Nigeria: Wema Bank maps strategy to manage volatility in forex, oil markets
To sustain its steady growth in return on investment (ROI) and keep it above inflation, Wema Bank Plc will adopt a strategic, cautious, and conservative approach to the volatility in the foreign exchange and oil and gas markets.
At a recent conference meeting with stakeholders, including Analysts on its 2024 financials, the Bank stated that its approach was to implement a strategy that would mitigate against the current global volatility, especially in the oil and gas space.
The management disclosed that Wema Bank's exposure at the moment was largely in the mainstream sector of the oil and gas industry, and the approach has been cautious.
The Bank, with a record of the highest ROI in the banking sector in 2024, is currently in the market to raise the sum of N200billion by way of Rights Issue and Private Placement to shore up its capital base in line with the Central Bank of Nigeria's (CBN's ) directive to banks on recapitalization. Part of the new capital raise by Wema Bank will be deployed to further upgrade its IT infrastructure, support SMEs, and expand its customer base through a financial inclusion strategy, among other top line priorities.
Beyond meeting the recapitalization for the national banking licence, the Bank will also focus on leveraging the strengthened capital base to drive sustainable growth, expand lending capacity, enhance digital innovation, and improve overall customer experience. The Bank promised to empower and support its sales agents for the financial inclusion drive with more tool kits and to enable them to deliver more reliable services, which are what the customers want.
'We are particularly committed to digital innovation to meet the evolving needs of younger generations. This goes beyond talk; we have demonstrated our commitment with consistent actions', Moruf Oseni, the Wema Bank MD stated.
While soliciting for the support and confidence of the investment community, the management will continue to work hard to ensure its remains a profitable financial institution, adding that 'we will deliver on numbers'.says Oseni.
The Bank has also outlined a strong platform to serve Nigerians across multiple generations, especially the present generation of Gen Z and Gen Alpha, which informed its innovation and reinvention with particular reference to digital innovation to meet the evolving needs of younger generations.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
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