Wema Bank Plc has received a double boost in credibility as two globally recognized credit rating agencies — Fitch Ratings and Global Credit Ratings (GCR) — upgraded the 80-year-old Nigerian lender’s ratings, citing improved financial performance and a robust risk management structure.
Fitch revised the bank’s outlook from Stable to Positive and elevated its National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, while affirming its Long-Term Issuer Default Rating at ‘B-’.
Similarly, GCR upgraded Wema’s national scale long-term issuer rating to BBB+(NG) and short-term rating to A2(NG), both with a Stable outlook.
In a statement released on Thursday, Wema Bank described the upgrades as “a strong vote of confidence in its long-term strategy and operational resilience,” adding that they validate its position as a key player in Nigeria’s financial landscape.
“These ratings reflect our unwavering focus on innovation, financial discipline, and our commitment to delivering value to all stakeholders,” said the bank’s Chief Executive Officer, Moruf Oseni.
The bank attributed the ratings upgrade to a combination of rising customer numbers, diversified service offerings, improved shareholder support, and consistent gains across core financial metrics.
Oseni emphasized that the bank’s journey is far from over.
“Wema Bank is more than a financial institution — it’s a legacy of innovation and resilience. At 80, we’re just getting started,” he stated.
Founded in 1945, Wema Bank holds the distinction of being Nigeria’s oldest surviving indigenous lender. It is widely acknowledged as the pioneer of Africa’s first fully digital bank, ALAT, which disrupted traditional banking and attracted a new generation of digital-savvy customers.
Over the years, the bank has weathered economic storms, regulatory shifts, and evolving customer needs, maintaining its relevance through strategic transformation and digital expansion.
“This milestone is not just about credit upgrades. It’s about the recognition of an institution that continues to evolve, adapt, and lead,” the statement read.
PLATFORM TIMES reports that just last year, Wema Bank also received a rating upgrade from Agusto & Co, which raised its rating to Bbb+, citing strong shareholder support, reduced impaired loan ratios, and a more favorable deposit mix.
The bank was also scored highly on ESG (Environmental, Social, and Governance) performance, earning a commendable 2 on a scale where lower is better.
“These repeated affirmations and upgrades from independent global agencies are testaments to our enduring strategy — to create a truly modern, resilient, and inclusive banking institution,” the bank noted.
Wema Bank reaffirmed its pledge to continue supporting Nigeria’s economic growth and empowering individuals and businesses through innovative and customer-focused banking.
“Today, we stand tall at 80 — a symbol of Nigerian excellence. But this is not the finish line. It is a bold signal of what is yet to come,” Oseni said.
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