Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40bn Rights Issue which was initiated in December 2023.

In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licenses, within a 24-month timeline spanning April 1, 2024, to March 31, 2026. The goal of this recapitalisation programme is to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.

As a forward-thinking and pioneering bank, Wema Bank in December 2023 launched a N40bn Rights issue which has now been approved by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). With this remarkable development, Wema Bank has now successfully raised the 1st tranche of its plan in the minimum requirement laid down by the CBN.

In a statement made to the public by the Bank, Moruf Oseni, Wema Bank’s Managing Director and CEO, iterated the Bank’s resolve in retaining its Commercial Banking license with National Authorisation, adding that the N40bn Rights Issue is a step in that direction. “We are delighted to announce the conclusion of the 1st tranche of our Capital Raise Programme, after obtaining the relevant approvals of all regulatory authorities. Our move to commence our Capital Raise Programme very early demonstrates our push for excellence and with a strong emphasis on our digital play, we are set to amass more successes in the coming months.”

“We were impressed by the vote of confidence given by our shareholders during the 1st Rights Issue exercise as our shares were fully subscribed. In addition, we obtained the approval of shareholders at our 2023 Annual General Meeting (AGM) to raise an additional N150billion to meet the capitalisation threshold set by the CBN. The process is expected to be completed within 12-18 months. We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40bn Rights Issue is a bold step in the right direction.”

In addition to the upward trend in the Bank’s financial performance and the success recorded so far in its recapitalisation exercise, Wema Bank’s corporate rating was recently upgraded to BBB+ by Pan African credit rating agency, Agusto and Co, and retained at BBB by international rating agency, Fitch. Over the medium to long term, Wema Bank is positioned to not only dominate the digital Banking space but also the Nigerian financial services industry at large as it translates its industry leadership to significant market share.

Src: https://nairametrics.com/2024/06/14/wema-bank-concludes-1st-tranche-of-capital-raise-programme/

Sounds promising

D guy above me sha
Kwanu
U dey use 5g??
Sha check out this site MP3Paw.ng

The way I love this bank but having no business with them is what I don't understand.

My bank, your bank, our bank. Alat by Wema

Make them rest

Ordinary to borrow person money

Them go de ask yeye questions

Mumu bank.

They have not pay youths they promise to help for that FGN ALAT program.

So so promising. Nonsense country that can't empower youths

The best digital bank in Africa..... ALAT by Wema

Click LIKE if you agree

What makes them digital than other banks?

Wema bank dey ok ...especially that their ALAT

I be hate them b4 without any tangible reason....


Na so life be... some pple go dislike you for no reason only to come near see say U no be bad person 😭

After Opay and Palmpay, Wema Alat is the best mobile banking app in Nigeria. Their app is fast and it hardly fails. Their UX is also very smooth. Kudos to them!

Na to keep minimum amount for bank o.


Make I no hear story like that of Heritage bank.

I no like wahala.

havenz:
The way I love this bank but having no business with them is what I don't understand.

It's a regional bank, they don't have the national and international spread

real691:
Na to keep minimum amount for bank o.


Make I no hear story like that of Heritage bank.

I no like wahala.

many will still fall by the way side,that's why there will be mergers and acquisitions in the coming months

When I saw Wema bank in the title I thought it shut down or something😂😂😂

Gandah:
D guy above me sha
Kwanu
U dey use 5g??
Sha check out this site MP3Paw.ng

Bad site. Some songs dey skip

First digital bank my ass!
Their customer service is one of the most useless I have seen, perhaps the most useless in the world. All efforts to reactivate my account has been futile. It's been back and forth for the past one month. Very useless bank.

Homeboiy:
Make them rest

Ordinary to borrow person money

Them go de ask yeye questions

😄

Chimarto:
What makes them digital than other banks?

The first fully digitalized not necessarily the best

After UBA, FBN, Zenith and Fidelity, the rest go get issues with this recapitalisation of N500bn, many of their licences will be seized. Then for online banks, Opay and Palmpay.

wema are bank always

Many commercial banks in Nigeria are subtly political tools, but I like Wema in their innovative strides and resilience, hopefully they will make the recapitalization benchmark