In a move that has further affirmed the Bank’s stable and sustainable financial future, Pan-African rating agency, Agusto & Co, has upgraded the ratings of Wema Bank, Nigeria’s oldest indigenous bank, most innovative bank, and pioneer of Africa’s first fully digital bank, ALAT.
Effective June 17, 2025, Agusto & Co. upgraded Wema Bank’s rating to “A-” from “Bbb+”, reaffirming a stable outlook for the Bank. The decision was underpinned by Wema Bank’s fast-improving business risk profile, driven by better and more sustainable profitability, improved operating efficiency, good liquidity profile, and strong shareholders’ support, as reflected in the successful rights issue exercise. This means that all credit ratings conducted on Wema Bank in 2025 have resulted in an upgrade, reflecting unanimity in both national and global projections for a stable and positive outlook for the Bank’s future.
According to Agusto & Co, “Wema Bank’s profitability has showed marked and consistent improvement in the last three years.” Considering Wema Bank’s liquidity profile to be good and referring to the Bank’s ability to refinance as “satisfactory,” Agusto & Co further stated that the contribution of environmental, social, and governance issues to Wema Bank’s credit risk is low, adding, “The Bank continues to contribute positively through credit disbursements to socially impactful sectors such as agriculture, power and energy, education, water supply, transportation, and healthcare, which collectively represented about 16% of its loan portfolio. In addition, Wema Bank’s ongoing partnership with the Enterprise Development Centre (EDC) and Mastercard to train 50,000 women alludes to the Bank’s commitment to fostering inclusion and supporting community development across Nigeria. In the near term, we anticipate improved profitability supported by business growth from additional capital.”
Hinting at the Bank’s long-term aspiration of attaining Tier-1 status and taking indigenous Nigerian institutions global, Moruf Oseni, Wema Bank’s MD/CEO, commended Agusto & Co for yet another objective assessment, stating categorically that the best is yet to come for Wema Bank. According to him, “As a Bank, we are honoured by the level of trust our customers place in us, the confidence with which our shareholders continue to support the business and the determination with which our employees continue to fuel our growth. It is a privilege we do not take for granted, and I take this opportunity to say, ‘Thank You’. This is the clear result of 80 years of impact, the hard work that has gone into forging this formidable financial institution.”
“At this point, we can agree that Wema Bank’s capacity to transcend time is beyond question. We have done it for 8 decades, and now standing stronger at 80 years, we are prepared to keep the flag flying for centuries to come. It is time for the world to see the stuff that ‘Nigerian-owned’ is made of, and we are proud to pioneer this movement. I extend our sincere gratitude to Agusto & Co for acknowledging the growth and sharing in our vision for the future. To every stakeholder of Wema Bank, from the large entities partnering with us to the smallest business owner that has placed their trust in us, our promise is that Wema Bank will never let you down. We will continue to exceed all expectations, raise the standards, and consistently deliver optimum value to you; as we journey with you, all the way,” Oseni concluded.
Wema Bank has grown remarkably from the empowerment-driven financial institution that shaped the future of indigenous banking in Nigeria as far back as 1945, into a force of transformation that continues to empower lives and businesses in 2025. It provides practical solutions to problems cutting across diverse industries, blurs the line between banking and lifestyle, and leverages innovation to accelerate productivity and efficiency—strategically placing the African financial industry on the global map as the world continues to evolve.
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The Bank continues to prove itself to be a force to be reckoned with in the African banking ecosystem, standing strong not just as Nigeria’s oldest indigenous bank but also as the nation’s leading innovative and impactful bank. As the Bank continues to empower lives through innovation and develop digital solutions for societal impact, there is no doubt that the high growth trends will be sustained and potentially exceeded in the decades to come. It is therefore no surprise that Agusto & Co has upgraded its 2024 “Bbb+” rating of Wema Bank to “A-” in 2025, confirming that Wema Bank is in good financial condition and has strong capacity to meet its obligations, relative to all other issuers in the country.
Other rating agencies that have upgraded Wema Bank’s ratings include American rating agency Fitch, which raised the projection on Wema Bank’s outlook from Stable to Positive and upgraded the Bank’s National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B-’. African rating agency GCR also upgraded Wema Bank’s national scale long- and short-term issuer rating to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with Outlook: Stable.
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