New Telegraph-Admin Further giving credence to its capacity for long-term sustainability in the African banking ecosystem, credit rating agencies, Fitch and GCR, have both upgraded the ratings of Wema Bank, Nigeria’s oldest indigenous bank, most innovative bank and pioneer of Africa’s first fully digital bank, ALAT.
Raising the projection on Wema Bank’s outlook from Stable to Positive, American rating agency, Fitch, upgraded the bank’s National LongTerm Rating to ‘A-(nga)’ from ‘BBB(nga)’, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B-‘. African rating agency, GCR, also upgraded Wema Bank’s National scale long and short-term issuer rating to BBB+(NG)/ A2(NG) from BBB(NG)/A3(NG); with Outlook, Stable.
Reputed for its tenacity and success in overcoming the various challenges that have shaped the banking industry for decades, Wema Bank has built an admirable legacy of impact, resilience, empowerment, innovation, dominance, transformation and excellence since 1945.
The bank has pioneered a paradigm shift in banking, connecting banking with lifestyle, leveraging innovation, and introducing a new era of impactful banking where customers’ needs are proactively met with practical solutions tailored to every stage of their lives.
Beyond being Nigeria’s longest surviving indigenous bank, Wema Bank’s intentional approach to banking has arguably earned it the title of Nigeria’s most innovative bank—a legacy that continues to reflect in the Bank’s numbers.
From a steady increase in customer volume to diversity in customer-base, strategic variety in range of solutions to increased shareholder confidence and upturns across several financial metrics, Wema Bank has proven to be the bank that has not just built a legacy of 80 years of impact, but more significantly, the indigenous financial institution with a future of limitless possibilities; one that will outlive expectations, transcend time and prove in the centuries to come, that Nigerian businesses can last.
It comes as no surprise that credible ratings agencies, Fitch and GCR, have upgraded the Bank’s ratings and affirmed a positive and stable outlook for the bank.
Commending Fitch and GCR for the objective assessment and projection of the bank’s promising future, Moruf Oseni, the MD/CEO of Wema Bank, reiterated the bank’s promise to its customers and shareholders, asserting with confidence that Wema Bank’s journey.
