Wema Bank Launches Upgraded ALAT for Business Digital Banking App
Wema Bank, Nigeria’s leading innovative bank, has launched the upgraded version of its corporate digital banking application, ALAT for Business 2.0. The launch took place on May 3rd, 2023, during the bank’s Digital Week activities themed “Changing The Digital Dynamics In Nigeria” in celebration of the bank’s anniversary.
During the virtual event, Samuel Robson, the Product Owner, expressed his excitement to announce the launch of the new and improved ALAT For Business. He explained that the upgraded version offers an intuitive and seamless experience with enhanced security features and greater functionality. The app’s fresh new look and feel make it more user-friendly and engaging, while the omnichannel experience allows users to access their account from any device with ease.
As a sole proprietor, ALAT for Business 2.0 offers an on-boarding feature to make opening and managing an account easier. The app is also accessible to multiple users, enabling account access sharing with team members or family members and revoking it with ease.
During the virtual event, Oyindamola of Total Data Limited and Dr. Mark of Jendol Superstore shared their positive experiences using the application. They praised the app’s user-friendly interface, which aided the ease of making bulk payments to various vendors and sorting out payroll for various businesses without any hassle.
The Chief Digital Officer, Olusegun Adeniyi, highlighted Wema Bank’s commitment to the future of banking by developing tailored solutions and ensuring the bank covers various verticals beyond the financial ecosystem.
The upgraded ALAT for Business is now available on various app stores, offering an improved user-friendly interface, interbank & intrabank transfers, multiple user accessibility, bulk transfer to over 6,000 accounts, and access to stamped e-statements. ALAT for Business is the financial partner every business owner should have. Wema Bank continues to improve the application, with plans to add artificial intelligence and multi-languages for the Diaspora market and offshore banking, among other improvements.
ZENITH BANK FETES SHAREHOLDERS WITH UNPRECEDENTED DIVIDEND PAYOUT OF N100.47 BILLION
Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia, CFR, flanked by the Group Managing Director/Chief Executive of Zenith Bank, Dr. Ebenezer Onyeagwu (Left) and the Company Secretary, Mr. Micheal Otu (Right) during the bank’s 32nd Annual General Meeting (AGM) held virtually from the Civic Centre, Victoria Island, Lagos, yesterday.
At the 32nd Annual General Meeting (AGM) of Zenith Bank Plc, held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share. This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value of NGN100.47 billion.
In his opening statement at the AGM, Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, expressed his gratitude to the shareholders for their unwavering loyalty, commitment, and support, which have been instrumental in the bank’s outstanding performance since its inception.
Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu, extolled the Founder and Chairman, Jim Ovia, CFR, for establishing the legacy and providing the template for the bank’s continued superior performance. He also highlighted the Board and Management’s determination to maintain the bank’s growth trajectory in the coming years, with an emphasis on digital and retail banking.
Speaking at the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), commended the Board and Management of Zenith Bank for consistently delivering value to shareholders, despite the challenging economic environment. He also praised the bank’s staff for their loyalty and dedication.
Chief Timothy Adesiyan, President, Shareholders Solidarity Association of Nigeria,expressed delight at the dividend payout and thanked the Board and Management for the outstanding performance that led to approving both an interim and final dividend during the year.
Also speaking, Mrs. Adenike David, National Coordinator of the Esteemed Shareholders Association of Nigeria, congratulated the bank and Chairman on their exceptional performance, as evidenced by the numerous awards received during the 2022 financial year. She also praised the bank for paying an interim dividend of 30 kobo and a final dividend of 2.90 kobo.
Despite challenging macroeconomic conditions, Zenith Bank Group achieved a 24% growth in gross earnings, from NGN765.6 billion in the previous year to NGN945.5 billion in 2022. This was driven by a 26% YoY growth in interest income and a 23% YoY growth in non-interest income. Customer deposits grew by 39%, reflecting the bank’s market leadership and customers’ trust. Net-Interest-Margin (NIM) increased from 6.7% to 7.2%, positively impacted by the elevated yield environment. Operating expenses grew by 17% YoY, though still below the inflation rate. Total assets rose by 30%, primarily due to growth in customer deposits.
In 2023, Zenith Bank Group plans to expand its reach and reorganise into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.
Zenith Bank’s track record of excellent performances has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Most Innovative Bank of the Year 2019 by Tribune Newspaper, Bank of the Year 2020 by Independent Newspaper, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.
