Wema Bank Celebrates 79 Years of Resilience and Transformation
Wema Bank Celebrates 79 Years of Resilience and Transformation

Wema Bank, one of Nigeria's oldest banks, celebrates its 79th anniversary today.

Wema Bank Celebrates 79 Years of Resilience and Transformation

Its journey from humble beginnings to a leading position in Nigeria's banking sector is remarkable.

Originally established by Late Chief Mathew Adekoya Okupe as a private limited liability company called Agbonmagbe Bank Limited, it operated branches in Ebute-Metta, Sagamu, Abeokuta, and Ijebu-Igbo—a stark contrast to its current widespread presence across major cities in Nigeria and beyond.

Under the leadership of its founder, the bank thrived before being acquired by the Western Nigeria Marketing Board. Forty-two years after its inception, Agbonmagbe Bank transformed into Wema Bank, marking a new era in its growth. In the same year, it obtained a commercial banking license and commenced operations.

In 1987, Wema Bank became a public limited liability company and was listed on the Nigerian Stock Exchange in 1990 under the symbol WEMABANK. However, its significant operational shift occurred in February 2001 when it was granted a Universal Banking License by the Central Bank of Nigeria, leading to continued growth and expansion in the financial sector. In 2015, the bank upgraded from a regional to a national banking license.

Wema Bank's growth and evolution over the years are commendable. With over 150 business offices and digital platforms, it now offers retail, SME, trade, treasury, business advisory, and corporate banking services to millions of Nigerians and foreigners.

According to Wema Bank's MD/CEO, Mr. Moruf Oseni, the bank's journey has been characterized by resilience and transformation. He envisions an even more inspiring future for the bank, committed to empowering lives through innovation and exceeding customer expectations with unparalleled banking experiences tailored to their needs.

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