Nigeria: Wema Bank ratings upgraded by Fitch, GCR
The upgrades reflect the bank's strong performance and resilience in the face of industry challenges.
Fitch upgraded Wema Bank's National Long-Term Rating to 'A-(nga)' from 'BBB(nga)', with a Positive outlook, while affirming its Long-Term Issuer Default Rating (IDR) at 'B-'.
GCR also upgraded the bank's national scale long- and short-term issuer ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with a Stable outlook.
The upgrades are a testament to Wema Bank's commitment to delivering value to its customers and shareholders.
The bank's deliberate approach to banking has earned it a reputation as Nigeria's most innovative bank, with a legacy of impact, resilience, empowerment, innovation, and excellence.
Wema Bank's Managing Director and CEO, Moruf Oseni, commended Fitch and GCR for their objective assessments and projections of the bank's promising future.
He reiterated the bank's commitment to its customers and shareholders, asserting that Wema Bank's journey has just begun at 80 years.
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.
The upgrades align with previous positive ratings Wema Bank has received, including a rating upgrade from Agusto & Co to Bbb+, with an ESG Score of 2 and a Stable outlook in 2024. The bank's solid performance and resilience have earned it recognition both nationally and internationally.
'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.
'Wema Bank's commitment to delivering value and generating positive impact on individual, industry, national, and global levels is evident in its continued growth and innovation. The bank's legacy of 80 years is a testament to its ability to adapt and thrive in a rapidly changing banking landscape.'
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Merck Foundation Chief Executive Officer (CEO) and First Ladies of Africa and Asia share their partnership journey in Transforming Patient Care Landscape, Supporting Girl Education and Breaking Infertility Stigma
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Merck Foundation is also creating a culture shift and breaking the silence about a wide range of social and health issues in Africa and underserved communities through: • 3700+ Media Persons from more than 35 countries trained to better raise awareness about different social and health issues • 8 Different Awards launched annually for best media coverage, fashion designers, films, and songs • Around 30 songs to address health and social issues, by local singers across Africa • 8 Children's Storybooks in three languages - English, French, and Portuguese • 7 Awareness Animation films in five languages - English, French, Portuguese, Spanish and Swahili to raise awareness about prevention and early detection of Diabetes&Hypertension and supporting girl education. • Pan African TV Program "Our Africa by Merck Foundation' addressing Social and Health Issues in Africa through 'Fashion and ART with Purpose' Community • 950+ Scholarships provided to high performing but under-privileged African schoolgirls to empower them to complete their studies 15 Social Media Channels with more than 8 Million Followers. Distributed by APO Group on behalf of Merck Foundation. Additional Images: Contact: Mehak Handa Community Awareness Program Manager Phone: +91 9310087613/ +91 9319606669 Email: Join the conversation on our social media platforms below and let your voice be heard: Facebook: X: YouTube: Instagram: Threads: Flickr: Website: Download Merck Foundation App: About Merck Foundation: The Merck Foundation, established in 2017, is the philanthropic arm of Merck KGaA Germany, aims to improve the health and wellbeing of people and advance their lives through science and technology. Our efforts are primarily focused on improving access to quality&equitable healthcare solutions in underserved communities, building healthcare&scientific research capacity, empowering girls in education and empowering people in STEM (Science, Technology, Engineering, and Mathematics) with a special focus on women and youth. All Merck Foundation press releases are distributed by e-mail at the same time they become available on the Merck Foundation Website. Please visit to read more. Follow the social media of Merck Foundation: Facebook ( X ( Instagram ( YouTube ( Threads ( and Flickr ( The Merck Foundation is dedicated to improving social and health outcomes for communities in need. While it collaborates with various partners, including governments to achieve its humanitarian goals, the foundation remains strictly neutral in political matters. It does not engage in or support any political activities, elections, or regimes, focusing solely on its mission to elevate humanity and enhance well-being while maintaining a strict non-political stance in all of its endeavors.
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