Wema Bank
A Nigerian commercial bank with a long indigenous banking history and a prominent digital banking business built around ALAT by Wema.
Last updated October 16, 2026
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Overview
Wema Bank Plc is a Nigerian commercial bank headquartered in Lagos and regulated by the Central Bank of Nigeria. Its history began on May 2, 1945, when Chief Mathew Adekoya Okupe established Agbonmagbe Bank Limited. The original institution developed an early branch presence in Ebute-Metta, Sagamu, Abeokuta and Ijebu-Igbo. It was subsequently taken over by the Western Nigeria Marketing Board and renamed Wema Bank Limited in 1969. The bank describes itself as Nigeria's longest-surviving indigenous bank. Wema Bank's corporate form and regulatory scope expanded over time. It became a public limited liability company in 1987 and was listed on the Nigerian Stock Exchange in 1990 under the symbol WEMABANK. In February 2001, it received a universal banking licence. In December 2015, the Central Bank of Nigeria granted it national-bank status after it met the relevant regulatory requirements, including the stated capital-base threshold. The bank serves retail customers, businesses and institutional clients through conventional banking channels, digital platforms, branches, service stations and agency-related distribution. Its activities include deposits, payments, lending, cards, account services and other commercial-banking products. The institution operates across Nigeria, with a network reported in the reference material as exceeding 149 branches and service stations. Wema Bank's most distinctive strategic development has been its investment in digital banking. In May 2017 it launched ALAT by Wema, described in the reference material as Nigeria's first fully digital bank. ALAT was designed to allow customers to open and manage accounts and carry out banking activities through a mobile phone, computer or tablet without relying on a physical branch. Its capabilities have expanded to include digital savings, lending, bill payments, investments, virtual and physical debit cards, and lifestyle services. ALAT for Business extends the digital proposition to business users. The platform has also supported the bank's financial-inclusion goals by serving customers who may not have convenient access to traditional branches. Innovation and entrepreneurship are another part of Wema Bank's public positioning. The bank launched the Hackaholics hackathon in 2019 and developed it into a recurring innovation and accelerator programme. The programme focuses on technology entrepreneurs and early-stage start-ups, offering a combination of mentorship, business-development assistance, funding opportunities and investor access. Its stated areas of interest include fintech, health, education and agriculture. The bank's social and sustainability agenda covers financial literacy, education, entrepreneurship, women's and youth empowerment, environmental sustainability, and access to finance for underserved communities and small businesses. The reference material also notes that Wema Bank is a founding signatory to the Principles for Responsible Banking, linking its stated business approach to the Sustainable Development Goals and the Paris Agreement. In 2023, Moruf Oseni became managing director and chief executive after Ademola Adebise retired on March 31 of that year. Dr. Oluwayemisi Olorunshola is identified in the reference material as chairman. In 2025, Wema Bank celebrated its eightieth anniversary and introduced a refreshed brand identity as part of the celebrations. The modern brand therefore combines a long-established Nigerian banking franchise with a positioning centred on digital access, innovation, entrepreneurship and national financial inclusion.
History
Wema Bank traces its origins to May 2, 1945, when Chief Mathew Adekoya Okupe founded Agbonmagbe Bank Limited in Nigeria. The early bank established branches in Ebute-Metta, Sagamu, Abeokuta and Ijebu-Igbo. Its ownership later passed to the Western Nigeria Marketing Board, after which the institution adopted the name Wema Bank Limited in 1969. That transition positioned the bank as a locally rooted Nigerian banking institution rather than a foreign-controlled franchise. In 1969, Wema Bank received a commercial banking licence and began operating under the new name. Its legal and capital-market profile changed again in 1987, when it converted into a public limited liability company. The bank joined the Nigerian Stock Exchange in 1990 and has traded under the symbol WEMABANK. In February 2001, it obtained a universal banking licence, broadening the scope of services it could provide within Nigeria's banking framework. A further regulatory milestone came in December 2015, when Wema Bank became a national bank after satisfying the Central Bank of Nigeria's requirements. The bank continued to develop its branch and service-station network while investing in information technology and alternative channels for customer access. The most important recent strategic shift was the creation of ALAT by Wema. Launched on May 2, 2017, ALAT was presented as Nigeria's first fully digital bank. Rather than treating digital services as an adjunct to a branch network, the platform was designed to let customers perform core banking activities through mobile devices and computers. Over time, the offering expanded beyond account access to savings, credit, payments, investments, cards and lifestyle services. ALAT for Business extended the proposition to enterprises. The platform became central to Wema Bank's approach to financial inclusion because customers could use digital banking without making routine visits to a physical branch. Wema Bank has also used innovation programmes to connect its banking business with Nigeria's technology ecosystem. In March 2019, it held the first Hackaholics hackathon. The initiative became an annual programme and later evolved toward an accelerator model. Its support package has included mentoring, business-development assistance, possible funding and access to investors, with participating ideas spanning financial technology, healthcare, education and agriculture. The bank's public-facing social and sustainability priorities include education, entrepreneurship, financial literacy, women and youth empowerment, environmental responsibility and access to financial services for underserved customers. It has promoted the use of ALAT, agency banking and products for individuals, MSMEs, women and young people. Wema Bank is also identified as a founding signatory to the Principles for Responsible Banking, reflecting an intention to align banking activity with broader sustainability frameworks. Leadership changed in 2023 when Ademola Adebise retired as managing director and chief executive on March 31 and Moruf Oseni was appointed to succeed him. Oluwayemisi Olorunshola is identified as chairman. In 2025, the bank celebrated eighty years since its founding and used the anniversary to introduce a refreshed brand identity. Its present identity consequently rests on two complementary foundations: the continuity of one of Nigeria's oldest indigenous banks and a strategic emphasis on digital banking, innovation and broader access to financial services.
