Africa’s First Fully Digital Bank, ALAT By Wema Is Getting An Upgrade
Wema Bank is once again redefining the future of banking with the upgraded version of ALAT scheduled to go live in January, 2026. Tagged ALAT: The Evolution, the upgraded version of ALAT will once again set the standard on the next chapter in the banking industry.
With ALAT: The Evolution, Wema Bank is pushing the envelope even further. It represents a thoughtful evolution of everything users already love about ALAT; redesigned to feel more intuitive, more responsive, and more personal. From faster interactions, to a smarter understanding of user behavior, to the introduction of SAW (Smart ALAT by Wema, an AI assistant on the ALAT App), the upgraded ALAT will show how far digital banking has come, and how much further it can go when innovation is intentional.
When ALAT by Wema first launched in 2017, it made history as Africa’s first fully digital bank, changing how millions of people viewed and experienced banking. With the upgraded version of ALAT, Wema Bank is again reaffirming its position as the most innovative Bank in the banking industry.
Wema Bank Empowers Tech Innovators at Akure, Zaria, Ibadan, and Lagos with Hackaholics 6.0
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has continued to deepen its commitment to youth innovation and entrepreneurship with Hackaholics 6.0, its flagship campus ideathon. This year, the Hackaholics train has toured four Nigeria cities from the Federal University of Technology, Akure (FUTA) and Ahmadu Bello University (ABU), Zaria, to the University of Ibadan (UI) and Purple Academy, Lagos, bringing together some of the brightest young minds in Sub-Saharan Africa to create transformative solutions to real-world problems.
With over 3,000 entries submitted so far, at each location, hundreds of students and young entrepreneurs gathered to receive industry-led masterclasses, and develop ideas aimed at solving challenges in the ecosystem. For four days in each location, participants were immersed in the full Hackaholics experience, from ideation to mentorship to pitch readiness, culminating in high-energy final pitches where the best ideas emerged. In every location, three Ideathon winning teams; including one women-led group and two Hackathon teams walked away with invitations to compete at the Hackaholics 6.0 Grand Finale. These teams now stand a chance to scale their solutions with the backing of Wema Bank’s innovation ecosystem.
Speaking on the initiative, MD/CEO Wema Bank, Plc, Moruf Oseni, said, “Hackaholics has always been about more than technology. It is about empowering young people to think differently, create boldly, and contribute solutions that can move our industry and nation forward. The level of talent and creativity we have witnessed so far further reinforces why we continue to invest in this programme. The innovative ideas and solutions coming out of the participants have the power to shape the future of financial services and beyond, and we are excited to see them come to life.”
Since its launch in 2019, Hackaholics has grown into a cornerstone of youth engagement and innovation in Nigeria. With over 12,000 applicants from 15 schools, and a total of over $300,000 disbursed in funding, including ₦75 million awarded to women-led teams between 2023 and 2024, the program has consistently delivered on its mission to create a vibrant ecosystem where students, innovators, and early-stage founders can collaborate, learn, and grow while building long-term relationships with Wema Bank.
As the Hackaholics 6.0 train continues its journey to more cities before the Grand Finale, Wema Bank remains committed to empowering the next generation of Nigerian innovators. Students and young entrepreneurs are encouraged to visit https://hackaholics.wemabank.com/ for more information on how to participate and submit their entries.
Wema Bank Concludes ₦150 Billion Rights Issue with CBN & SEC Approval, Surpasses Regulatory Capital Requirement
Wema Bank Plc (“the Bank”) announces the successful completion of its ₦150 billion Rights Issue, which opened on April 14th,2025, and closed on May 21st,2025. The exercise has received formal approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission.
This Rights Issue was undertaken in response to the CBN’s directive on the recapitalization of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the
₦200 billion minimum capital requirement applicable to commercial banks with national authorization.
In addition to the Rights Issue, Wema Bank also recently concluded a ₦50 billion Private Placement, which is now awaiting regulatory reviews. This additional capital raises the Bank’s total capital base above the regulatory threshold, further strengthening its buffer, enhancing its shock-absorption capacity, and positioning the Bank for sustained growth.
Commenting on the Bank’s success in meeting the regulatory threshold ahead of the 24-month timeline, Moruf Oseni, Wema Bank’s MD/CEO, reaffirmed the Bank’s promise of delivering the best value as it continues its growth journey. According to Oseni, “As a growth-driven Bank, the industry recapitalization requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the ₦200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders. We do not take this trust for granted and we take this moment to firmly reiterate our commitment to continue delivering optimum value to every shareholder and stakeholder of Wema Bank.”
