Business

Wema Bank’s Digital Bank, ALAT, Emerges Nigeria’s Best Digital Bank at Euromoney Awards 2025

Published

1 year ago

July 18, 2025

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In recognition of its position as a digital pioneer in the African banking landscape, Africa’s first fully digital bank, ALAT, a trailblazing digital platform pioneered by Nigeria’s oldest indigenous and most innovative bank, Wema Bank, has been awarded Nigeria’s Best Digital Bank at the Euromoney Awards 2025.

Euromoney is a leading provider of competitive intelligence and benchmarking insight for the global banking and finance industry, trusted for over 50 years to deliver data-led analysis that informs strategy, validates performance, and supports decision-making at the executive level. The Euromoney Awards, pioneered by Euromoney, are regarded as the ultimate accolade in banking; the industry-leading stamp of approval that banks across the globe work yearlong to achieve. Recognised as Nigeria’s leading financial institution in digital innovation, Wema Bank’s revolutionary digital bank, ALAT, was awarded Nigeria’s Best Digital Bank at the Euromoney Awards 2025 held at The Peninsula London Hotel in London on Thursday, 17th July, 2025.

Since its launch on May 2nd 2017, ALAT has bridged the gaps in delivery of financial services to Nigerians within Nigeria and globally, evolving remarkably into a holistic hub of lifestyle and financial solutions for Nigerian adults of all ages and from all walks of life. From simply being the first fully digital bank in Africa, ALAT has evolved remarkably into a digital platform with an ecosystem of dynamic financial solutions tailored to provide seamless, reliable, and convenient service for all. With ALAT, basic financial services like transfers, airtime & data purchases, bill payments and loans are placed at the fingertips of users, in addition to a wide range of advanced financial services and solutions that merge banking with lifestyle.

From in-app local and international flight bookings to tailored personal and group savings options, investments and stocks, movie and event tickets, deals and discounts on a limitless pool of products and services, 24/7 health consultation, and a suite of customised loan options for salary earners and non-salary earners; ALAT changed the game, redefining banking and financial services in a world where digital has become the future. In view of ALAT’s groundbreaking role in blazing the trail for FinTechs in Africa and its intentionally-curated wealth of features and offerings designed to meet the needs of Nigerians in Nigeria and the diaspora, it is evident that the Bank is undeniably deserving of the recognition and accolade.

Underscoring Wema Bank’s commitment in shaping the future of banking through impactful innovations like ALAT, Wema Bank’s MD/CEO, Moruf Oseni, expressed appreciation to the Euromoney Awards for recognising the Bank’s impact on the proliferation of digital innovation in Africa, reiterating the Bank’s commitment to its sustainability vision of developing digital solutions for societal impact. Receiving the award, Oseni commented, “The world is moving fast and so is the permeation of ‘digital’ into the most critical aspects of our lives. 80 years ago when Wema Bank was established, typewriters were the extent of banking technology. Today, we have pioneered a fully digital bank, and possess technology advanced enough to power over 150 FinTechs. In ten years, one can only imagine what this fast-paced digital economy will bring. One thing is clear, any business, venture or institution that will remain relevant by the end of the next decade, must leverage digital technology today. This is why Wema Bank is so driven when it comes to digital. Innovation and empowerment”.

“As a Bank, our stance is clear. Wema Bank will never relent in empowering lives through innovation and developing digital solutions for societal impact. We will continue to pioneer innovation, empower innovators and bridge the gap between traditional and digital, leveraging the opportunities of the digital world to generate meaningful impact on lives and businesses in Nigeria, Africa and across the world. We have remained resilient in this commitment since 1945 and this award tells us that the world is feeling our impact. We are honoured by this recognition, and I take this opportunity to extend our sincerest gratitude to the Euromoney Awards. We take this as a challenge to keep up the good work, go harder, and continue going above and beyond in shaping the future of banking through digital innovation. Here’s to 80 years of impact and a future of limitless possibilities with Wema Bank”. Oseni concluded.

Wema Bank continues to raise the bar in financial services, placing Nigeria on the global map for banking and digital innovation. Since 1945, the Bank has spearheaded a positive transformation in Africa’s banking and financial landscape, proving that Nigerian-owned businesses have the capacity to last and stand the test of time. As the Bank celebrated its 80th anniversary on May 2nd 2025, its futuristic digital platform, ALAT simultaneously clocked 8, marking 8 years of digital transformation.

The world continues to watch in anticipation as Wema Bank leads the movement in digital innovation, shaping the future of banking in Africa.

