statement released on Sunday, the bank stated that […]

News

Wema Bank obtain regulatory approval for N40bn rights issue

Wema Bank has obtained regulatory permission for the allotment of its N40 billion rights offering, which began in December 2023. This marks the completion of the first tranche of its recapitalisation exercise, which began before the Central Bank of Nigeria urged banks in the country to broaden their capital base. This was disclosed in a […]

Wema bank posts ₦100.5bn pre-tax profit in H1 2025
News

Wema Bank threatens lawsuit over licence revocation claims

Wema Bank has said that it will file a lawsuit in response to rumours that the Central Bank of Nigeria is about to revoke its banking license. This was disclosed in a statement by the Head of Brands and Marketing Communications, Mabel Adeteye, on Tuesday. Adeteye underlined that its success in the previous years and […]

News

Wema Bank gets shareholders approval to raise N200bn

The shareholders of Wema Bank Plc, have approved the bank’s request for a capital increase of N200 billion. Also, the shareholders approved the dividend of 50 kobo per share for the financial year ended December 31, 2023, recommended by the Management Board, according to Nairametrics. This was disclosed at the group’s annual general meeting (AGM) […]

News

Wema Bank to retain national bank status – CEO

The Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, has said that the bank would retain its national licence while aiming for tier-1 banking status after the fresh banking sector recapitalisation. This was disclosed by Oseni at the Annual General Meeting of the bank, held virtually on Tuesday, according to The Punch. Oseni highlighted […]

Wema bank posts ₦100.5bn pre-tax profit in H1 2025
News

Wema bank tightens security after losing N658m to fraud

Wema Bank boasting of ₦1.8 trillion ($1.6 billion) in consumer deposits has disclosed ₦685 million ($594,943) in fraud and forgery losses for the year 2023, shedding light on the pervasive issue of fraud within Nigeria’s financial sector. According to a spokesperson for Wema Bank interviewed by TechCabal, these losses encompassed incidents across their digital platforms […]

Banking

UBA, Stanbic, two other banks fail to file 2023 results

Four banks have disclosed that they will delay the filing of their audited results for 2023. The United Bank for Africa, Zenith Bank, Stanbic IBTC, and Wema Bank had announced that they would not meet the deadline for the filing of their audited results for the last financial year. The listed companies are expected to […]

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