- 2025
Eightieth anniversary rebrand
[1]Wema Bank celebrates its eightieth anniversary and unveils a refreshed brand identity.
- 2023
Chief executive succession
[1]Moruf Oseni becomes managing director and chief executive after Ademola Adebise retires.
- 2019
First Hackaholics hackathon
[1]Wema Bank hosts the first Hackaholics event, later establishing it as a recurring start-up and innovation programme.
- 2017
ALAT by Wema launches
[1]Wema Bank launches ALAT, a digital-first banking platform, on May 2.
- 2015
National-bank status
[1]The bank becomes a national bank after meeting the applicable Central Bank of Nigeria requirements.
- 2001
Universal banking licence
[1]Wema Bank receives a universal banking licence in February.
- 1990
Stock-exchange listing
[1]The bank is listed on the Nigerian Stock Exchange under the symbol WEMABANK.
- 1987
Conversion to public limited company
[1]Wema Bank changes its corporate form to a public limited liability company.
- 1969
Institution renamed Wema Bank
[1]Following its takeover by the Western Nigeria Marketing Board, the bank adopts the name Wema Bank Limited and receives a commercial banking licence.
- 1945
Agbonmagbe Bank is founded
[1]Chief Mathew Adekoya Okupe establishes Agbonmagbe Bank Limited on May 2, beginning the institution that later becomes Wema Bank.
Products and positioning
A long-established Nigerian commercial bank differentiated by digital transformation, financial inclusion and support for entrepreneurs and small businesses.
Digital banking · 2017
ALAT by Wema
ALAT is Wema Bank's digital banking platform, launched in 2017 and designed to provide banking access through mobile phones, computers and tablets. Its capabilities include digital account and savings services, lending, bill payments, investments, virtual and physical debit cards and lifestyle features. The platform is also part of the bank's financial-inclusion strategy because it reduces dependence on visits to physical branches.
Business banking
ALAT for Business
ALAT for Business applies Wema Bank's digital-banking proposition to business users. It is associated with digital access to business banking and complements the bank's broader services for small and medium-sized enterprises and other commercial customers.
Consumer banking
Retail banking
Wema Bank's retail business serves individual customers through deposits, savings, payments, cards, lending and account services delivered through branches, service stations and digital channels. Its retail proposition is increasingly connected to ALAT and other financial-inclusion initiatives.
Commercial banking
Corporate and SME banking
The bank provides commercial services to companies, institutions and small and medium-sized enterprises. The offering includes business accounts, payments, credit and other banking support, with digital tools intended to improve access for enterprises and entrepreneurs.
Marketing campaigns
- 2025Eightieth-anniversary brand refresh
Nigeria
Wema Bank marked its eightieth year with anniversary activities and a refreshed brand identity intended to connect its long operating history with its modern digital-bank positioning.
- 2019Hackaholics
Nigeria
Wema Bank launched Hackaholics as a hackathon for technology entrepreneurs and start-ups. The initiative has included mentorship, business-development support, funding opportunities and investor access, and has addressed ideas in areas such as fintech, health, education and agriculture. The programme became an annual initiative and evolved toward an accelerator model.
Outcome. The programme became an annual initiative and evolved toward an accelerator model.
Brand decisions
2019
Creation of HackaholicsStrategyBackground
The bank sought to deepen its connection with Nigeria's technology and start-up ecosystem.
Action taken
Wema Bank hosted its first Hackaholics hackathon and subsequently made the programme recurring.
Aftermath
Hackaholics developed into an innovation and accelerator initiative offering mentorship, business support, funding opportunities and investor access.
2017
Launch of ALAT by WemaProduct launchBackground
Wema Bank pursued a digital-first approach to banking and financial inclusion.
Action taken
It launched ALAT on May 2, 2017, enabling customers to perform banking activities through digital devices without relying on a physical branch.
Aftermath
ALAT became the bank's flagship digital platform and expanded into savings, lending, payments, investments, cards and lifestyle services.
2015
Pursuit of national-bank statusStrategyBackground
Wema Bank sought to meet the Central Bank of Nigeria's requirements for national-bank licensing and broader geographic operating scope.
Action taken
The bank completed the regulatory process and became a national bank in December 2015.
Aftermath
The change reinforced Wema Bank's position as a nationwide Nigerian commercial bank.
Recent events
Wema Bank appoints two non-executive directors[3]
Reported:
Wema Bank appointed Prince Olusegun Adesegun and Mr Adeyemi Adefarakan as non-executive directors; the Central Bank of Nigeria approved the appointments.
- Unconfirmed
Wema Bank launches a new customer website[4]
Wema Bank launched a new website to support customers' financial needs. The article says it offers easier navigation and improved functionality.
Sources4 sources
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