Wema Bank has received upgraded ratings from two leading credit rating agencies, Fitch Ratings and Global Credit Ratings, further giving credence to its capacity for long-term sustainability in the African banking ecosystem, the 80-year-old lender said on Thursday.
According to a statement, Fitch Ratings revised Wema Bank’s outlook from Stable to Positive and upgraded its National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, while affirming its Long-Term Issuer Default Rating at ‘B-’.
Similarly, GCR Ratings upgraded the bank’s national scale long-term and short-term issuer ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG) with a stable outlook.
“These upgrades by credible rating agencies such as Fitch and GCR reinforce market confidence in the bank’s financial stability and strategic direction,” the bank said.
Wema noted that the improved ratings reflect the bank’s consistent financial performance, growing customer base, and robust risk management framework. The bank also highlighted its legacy of resilience and innovation, describing the upgrade as a testament to the strength of its long-term strategy.
“Reputed for its ability to overcome industry challenges over the decades, Wema Bank stated that it has built “an admirable legacy of impact, resilience, empowerment, innovation, dominance, transformation and excellence since 1945.”
“As the pioneer of Africa’s first fully digital bank, ALAT, and Nigeria’s most innovative financial institution, Wema Bank continues to lead a paradigm shift in banking, connecting banking with lifestyle, leveraging innovation, and delivering practical solutions tailored to the needs of customers across all stages of life,” the lender added.
The bank further attributed the ratings upgrade to a steady increase in customer volume, a diversified product offering, rising shareholder confidence, and improvements across key financial indicators.
“Wema Bank is not only Nigeria’s longest surviving indigenous bank but also an institution with a future of limitless possibilities, one that will outlive expectations, transcend time, and demonstrate that Nigerian businesses can thrive for centuries,” it said.
The Chief Executive Officer of Wema Bank, Moruf Oseni, reiterated the bank’s promise to its customers and shareholders, asserting with confidence that Wema Bank’s journey has just begun at 80.
According to him, “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 fuelled than ever to keep that timeless legacy thriving.”
Wema said it 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,” he said.
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 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 institution noted that it continues to prove that it is more than capable of sustaining the impressive legacy that it has built over 8 decades.
The bank said it continues to extend its roots into the depths of Nigeria, generating an impact that Nigerians of all ages can attest to, from children/teenagers to the elderly. Naturally, the bank’s impressive and steady growth continues to receive recognition both nationally and globally.
Just last year, 2024, the Pan-African Rating Agency, Agusto & Co, upgraded Wema Bank’s ratings to Bbb+ with an ESG score of 2 and confirmation of a stable outlook. It cited improved profitability despite macroeconomic headwinds, a lower impaired loan ratio, a better deposit mix, and strong shareholders’ support.
2024 also saw GCR upgrade Wema Bank Plc’s national scale long-term issuer ratings to BBB(NG) from BBB-(NG) and affirm the short-term issuer rating of A3(NG), with the outlook revised to stable, while Fitch affirmed the bank at ‘B-’ with the outlook, stable.
