Company profile
Wema Bank Plc
Wema Bank Plc is a Nigerian financial institution founded on May 2, 1945, as Agbonmagbe Bank Limited. It became a public limited liability company in 1987 and was listed on the Nigerian Stock Exchange in 1990. Headquartered in Lagos, Nigeria, the bank offers a wide range of services including retail, commercial, and SME banking. A key milestone was the launch of ALAT in 2017, Africa's first fully digital bank, which highlights its focus on innovation and financial inclusion. As a publicly traded entity, Wema Bank has shown strong financial performance, reporting a significant Profit Before Tax in H1 2025 and employing over 2,300 people as of late 2024. The bank continues to pursue strategic growth, underscored by successful capital-raising initiatives.
- Sector
- Financial services / Savings and Other Banking Services, Corporate Banking Services
- Markets
- Nigeria
- Founded
- 1945
- Ownership
- Public
- Stage
- Large Enterprise
- Capital raised
- $72.3m
- Revenue
- $462.8m
- Employees
- 500+
- Business model
- B2B2C Financial Services, Transactional
Products and services
Digital banking platform (ALAT), retail banking services, SME banking services, corporate banking solutions, loans, investments, trade finance, payment solution (ALATPay), customisable cards.
Transactions
| Date | Transaction | Type | Value | Market |
|---|---|---|---|---|
| 22 Jun 2026 | EIB Global invests EURO 50 million in Wema Bank | Private Credit | $57.3m | Nigeria |
Source: Partner Researchers.