Wema Bank Plc, commonly known as Wema Bank, is a Nigerian commercial bank. It is licensed by the Central Bank of Nigeria; the regulator of the nation’s banking sector. As of 2019, Wema bank operates the largest digital banking system in Nigeria, ALAT By Wema, which is fully in use in all of the nation’s thirty seven states and territories.

The bank was established on May 2, 1945, as a private limited liability company (under the old name of Agbonmagbe Bank Limited). The bank was founded on May 2, 1945 as Agbonmagbe Bank by the Late Chief Mathew Adekoya Okupe. He set up the first branches of the bank which were in Ebute-metta, Sagamu, Abeokuta and Ijebu-Igbo. The bank remained his until it was taken over by Western Nigeria Marketing Board and later renamed Wema Bank Limited in 1969.

Since then, Wema Bank has gone on to be Nigeria’s longest surviving indigenous bank. It was granted a commercial banking license and commenced banking activities during the same year.

Wema Bank converted to a public limited liability company in 1987. In 1990, the Bank was listed on the Nigerian Stock Exchange. It trades under the symbol: WEMABANK. It was granted a Universal Banking License in February 2001.

In December 2015, Wema became a national bank, with a capital base of over N43.8 billion having met the regulatory requirements for the National Banking license as stipulated by the Central Bank of Nigeria.

Wema Bank launched the first fully digital bank in Nigeria, ALAT By Wema, in May 2017. ALAT allows users to carry out all of their banking needs using a mobile phone, PC, or tablet without having to enter a physical bank.

Benefits of Wema Bank to Customers

Having an instant bank account with minimal documentation.

Access to Digital banking through ALAT.

Personalised debit card.

Transaction alerts through SMS and/or E-mail.

Zero minimum opening balance.

No minimum operating balance.

Interest rate (Same as existing savings account rate).

Maximum single deposit of N50,000.

Maximum cumulative balance of N300,000.

E-dividend lodgement is allowed.

 

Contact Wema Bank Via:

Help Desk

+234-803-900-3700

+234-01-277-7700-9

07000PURPLE (07000787753)

PURPLECONNECT@WEMABANK.COM

CHAT WITH US

ON WHATSAPP – 09044411010