Wema Bank
- Company typePublic
- Founded1945
- HeadquartersLagos, Nigeria
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
Wema Bank firmographics
Firmographics- Name
- Wema Bank
- Legal name
- Wema Bank Plc
- Website
- https://wemabank.com
- Company type
- Public
- Founded year
- 1945
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Ownership category
- akta.pro rank
Wema Bank industry classification
Industry- Product category
- Retail Banking
- NAICS
- Commercial Banking (52211), Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Digital Retail Banking (Online & Mobile) (FSABAAAF)
- akta.pro secondary industries
- Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), A2A Bill Pay & eInvoicing (Open Banking Enabled) (FSAMAFAL)
Keywords
Where Wema Bank is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
Wema Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Interest Income: Primary revenue driver from loan portfolio; interest income grew 62.4% to N576 billion in 2025, accounting for bulk of total revenue
- Digital Payment Fees: Transaction fees from digital payments through ALAT platform, POS terminals, and ALATpay gateway; digital payments revenue grew 160.32% in first 9 months of 2025
- SME and Business Lending: Loans and credit facilities to SMEs and corporate clients including trade finance, consumer loans, and business expansion financing
- Capital Markets: Revenue from private placements and share listings on NGX; N50 billion share listing in November 2025
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | ALAT Digital Banking - Free account with digital transaction fees |
| Subscription | Monthly | SARA Women's Banking - Customized financial solutions |
| Subscription | Monthly | SME Loans - Business financing products |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels6 records
Wema Bank product offering
Product offeringCore offering
Wema Bank is Nigeria's oldest indigenous financial institution, founded in 1945, operating as a publicly listed national bank providing retail, SME, and corporate banking services. The bank's primary offerings center on the ALAT digital banking platform (Africa's first fully digital bank launched in 2017, serving over 8 million users), supplemented by ALATpay (payment gateway for MSMEs), SARA women's banking, Royal Kiddies children's accounts, Wema POS terminals, MSME Instant Loans, USSD banking (*945#), and the Hackaholics innovation platform. Revenue is primarily driven by interest income from lending (N576 billion in 2025), digital payment fees, and SME financing programs.
Product overview
Wema Bank operates as Nigeria's oldest indigenous financial institution offering a multi-product banking portfolio centered on its digital banking ecosystem. The primary offerings include ALAT by Wema (Africa's first fully digital bank), ALATpay (payment gateway for MSMEs), SARA by Wema (women-focused banking), and traditional banking products including loans, savings accounts, and POS services. The digital-first strategy is complemented by innovation programs like Hackaholics and customer reward schemes such as 5for5. The bank serves personal, business, SME, and corporate segments through digital channels (ALAT app, USSD, POS) and physical branches.
Differentiator
Problem solved
Functional benefit
Brands
- ALAT: Africa's first fully digital bank platform offering comprehensive digital banking services including savings, payments, and financial access. Launched in 2017, ALAT serves over 8 million users with features like voice banking, contactless payments, and real-time transaction processing.
- SARA
- ALATpay
- 5for5 Reward Scheme
- Royal Kiddies Account
- Hackaholics
Products and services
- ALAT by Wema Africa's first fully digital bank platform offering comprehensive digital banking services including structured savings, payments, account management, voice banking via SAW assistant, Tap & Pay contactless functionality, and financial access. Serves over 8 million users as Wema Bank's primary digital banking channel.
- ALATpay Payment gateway platform for micro, small and medium enterprises providing instant settlement for businesses across Nigeria. Enables collection of payments via cards (local and international), bank transfers, phone, NQR, and dedicated online storefront.
- SARA by Wema Women's banking and empowerment program offering customized financial solutions tailored for women, including savings, loans, and empowerment grants. Addresses individual financial needs of women entrepreneurs and professionals.
- Royal Kiddies Account Bespoke children's savings account designed to encourage saving and financial prudence from a young age while providing parents with a convenient and secure way to save for their children's future.
- Wema POS Point of Sale terminal service providing seamless and secure POS experiences ensuring client satisfaction and seamless payment processing for merchants across Nigeria.
- MSME Instant Loan Digital lending solution for Micro, Small and Medium Enterprises offering instant access to credit. Recognized at the 2026 Global SME Banking Innovation Awards for digital lending solutions and advisory services supporting entrepreneurs.
- USSD Code (*945#) USSD banking code offering convenient and accessible way to manage finances on mobile phone without needing internet access. Targets customers with basic feature phones and limited connectivity.
- 5for5 Reward Scheme Customer reward and loyalty program offering merit-based rewards targeting youth, women, and mass market segments. Benefits include tuition support, laptops, empowerment grants, and cash prizes with N5 million grand prize for most consistent participant.
- Hackaholics Innovation platform and competition supporting young innovators and startups. Engaged over 12,000 applicants and disbursed more than $300,000 in funding to foster youth entrepreneurship and support women-led teams.
- ALAT Xplore Educational platform providing financial literacy and exploration resources for customers.
Quantifiable outcome
- 124.18% stock return in 2025, leading all banking stocks
- +3 more outcomes
Companies that use Wema Bank
Customer profileNamed customers4 records
Segments5 records
Ideal customer profiles5 records
Wema Bank technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
AI capability2 records
Feature5 records
Wema Bank partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- MastercardcoreDigital payments acceptance network expansion supporting SME digital tools and collaborations. Mastercard expanded Africa acceptance network by 45% in 2025.
