Wema Bank

Key details

• Parent: Wema Bank Africa's first fully digital bank launch May 2 2017

Overview

Wema Bank is NGX: WEMABANK + Nigerian commercial bank + Nigeria's oldest indigenous commercial bank since May 2 1945 + one of Nigeria's largest commercial banks + ALAT by Wema Bank Africa's first fully digital bank launch May 2 2017 [1, ng-cro].

History

May 2 1945 — Agbonmagbe Bank founded by Chief Matthew Adekoya Okupe as Nigeria's oldest indigenous commercial bank distinctive Nigerian banking heritage.

1969 — Agbonmagbe Bank renamed Wema Bank.

May 2 2017 — ALAT by Wema Bank launched as Africa's first fully digital bank distinctive Nigerian + African digital banking pioneer.

Ownership & operator

Operating entity: Wema Bank Plc (Nigerian commercial bank; NGX: WEMABANK).

Major shareholders: Nigerian retail + institutional + foreign investors free float.

Regulators: CBN Central Bank of Nigeria.

Technical integration

ALAT by Wema mobile app (iOS + Android; ~2.5M+ Wema Bank + ALAT customers) + wemabank.com online + Wema Bank branch network across Nigeria + Wema Visa + Mastercard + Verve cards; NG IBAN + NIBSS Instant Payments + NQR Nigeria.

Implementations & partners

Wema Bank digital subsidiary: [[alat-by-wema]] (ALAT by Wema Bank; Africa's first fully digital bank since May 2 2017 launch).

Major Nigerian banking + payments competitors: [[zenith-bank]] (Zenith Bank; NGX: ZENITHBANK; Nigerian commercial bank; one of Nigeria's largest commercial banks) + [[first-bank-nigeria]] (First Bank of Nigeria FBN; NGX: FBNH; Nigeria's oldest commercial bank since 1894) + [[gtbank]] (Guaranty Trust Bank GTBank; NGX: GTCO; Nigerian commercial bank) + [[access-bank]] (Access Bank; NGX: ACCESSCORP; Nigeria's #2 commercial bank by assets) + [[uba]] (UBA United Bank for Africa; NGX: UBA; Pan-African banking group) + [[union-bank-nigeria]] (Union Bank of Nigeria UBN; NGX: UBN; Titan Trust Bank parent) + [[fidelity-bank-nigeria]] (Fidelity Bank Nigeria; NGX: FIDELITYBK; Nigerian commercial bank) + [[ecobank]] (Ecobank Transnational Inc; ETI; Pan-African banking group across 35+ African countries) + [[stanbic-ibtc]] (Stanbic IBTC; NGX: STANBIC; Standard Bank Group Nigerian subsidiary) + [[opay]] (OPay; Nigerian super-app + mobile money) + [[kuda-bank]] (Kuda Bank Nigerian digital bank) + [[carbon]] (Carbon Nigeria digital bank) + [[flutterwave]] (Flutterwave; Nigerian fintech) + [[paystack]] (Paystack; Stripe-owned Nigerian payment processor).

Regulators: CBN Central Bank of Nigeria.

Status

Active, NGX:WEMABANK + Nigerian commercial bank + Nigeria's oldest indigenous commercial bank since May 2 1945 + one of Nigeria's largest commercial banks + ALAT by Wema Bank Africa's first fully digital bank launch May 2 2017 [1, 2].

Sources

• 1 Wema — official
• 2 Wema — Wikipedia
• ng-cro In-corpus: reports/countries/NG-nigeria.md

Source

Biography extracted from wema-bank.md. See matrix.md for standards-support matrix if present.