Wema Bank Celebrates 78th anniversary, ALAT at six
Wema Bank, a leading Nigerian financial institution renowned for its innovative banking solutions and Africa’s first fully digital bank, is set to commemorate its 78th and 6th anniversary with a bang. The week-long celebration, which commences on May 1st, 2023, promises an array of exhilarating activities and competitions open to its employees, clients, and the public.
Kicking off the anniversary week is the virtual launch of ALAT Alumni, a platform for former Knights to rekindle relationships and foster a sense of community that the bank can leverage. In addition, the bank will release a cascade of ALAT balloons into the sky, and participants can take snapshots of the balloons and share them on social media with hashtags like #ALATAt6, #WemaAt78, and #SpotALATInTheAir to stand a chance of winning fantastic prizes.
The highlight of the celebration is the “Sounds of ALAT” competition, which seeks to uncover talented musicians in the entertainment industry and provide them with a platform to showcase their creativity. The victorious entry will become ALAT’s official theme song, and the winners will receive cash rewards of up to five million Naira.
Furthermore, the bank is organizing a balloon hunt for its customers, challenging them to locate balloons spelling out “Wema” and “ALAT” in different locations and post photos on social media using a specific hashtag to stand a chance of winning more prizes.
The festivities will also encompass the launch of the upgraded ALAT for business, the digital bank application for A fully revamped ALAT for Business platform to revolutionize the way business owners manage their business transactions.
Mabel Adeteye, Head of Brand and Marketing Communication Department, expressed her delight about the upcoming anniversary and its events. She added that the bank would dedicate the week to digital services, giving customers the opportunity to experience the convenience of ALAT’s digital banking solutions.
“We’re thrilled to celebrate our anniversary with our staff, clients, and the general public. We believe that these events and competitions will provide everyone with an opportunity to participate in the celebration and enjoy ALAT’s innovative banking solutions.”
Moruf Oseni takes over as the MD/CEO of Wema Bank Plc
·…Appointments of Wole Akinleye as Deputy Managing Director, and Tunde Mabawonku as Executive Director also approved by the CBN
Wema Bank MD, Mr Moruf Oseni
Wema Bank Plc hereby announces Moruf Oseni as the substantive Managing Director and Chief Executive Officer effective April 1, 2023. After serving in acting capacity since January 1, 2023, Oseni will be succeeding Ademola Adebise, following approval by the Central Bank of Nigeria (CBN).
Oseni’s journey with Wema Bank began in 2012 when he joined as an Executive Director. Before his appointment as MD/CEO, he served as Deputy Managing Director for the last four years, a role where he demonstrated the capacity to lead the bank to even greater heights as it continues to evolve into a financial powerhouse.
With over 25 years of experience, including more than 16 years at senior to executive management levels, Oseni was the MD/CEO of MG Ineso, a principal investment and financial advisory firm. He had also served as Vice President at Renaissance Capital and was an Associate at Schroder Salomon Smith Barney/Citigroup Global Markets in London.
Oseni’s credentials speak for themselves, with an MBA from the Institut European d’Administration des Affaires (INSEAD) in France, a Master’s in Finance (MIF) from the London Business School, and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU). He is also an alumnus of the Advanced Management Program (AMP) of the Harvard Business School and King’s College, Lagos.
In addition to Oseni’s appointment, the CBN also approved the appointments of Wole Akinleye as Deputy Managing Director, and Tunde Mabawonku as Executive Director. Wole Akinleye previously served as the Executive Director in charge of Corporate Banking and the South-West Business, while Tunde Mabawonku served as the Bank’s Chief Finance Officer.
The Board is confident that these new appointments will be crucial to the continued transformation and growth of the Bank as it positions itself as a market leader in Nigeria’s banking industry through technology and innovation.
All appointments are effective from April 1, 2023.
Our attention has been drawn to a sponsored sensational report by some online publications on a charge brought against the FirstBank.
While we will not be able to offer further comments as the matter is sub-judice, suffice it to say that the basis of the charge is a spurious allegation made by a delinquent debtor with the intention of embarrassing the Bank and tainting the Bank’s loan recovery efforts and legal enforcement of its security collateral interest in accordance with the terms thereof.
We wish to assure our numerous customers, stakeholders and the general public that FirstBank operates by the highest standards of ethical conduct and will under no circumstances involve itself in any act of illegality just as it will take necessary legal steps to check any attempt by recalcitrant debtors to fritter away depositors’ funds under its custody. Furthermore, FirstBank remains focused on its mission of providing the best financial services to its numerous customers.
