Nigeria’s Wema Bank has received upgraded ratings from two leading credit rating agencies, Fitch Ratings and Global Credit Ratings, further giving credence to its capacity for long-term sustainability in the African banking ecosystem, the 80-year-old lender said on Thursday.
According to a statement, Fitch Ratings revised Wema Bank’s outlook from Stable to Positive and upgraded its National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, while affirming its Long-Term Issuer Default Rating at ‘B-’.
Similarly, GCR Ratings upgraded the bank’s national scale long-term and short-term issuer ratings to BBB + (NG)/A2(NG) from BBB(NG)/A3(NG) with a stable outlook.
“These upgrades by credible rating agencies such as Fitch and GCR reinforce market confidence in the bank’s financial stability and strategic direction,” the bank said.
Wema noted that the improved ratings reflect the bank’s consistent financial performance, growing customer base, and robust risk management framework. The bank also highlighted its legacy of resilience and innovation, describing the upgrade as a testament to the strength of its long-term strategy.
“Reputed for its ability to overcome industry challenges over the decades, Wema Bank stated that it has built “an admirable legacy of impact, resilience, empowerment, innovation, dominance, transformation and excellence since 1945.”
“As the pioneer of Africa’s first fully digital bank, ALAT, and Nigeria’s most innovative financial institution, Wema Bank continues to lead a paradigm shift in banking, connecting banking with lifestyle, leveraging innovation, and delivering practical solutions tailored to the needs of customers across all stages of life,” the lender added.
The bank further attributed the ratings upgrade to a steady increase in customer volume, a diversified product offering, rising shareholder confidence, and improvements across key financial indicators.
“Wema Bank is not only Nigeria’s longest surviving indigenous bank but also an institution with a future of limitless possibilities, one that will outlive expectations, transcend time, and demonstrate that Nigerian businesses can thrive for centuries,” it said.
The Chief Executive Officer of Wema Bank, Moruf Oseni, reiterated the bank’s promise to its customers and shareholders, asserting with confidence that Wema Bank’s journey has just begun at 80.
“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,’ he said.
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 fuelled than ever to keep that timeless legacy thriving,” he added.
GIK/APA