- Bi-Courtney Aviation Services LimitedminorCollaboration with MBR Signature Events and Wema Bank for 2025 Christmas celebrations at MMA2 terminal of Murtala Muhammed Airport, featuring decorations and musical performances.
- 3MTT (3 Million Technical Talents)minorContribution of $10m+ to Nigeria's 3MTT initiative, the world's largest technology talent accelerator, supporting digital economy reforms.
- PalmPaycorePartnership for Nigeria's National Payment Stack first live transaction. PalmPay and Wema Bank executed the inaugural transaction on the new payment infrastructure, signaling a new era in Nigeria's digital payment ecosystem.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
Wema Bank competitors and assessment
Company assessmentDirect peers
- Guaranty Trust Bank (GTBank): Nigeria's leading digital-first commercial bank and Wema's most direct competitor. GTBank pioneered premium digital banking in Nigeria and competes head-on with ALAT for retail and SME customers with similar product breadth.
- Zenith Bank: One of Nigeria's largest tier-1 commercial banks listed on NGX with comparable retail, SME, and corporate banking offerings. Zenith competes directly with Wema in deposit gathering and digital banking innovation.
- Access Holdings (Access Bank): Major Nigerian commercial bank with pan-African ambitions and a growing digital banking platform. Directly comparable in scale, customer segments (retail/SME/corporate), and digital strategy execution.
- United Bank for Africa (UBA): Pan-African commercial bank with strong Nigerian retail and corporate franchise. UBA competes with Wema across all customer segments and offers a broader geographic footprint as a contrast point.
- First Bank of Nigeria: Nigeria's oldest and largest bank by deposits, with extensive branch network and full-service retail/commercial banking. Comparable to Wema in customer segments but contrasts in physical-distribution-led strategy.
- First City Monument Bank (FCMB): Nigerian mid-tier commercial bank with strong SME and retail focus. Comparable customer mix and digital transformation journey, often grouped with Wema in the second-tier of NGX-listed banks.
- Fidelity Bank Nigeria: Nigerian commercial bank with similar SME and retail banking focus, listed on NGX. Comparable in scale, customer segments, and digital banking investment trajectory to Wema.
- Stanbic IBTC Bank: Nigerian commercial bank subsidiary of Standard Bank Group with comparable retail, corporate, and SME offerings. Directly comparable customer segments and digital banking investments in the Nigerian market.
Emerging players
- Kuda Bank: Nigeria's leading digital-only challenger bank targeting retail and MSME customers. Directly comparable digital-first product proposition but with lighter regulatory and capital requirements than Wema.
Regional players
- Ecobank Transnational Incorporated: Pan-African commercial banking group with strong West African presence. Comparable in retail and SME banking products but operates across multiple African geographies, contrasting with Wema's Nigeria-only footprint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
Wema Bank social profiles
Digital presenceWema Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Wema Bank leadership team
Management profileNumber of profiles
Profiles4 records
Wema Bank funding detail
Funding detailFunding overview
Funding rounds3 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Wema Bank M&A and investment
M&A and investmentM&A
Investments25 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Wema Bank
What does Wema Bank do?
Wema Bank is Nigeria's oldest indigenous financial institution, founded in 1945, operating as a publicly listed national bank providing retail, SME, and corporate banking services. The bank's primary offerings center on the ALAT digital banking platform (Africa's first fully digital bank launched in 2017, serving over 8 million users), supplemented by ALATpay (payment gateway for MSMEs), SARA women's banking, Royal Kiddies children's accounts, Wema POS terminals, MSME Instant Loans, USSD banking (*945#), and the Hackaholics innovation platform. Revenue is primarily driven by interest income from lending (N576 billion in 2025), digital payment fees, and SME financing programs.
Is Wema Bank a public or private company?
Wema Bank is a public company. It is classified as public and is currently operating.
When was Wema Bank founded?
Wema Bank was founded in 1945. It employs 1,001 to 5,000 people.
Where is Wema Bank based?
Wema Bank is headquartered in Lagos, Nigeria, in the Africa region.
How does Wema Bank make money?
Four revenue lines are on record. Interest Income is the primary driver. The others are digital Payment Fees, SME and Business Lending and capital Markets.
Who are Wema Bank's main competitors?
Direct peers on record are Guaranty Trust Bank (GTBank), Zenith Bank, Access Holdings (Access Bank), United Bank for Africa (UBA), First Bank of Nigeria, First City Monument Bank (FCMB), Fidelity Bank Nigeria and Stanbic IBTC Bank. Kuda Bank is listed as an emerging player. Ecobank Transnational Incorporated is listed as a regional player.
Does Wema Bank have an API?
No public API is recorded for Wema Bank.
What industry is Wema Bank in?
Wema Bank's product category is Retail Banking. Its primary akta.pro industry code is FSABAAAF, Digital Retail Banking (Online & Mobile), with a secondary code of FSABAIAD, Account & Balance Services (Operating accounts, statements, eBAM). Its NAICS code is 52211 and its SIC code is 6022.