Wema Bank has received rating upgrades from two leading credit rating agencies, Fitch and GCR, in recognition of its strong performance and resilience amid industry challenges.
Fitch Ratings upgraded the bank’s National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, with a Positive Outlook, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B-’.
Similarly, GCR Ratings raised Wema Bank’s national scale long- and short-term issuer ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with a Stable Outlook.
These upgrades underscore the bank’s steady growth, operational strength, and commitment to delivering value to customers and shareholders.
Commenting on the development, the Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, praised both agencies for their independent and objective assessments, noting that the upgrades affirm the bank’s forward momentum as it celebrates its 80th anniversary.
“Wema Bank is more than just a provider of financial services. This institution represents a bold and firm statement to the world—that Nigerian-owned businesses can stand the test of time,” he said.
Oseni reflected on the bank’s journey since inception, highlighting its legacy of resilience, innovation, and empowerment. “We’ve navigated challenges, created lasting solutions beyond banking, and delivered consistent value across sectors. These upgrades reflect the hard work and strategic focus of our team over the past year,” he added.
He assured stakeholders that the bank would continue to exceed expectations, stating: “80 years is just the beginning. We remain committed to delivering optimum value at every level.”
The latest upgrades follow similar rating improvements from Agusto & Co., which raised Wema Bank’s rating to Bbb+ with an ESG Score of 2 and a Stable Outlook earlier in 2024.
Wema Bank’s consistent performance has earned it recognition both nationally and internationally, reinforcing its position as a key player in Nigeria’s banking sector.
“These upgrades are not just milestones—they are a validation of our impact, growth strategy, and the trust placed in us by our stakeholders,” Oseni concluded.
