‘A priority’ Adebise says Wema Bank driving growth via digital channels

Freelanews August 19, 2022

The Managing Director/Chief Executive Officer, Wema Bank Plc, Mr Ademola Adebise, has said the bank is driving growth and meeting its customers’ needs through its digital channels.

He said this in a statement while explaining the facts behind the bank’s financial performance for the half year ended June 30, 2022.

Speaking at the analyst’s conference and investors’ call, Adebise said, “Our digital channels remain a priority in meeting customer needs and closing the financial inclusion gap.

‘With a transaction value of N131.5bn, USSD recorded over 58.6 million in transaction count (+55 per cent), reaffirming our focus to grow channel usage.

“Mobile banking users completed over 42.8 million transactions within the review period, further driving the financial inclusion initiative.”

He said the bank’s agency banking solutions would continue to provide support to customers mostly in the rural areas and hard-to-reach regions of the country.

“So far, we have over 21,000 agents attending to the financial service needs of these customers,” Adebise said.

Wema Bank recently released its second quarter unaudited financial result for the period ended June 30, 2022, showing a 50 per cent increase in its gross earnings from N39.82bn recorded in 2021 to N59.59bn H1, 2022.

The bank also grew its deposit by 43 per cent from N968.17bn reported in FY 2021 to N1.09tn in H1, 2022.

Wema Bank recorded a 43 per cent increase in profit before tax from N4.30bn over the same period last year to N6.13 billion for the period under review.

The bank’s Chief Finance Officer, Mr Tunde Mabawonku, said the results point to the resilience and growth trajectory of the bank during the review period.