The conclusion of these capital-raising initiatives reinforces the Bank’s prudential position and provides a solid foundation for long-term stability. It also reflects the continued confidence of stakeholders in Wema Bank’s governance, financial performance, and strategic direction.
Wema Bank remains committed to full regulatory compliance and prudent risk management. With its strengthened capital base, the Bank is well positioned to support customers, contribute to the stability of the Nigerian financial system, and deliver sustainable value to its stakeholders.
For more information, please reach out to investor.relations@wemabank.com or visit www.wemabank.com.
Wema Bank Unveils Top 35 Innovators Advancing to the Grand Finale Pitch of Hackaholics 5.0
Wema Bank, Nigeria’s innovative leader in banking and pioneer of Africa’s first fully digital bank, ALAT, has officially announced the 35 exceptional teams advancing to the grand finale pitch of Hackaholics 5.0. The grand finale pitch is set to hold on November 25, 2024, in Lagos, themed “Meta Idea: Catalyzing Africa’s Growth Through Innovation.”
After a series of competitive pre-pitch events at eight physical locations and one virtual pitch center, 35 outstanding teams have emerged as top contestants. These teams represent diverse and impactful ideas, ranging from tech solutions in agriculture, finance, and education to innovations in healthcare, sustainability, and artificial intelligence.
The grand finale pitch will see these top contestants pitch innovative Digi-Tech solutions to a panel of esteemed investors, industry leaders, and mentors competing for ₦75 million worth of prizes. The prize structure includes a whopping ₦30 million worth of prizes for the grand prize winner, ₦20 million worth of prizes for the first runner up, ₦15 million worth of prizes for the 2nd runner up, and ₦10 million worth of prizes for the top women-led team.
Moruf Oseni, MD/CEO of Wema Bank, expressed his excitement about the competition’s impact:
“Hackaholics is a testament to Wema Bank’s commitment to fostering innovation and youth empowerment.” These 35 top contestants represent the future of Africa’s tech-driven transformation, and we are proud to provide them with a platform to bring their ideas to life. The Meta Idea theme challenges them to think beyond immediate solutions and focus on innovations that capitalize on Africa’s growth potential. We look forward to celebrating their ingenuity at the grand finale.”
This year’s Hackaholics competition received thousands of applications from across Nigeria, highlighting the creativity and determination of young tech enthusiasts. The competition has inspired groundbreaking solutions aimed at addressing Africa’s challenges and driving digital transformation. It underscores the role of technology and entrepreneurship in Africa’s socio-economic progress and remains a key platform for discovering and nurturing young talents, offering winners mentorship, networks, and resources to scale globally.
To attend the Hackaholics 5.0 grand finale and witness the next generation of innovators in action, register at https://hackaholics.wemabank.com/grandfinale.
Wema Bank Launches Export Trade Academy to Empower Nigerian SMEs in International Markets
In a bold step towards empowering Nigeria’s small and medium enterprises (SMEs), Wema Bank has launched the Wema Export Trade Academy, a groundbreaking initiative designed to enhance the global trade capabilities of local businesses. This forward-thinking program demonstrates Wema Bank’s commitment to empowering Nigerian businesses and supporting their international growth potential.
Navigating the complex landscape of export trade involves overcoming regulatory, financial, and logistical hurdles, which can often hinder small businesses from establishing a foothold, the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets. The Academy specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.
Participants in the Wema Export Trade Academy will benefit from sessions led by industry experts as well as mentorship opportunities with seasoned professionals. The academy goes beyond conventional training by offering real-world insights into international trade practices, such as export documentation best practices and navigating trade agreements, positioning Nigerian SMEs to confidently expand their presence in the global marketplace. Additionally, the program fosters a collaborative environment, encouraging participants to network with fellow Nigerian exporters, exchange ideas, and build connections with international trade facilitators. This supportive ecosystem is aimed at enhancing productivity and positioning Nigerian businesses as strong contenders on the world stage.
As a trailblazer in digital banking and business innovation, Wema Bank continues to set high standard within Nigeria’s financial landscape. The launch of the Wema Export Trade Academy marks a new chapter in the bank’s mission to support Nigerian enterprises, solidifying its role as an indispensable partner in their journey to international success.
The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions. With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.
