Wema Bank, Nigeria’s oldest indigenous bank, has received significant upgrades to its credit ratings from leading agencies Fitch Ratings and Global Credit Ratings (GCR). These enhancements underscore the bank's robust capacity for long-term sustainability within the dynamic African banking ecosystem and reinforce market confidence in its financial stability and strategic direction. This recognition comes as the bank celebrates its 80th anniversary, marking a new phase of growth and impact.

American rating agency, Fitch, elevated Wema Bank’s National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, simultaneously revising its outlook from Stable to Positive. Its Long-Term Issuer Default Rating (IDR) was affirmed at ‘B-’. Concurrently, African rating agency GCR upgraded Wema Bank’s national scale long and short-term issuer ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with the outlook maintained as Stable. These upgrades build upon previous positive assessments, including Agusto & Co.'s upgrade in 2024 to Bbb+ with an ESG score of 2 and a stable outlook, citing improved profitability, a lower impaired loan ratio, a better deposit mix, and strong shareholder support.

The improved ratings are a direct reflection of Wema Bank's consistent financial performance, its rapidly growing customer base, and its robust risk management framework. The bank has demonstrated a steady increase in customer volume, a diversified product offering, and rising shareholder confidence, all contributing to significant improvements across key financial indicators. This continuous trajectory of excellence is attributed to the bank's intentional approach to banking, proactively meeting customer needs with practical solutions tailored to every stage of their lives.

Since its inception in 1945, Wema Bank has built an admirable legacy defined by impact, resilience, empowerment, innovation, dominance, transformation, and excellence. Renowned for its tenacity in overcoming decades of industry challenges, Wema Bank is not only Nigeria’s longest surviving indigenous bank but also widely regarded as its most innovative. It pioneered Africa's first fully digital bank, ALAT, leading a paradigm shift that connects banking with lifestyle and leverages innovation to deliver impactful financial services.

Moruf Oseni, the MD/CEO of Wema Bank, commended Fitch and GCR for their objective assessment, reiterating the bank’s unwavering promise to its customers and shareholders. Oseni confidently asserted that Wema Bank’s journey has just begun at 80 years. He emphasized, “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’.”

Oseni further articulated the bank’s enduring mission: “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.” He highlighted the bank's ability to navigate every challenge, consistently developing solutions that accelerate progress across various industries beyond banking. He concluded that the upgrades are a strong testimony to the collective hard work, assuring stakeholders that Wema Bank will continue to exceed expectations and deliver optimum value to all.