Fitch, GCR, upgrade Wema Bank’s rating, confirm positive, stable outlook

FURTHER giving credence to its capacity for long-term sustainability in the African banking ecosystem, credit rating agencies, Fitch and GCR have both upgraded the ratings of Wema Bank, Nigeria’s oldest indigenous bank, most innovative bank and pioneer of Africa’s first fully digital bank, ALAT.

Raising the projection on Wema Bank’s outlook from Stable to Positive, American rating agency, Fitch, 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.

Reputed for its tenacity and success in overcoming the various challenges that have shaped the banking industry for decades, Wema Bank has built an admirable legacy of impact, resilience, empowerment, innovation, dominance, transformation and excellence since 1945. The Bank has pioneered a paradigm shift in banking, connecting banking with lifestyle, leveraging innovation, and introducing a new era of impactful banking where customers’ needs are proactively met with practical solutions tailored to every stage of their lives. Beyond being Nigeria’s longest surviving indigenous bank, Wema Bank’s intentional approach to banking has arguably earned it the title of Nigeria’s most innovative bank—a legacy that continues to reflect in the Bank’s numbers.

From a steady increase in customer volume to diversity in customer-base, strategic variety in range of solutions to increased shareholder confidence and upturns across several financial metrics, Wema Bank has proven to be the Bank that has not just built a legacy of 80 years of impact, but more significantly, the indigenous financial institution with a future of limitless possibilities; one that will outlive expectations, transcend time and prove in the centuries to come, that Nigerian businesses can last. It comes as no surprise that credible ratings agencies, Fitch and GCR, have upgraded the Bank’s ratings and affirmed a positive and stable outlook for the Bank.

Commending Fitch and GCR for the objective assessment and projection of the Bank’s promising future, Moruf Oseni, the MD/CEO of Wema Bank, 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 fueled than ever to keep that timeless legacy thriving”.

“Wema Bank 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. 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 one 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.

Wema Bank continues to prove that it is more than capable of sustaining the impressive legacy that it has built over 8 decades. The Bank continues to extend its roots into the depths of Nigeria, generating 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, Pan-African Rating Agency, Agusto & Co, upgraded Wema Bank’s ratings to Bbb+ with ESG Score of 2 and confirmation of stable outlook, citing 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 Outlook, Stable.

With Fitch and GCR further upgrading the ratings of the Bank and projecting a positive and stable future, one thing is clear, Wema Bank is built to last, committed to delivering value and will continue to generate positive impact on individual, industry, national and global levels.

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