Wema Bank Organises Financial Literacy Programme for Students to mark 2023 Global Financial Literacy Day.
Wema Bank Plc, Nigeria’s leading Innovative Financial Institution is championing financial literacy for the next generation by participating in the Global Money Week to commemorate the Financial Literacy Day on March 23, 2023.
In alignment with the theme “Plan your Money, plant your Future”, Wema Bank organized financial literacy sessions for secondary school students across all states where the Bank is represented. This is to instill an early understanding of the significance of building a solid financial foundation and achieving financial stability and success from a young age.
The Deputy Managing Director of Wema Bank, Mr. Wole Akinleye, led the Financial Literacy Session at Yola Model School, Adamawa State. The students were trained on personal finance topics such as budgeting, emergency funds, saving for goal actualization, investment, donating for positive societal impact amongst others. He further encouraged the students on the importance of developing financial literacy as a life skill.
Speaking on the significance of Financial Literacy Week, Mr. Akinleye emphasized Wema Bank’s commitment to empowering young minds with the skills and knowledge necessary to make informed financial decisions. In his words, “Our hope is that through these initiatives, we can empower more individuals to take control of their finances and achieve financial stability.”
Financial literacy is vital for the achievement of financial stability, and it is essential to ensure that everyone has the necessary tools to manage their finances effectively and achieve their financial goals. Wema Bank Plc is committed to providing educational resources and opportunities for children through the Royal Kiddies Account and a range of other savings products, supporting financial empowerment for the next generation.
The application is extended to the general public as it closes by 24 March 2023.
The FirstBank Management Associate Programme (FMAP) is a 24-month fast-track comprehensive programme targeted at young, dynamic and highly driven individuals that are passionate about making a difference in the financial services industry. The programme is designed to build the next generation of leaders to drive the Bank’s vision of being Africa’s Bank of First choice.
FMAP equips participants with an extensive wealth of experience comprised of both classroom and real-life work that affords an insightful and balanced insight into the world of work. The programme is targeted at hi-potential young professionals who possess acute thinking skills, financial and methodical skills, and a distinctive ability to communicate effectively and synthesize ideas, information, and data to aid decision-making.
Speaking on the FMAP Season III, Olumuyiwa Olulaja, Group Head, Human Capital Management and Development, said “since its inauguration in half a decade, we are delighted with the giant strides and impact the initiative has had in promoting the career development of emerging talents in the financial services industry as they are instilled with the tenets and ethics of the banking industry in line with global best practice.
The FMAP initiative is amongst the many ways we reinvest in our human capital as we build the next generation of leaders through their exposure to various opportunities essential to preparing their readiness for the future.
Since its launch in 2018, FirstBank has successfully trained and onboarded up to fifty talented individuals in 2 editions (2020 and 2022), who have all been deployed into strategic roles in the Bank and making a difference in the organization, while we continue to support their leadership growth and development.
Wema Bank Plans to Celebrate International Women’s Day 2023
Wema Bank, Nigeria’s most innovative bank, is preparing to celebrate International Women’s Day 2023. The bank aims to honor women and provide them with opportunities to achieve success in their personal and professional lives. The celebration will be held on March 8, 2023, in Lagos.
This year’s global theme, “Embrace Equity,” will be the focus of the event. The discussion will center on the topic of equity and achieving economic growth for women in their careers and businesses. The event will feature, keynote speaker Audrey Joe-Ezigbo, as well as panelists Tosin Olaseinde, Fela Durotoye, and Adenike Oyetunde-Lawal.
The event aims to celebrate and appreciate Wema Bank customers and the Nigerian Women in General while equipping them with knowledge they need to succeed in their careers and businesses. According to Mabel Adeteye, Head of Brand & Marketing Communications at Wema Bank, the event will enable women to achieve economic, financial, and mental growth.
Sara by Wema, the bank’s women’s proposition, has been designed to grow with women and has proven to be the best solution, with tailored offerings ranging from health plans to business financing and advisory services. Individuals who wish to attend the event, either virtually or in person, must register on the Wema Bank website https://wemabank.com/sarabywema/
Wema Bank is Nigeria’s oldest indigenous financial institution, offering a range of value-adding banking and financial advisory services for 77 years. The bank was incorporated in 1945 as a Private Limited Liability Company and transformed into a Public Limited Liability Company in 1987, listing on the Nigerian Exchange.
