Wema Bank

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

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

• Retail banking services
• Digital banking platform
• Sme lending products
• Corporate banking services
• Payment processing services

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income: Primary revenue driver from loan portfolio; interest income grew 62.4% to N576 billion in 2025, accounting for bulk of total revenue
2. 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
3. SME and Business Lending: Loans and credit facilities to SMEs and corporate clients including trade finance, consumer loans, and business expansion financing
4. Capital Markets: Revenue from private placements and share listings on NGX; N50 billion share listing in November 2025

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core 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

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• MastercardcoreTechnology or Integration · 17 December 2025Digital payments acceptance network expansion supporting SME digital tools and collaborations. Mastercard expanded Africa acceptance network by 45% in 2025.
• Bi-Courtney Aviation Services LimitedminorGTM or Marketing Partner · 12 December 2025Collaboration 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)minorGTM or Marketing Partner · 11 December 2025Contribution of $10m+ to Nigeria's 3MTT initiative, the world's largest technology talent accelerator, supporting digital economy reforms.
• PalmPaycoreTechnology or Integration · 9 November 2025Partnership 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

Direct 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

• Xx.com/wemabank
• YouTubeopen.spotify.com/album/4tiqzZhwsogjXIyvYFvPvl
• Facebookfacebook.com/wemabankplc
• LinkedInlinkedin.com/company/wemabankplc

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments25 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wema Bank