By Ayomide Otitoju
Wema Bank, Nigeria’s oldest indigenous lender and pioneer of Africa’s first fully digital bank, ALAT, has received a significant boost in credit ratings from two leading international agencies, Fitch Ratings and Global Credit Ratings (GCR).
Fitch upgraded Wema Bank’s National Long-Term Rating from ‘BBB(nga)’ to ‘A-(nga)’, while also revising its outlook from Stable to Positive. The agency affirmed the bank’s Long-Term Issuer Default Rating (IDR) at ‘B-’.
Similarly, GCR elevated the bank’s National Scale long- and short-term issuer ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with a Stable Outlook.
The improved ratings reflect increased investor confidence and recognition of Wema Bank’s enhanced financial position, effective risk management, and consistent operational performance.
“These upgrades are a powerful milestone for Wema Bank, a clear recognition of the tremendous progress we’ve made together over the past year,” said Moruf Oseni, Managing Director/CEO of Wema Bank. “They affirm not just the strength of our numbers, but the quality of our strategy, execution, and long-term vision.”
Oseni added that the upgraded ratings would enable the bank to attract more high-value clients and development partners.
The announcement comes as Wema Bank celebrates its 80th anniversary, underscoring its legacy of innovation and resilience in Nigeria’s financial sector. The bank reaffirmed its commitment to supporting long-term economic growth and delivering value to customers, investors, and partners alike.