Cash Crisis: Former Finance Minister Idika Kalu Blames CBN
A former Minister of Finance, Dr Idika Kalu, has faulted the logistics of the Central Bank of Nigeria (CBN) for the crisis that has characterized the distribution of new N1000, N500 and N200.
Speaking on Channels Television on Friday, he noted that the new naira scarcity was a result of a huge logistic mistake.
He said, “It is obvious that what we are dealing with is huge logistic mistakes that have been made.”
Kalu added that the CBN ought to have done its preliminary assessment of how long and what it would take to ensure the efficient distribution of the new notes.
“You have to assess the timing, which is predicated on how long it will take to do the exercise that you want to do. So, that is where it is really up to the central bank and its advisers to come up to the government to say, you have agreed we will do this. This is how much time we need, every aspect of it, procuring the papers for printing, whether it is imported or locally made, the printing process itself, the logistics of identifying the various constituencies, the banks, the communities, the rural areas and all segments of this country.
“The people are not interested in all these details but you have to take into account how you are going to deliver. Is it by air, road, train or a combination of all that?,” he added.
He explained that the reason the new notes were not in banks when people needed them was due to poor logistics.
“The logistics have to be very carefully put together. It is very apparent that we did not do that. I think the logistics are really the problem not the question of jurisdiction,” Kalu noted.
He further faulted the CBN’s reasons for redesigning the old notes, stating that countries don’t change their currencies because they want to improve the effectiveness of monetary policies.
He also noted that there were other policies that the CBN and the Federal Government could have introduced if they wanted to tackle corruption and the high amount of currency in circulation.
Kalu also said that the naira redesign plan of the CBN would likely lead to a contraction in the economy.
He further questioned the metrics of inflation used to measure the effectiveness of the naira redesign policy.
“If you curtail the money supply, it will bring down inflation. But they will have to check on what it does to production and employment. So, it is not a one-dimensional measure of success,” he said.
He further described the naira redesign policy of the CBN as draconian, noting that there was something wrong with what the CBN was trying to do.
Wema Bank builds capacity for owners and managers of SMEs in Enugu
In its bid to equip small and medium-scale enterprises (SMEs) in Enugu with adequate knowledge and skills to boost their businesses, Wema Bank Plc, Nigeria’s most innovative bank, is hosting its maiden Business Growth and Innovation Conference in Enugu, the Enugu State capital. The conference, being organized in partnership with the Enugu SME Center, the Enugu State Government’s SME development agency, will hold on Wednesday, February 15th and Thursday, February 16th, 2023.
The Head, SME Banking at Wema Bank, Arthur Nkemeh, said that the two-day conference, which will cover key areas of business management, such as strategy and innovation, digital transformation, sales and marketing, and financial management, will upskill business owners and managers and boost the capacity and growth of SMEs in Enugu.
“The Enugu Business Growth and Innovation Conference is intended to bridge the knowledge gap that exists in the SMEs space. It will equip attendees with best-in-class knowledge and skills in business management. The capacity building program will be delivered by world-class facilitators who are subject matter experts in various aspects of business management, in keeping to our position as the leading bank in the SME Advisory space in Nigeria.”
He noted that, being the leading bank in the SME banking segment in Nigeria, Wema Ban has been a champion of the growth of the SME sector in the country through its various financial and non-financial (business advisory) services for SMEs.
“As a champion of the growth of the SME sector in Nigeria, Wema Bank has put in place many initiatives that will drive the growth of the sector in the country. We not only have low-cost banking products that speak to the needs of SMEs, but we also ensure that the managers and promoters of these businesses are equipped with top-notch knowledge and skills that will ensure that their businesses thrive in any given situation they find themselves.”
Arthur called on owners and managers of small and medium-scale enterprises in and around Enugu to avail themselves of the opportunity that this conference presents to build their capacity and ensure that their businesses growth potentials are achieved.
“The needs of the SMEs in Nigeria are enormous and range from access to capital to talent acquisition and retention, to management operation and so on. These needs, as diverse as they are, could be better and more effectively addressed through adequate capacity building. This is why it is imperative that SMEs owners and managers, especially those in and around Enugu, endeavour to participate in the Conference to learn new strategies that they can use to grow their businesses,” he concluded.
More information is available on the bank’s website www.wemabank.com
