Wema Bank ratings upgraded from Fitch and GCR, reaffirming its financial stability and capacity for long term sustainability in the Nigerian banking sector at 80 years
[dropcap]W[/dropcap]ema Bank Ratings have seen significant improvements from two prominent credit rating agencies, Fitch Ratings and Global Credit Ratings.
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This development further solidifies the 80 year old lender’s capacity for long term sustainability within the African banking landscape, as announced by the bank on Thursday.
According to a statement from the bank, Fitch Ratings revised Wema Bank’s outlook from Stable to Positive.
It also upgraded the bank’s National Long Term Rating to ‘A (nga)’ from ‘BBB (nga)’, while affirming its Long Term Issuer Default Rating at ‘B’.
Similarly, GCR Ratings elevated the bank’s national scale long term and short term issuer ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), maintaining a stable outlook.
The bank communicated that “These upgrades by credible rating agencies such as Fitch and GCR reinforce market confidence in the bank’s financial stability and strategic direction.”
Wema Bank noted that the improved ratings reflect its consistent financial performance, an expanding customer base, and a robust risk management framework.
The bank also highlighted its long legacy of resilience and innovation, describing the upgrade as clear evidence of the strength of its long term strategy.
Reputed for its remarkable ability to overcome industry challenges across several decades, Wema Bank stated 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 consistently leads a paradigm shift in banking.
It connects banking with lifestyle, leverages innovation, and delivers practical solutions specifically tailored to meet customer needs at every stage of life.
The bank also attributed these rating upgrades to a steady increase in customer volume, a broadened product offering, rising shareholder confidence, and improvements across key financial indicators.
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 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,” the bank affirmed.
Moruf Oseni, the Chief Executive Officer of Wema Bank, reaffirmed the bank’s enduring promise to its customers and shareholders. He asserted with clear confidence that Wema Bank’s journey has only just begun, even at 80 years.
According to Mr Oseni, “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’.”
He added that Wema Bank began with the core purpose of catering to the needs of Nigerians when no other institution would.
Eighty years later, that foundational legacy continues to thrive, and the bank remains more driven than ever to ensure its timeless impact persists.
Wema Bank explained that it has successfully navigated every challenge, consistently bouncing back with an unquenchable desire to continue progressing.
It has also consistently developed solutions that accelerate progress across various industries far beyond traditional banking services.
“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,” Mr Oseni concluded.
These latest upgrades hold significant importance and represent excellent news for the bank. They serve as strong testimony to the considerable effort invested over the past year.
The institution noted it continues to prove its strong capability in sustaining the impressive legacy built over eight decades.
The bank stated it extends its influence deeply into Nigeria, creating an impact that Nigerians of all ages, from children and teenagers to the elderly, can fully attest to.
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, confirming a stable outlook.
This upgrade cited improved profitability despite macroeconomic challenges, a lower impaired loan ratio, a better deposit mix, and strong shareholder support.
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In 2024, GCR also upgraded Wema Bank Plc’s national scale long term issuer ratings to BBB(NG) from BBB (NG) and affirmed the short term issuer rating of A3(NG), revising the outlook to stable, while Fitch affirmed the bank at ‘B’ with a stable outlook.
