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Wema Bank Plc, commonly known as Wema Bank, is a Nigerian commercial bank. It is licensed by the Central Bank of Nigeria; the regulator of the nation’s banking sector. As of 2019, Wema bank operates the largest digital banking system in Nigeria, ALAT By Wema, which is fully in use in all of the nation’s thirty seven states and territory. Wema Bank is the fastest growing commercial bank in Nigeria.
The bank was established on May 2, 1945, as a private limited liability company (under the old name of Agbonmagbe Bank Limited). The bank was founded on May 2, 1945 as Agbonmagbe Bank by the Late Chief Mathew Adekoya Okupe. He set up the first branches of the bank which were in Ebute-metta, Sagamu, Abeokuta and Ijebu-Igbo. The bank remained his until it was taken over by Western Nigeria Marketing Board and later renamed Wema Bank Limited in 1969. Since then, Wema Bank has gone on to be Nigeria’s longest surviving indigenous bank. It was granted a commercial banking license and commenced banking activities during the same year. Wema Bank converted to a public limited liability company in 1987. In 1990, the Bank was listed on the Nigerian Stock Exchange. It trades under the symbol: WEMABANK. It was granted a Universal Banking License in February 2001.
In 2009, the Bank underwent a strategic repositioning exercise spearheaded by a new management team that has seen its finances and profile rise considerably which finally culminated into it taking a sound strategic decision to operate as a commercial bank with a regional scope in South-South Nigeria, South-West Nigeria, Lagos and Federal Capital Territory in 2011.
In December 2015, Wema became a national bank, with a capital base of over N43.8billion having met the regulatory requirements for the National Banking license as stipulated by the Central Bank of Nigeria