Nigeria: Wema Bank ratings upgraded by Fitch, GCR
Wema Bank, Nigeria's oldest indigenous bank and the pioneer of Africa's first fully digital bank, ALAT, has received rating upgrades from credit rating agencies Fitch and 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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