ABOUT WEMA BANK

Established on May 2nd, 1945, Wema Bank is Nigeria’s oldest indigenous bank, most innovative, and pioneer of Africa’s first fully digital bank, ALAT. Commemorating a remarkable 80 years of impact and a future of possibilities, Wema Bank celebrated its 80th anniversary on May 2nd 2025 alongside the 8th anniversary of ALAT by Wema.

The publicly quoted Nigerian company has successfully built a legacy of trust, resilience and banking excellence that has won it the loyalty of its customers for 8 decades and counting. The Bank has remained innovative in delivering value to its stakeholders, constantly introducing products and services tailored to the needs of its customers at every stage of their lives.

Wema Bank is a proud partner to more than one million individuals, families, and businesses across Nigeria, helping them achieve their personal and financial goals.

Since its establishment in 1945, Wema Bank has built a legacy of pioneering innovation and empowering innovation to thrive, connecting traditional with digital and introducing several digital gamechangers and industry-firsts that have redefined standards across various industries and verticals.

From launching Africa’s first fully digital bank, ALAT, in 2017, Wema Bank went on to launch the ALAT For Business App, a business-focused version of ALAT; CoopHub App, a-first-of-its-kind digital solution designed to empower cooperatives for optimal productivity; Wema Phygital, a self-service implementation adding a digital touch to the physical experience in Wema Bank’s branches; ALATPay, an end-to-end payment gateway that provides instant settlement for business transactions; and the ALAT Xplore App, Nigeria’s first fully licensed banking app for teenagers, among others.

Business

Nigeria’s foreign reserves rise to $52.66 billion, highest in 17 years

Published

4 weeks ago

August 24, 2026

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Nigeria’s gross external reserves surged to $52.66 billion as of August 19, reaching their highest level in more than 17 years.

This was contained in the latest data from the Central Bank of Nigeria (CBN).

The reserves stood at $52.65 billion on August 19, up from $45.56 billion recorded on January 2, representing an increase of about $7.09 billion or 15.6 percent in less than eight months.

The latest position also surpasses the previous 2026 peak of about $52.04 billion recorded in July.

Data from the CBN showed that reserves crossed the $52 billion mark for the first time this year in July, reaching $52.02 billion on July 20.

The figure was the highest since January 2009, when reserves stood at about $52.01 billion.

The reserve position had declined earlier in the year, falling from $49.18 billion on April 1 to about $48.33 billion in early May.

It subsequently recovered, crossing the $50 billion mark in June and rising above $51 billion before surpassing $52 billion in July.

The governor of the CBN, Olayemi Cardoso, had earlier attributed the increase in reserves to stronger foreign exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.

Cardoso also said the reserve level provided import cover for about 11 months of goods and services, significantly above the three-month international benchmark.

The increase in the external buffer has coincided with improved foreign exchange liquidity and a stronger naira.

Recent market data showed the naira appreciating to about N1,346.49 per dollar in the official market last week.

Also, in its 2026 macroeconomic outlook, the apex bank projected that Nigeria’s external reserves would rise to about $51.04 billion by the end of the year.

The latest figure is about $1.62 billion above that projection.

Business

Wema Bank wins Euromoney’s Nigeria’s best digital bank for consumers 2026 award

Published

2 months ago

July 20, 2026

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… Recognition affirms bank’s leadership in digital innovation and customer-centric banking

Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, recently added another feather to its already heavily-studded cap after it was named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.

The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.

Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value.

In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.

Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer and more rewarding for every customer.

“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria.”

A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships.

Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.

Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.

For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight and innovation to deliver seamless, secure and inclusive financial solutions for individuals, businesses and communities.

The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.

Business

CBN revokes licences of 46 microfinance banks

Published

3 months ago

July 2, 2026

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs).

The apex bank cited the failure of the banks to meet regulatory requirements for continued operation.

In a statement issued on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.

“According to the revocation order, the action became necessary because of one or more of the circumstances: Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” CBN said.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement reads.

CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.

The affected microfinance banks are:

1. Minji-Se Churchill MFB (tier 1) in Rivers

2. Merchant MFB (tier 2) in Abia

3. Janmaa MFB (tier 1) in Kwara

4. Busu MFB (tier 2) in Niger

5. Gold MFB (tier 1) in Lagos

6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano

7. Bompai MFB (tier 1) in Kano

8. Ajwa MFB (tier 2) in Kano

9. Now Now Digital MFB (tier 2) in Kano

10. Crystabel Microfinance Bank (tier 1) in Bayelsa

11. Chanelle MFB (state-based) in Lagos

12. Abia SME MFB (tier 1) in Abia

13. Kamba MFB (tier 2) in Kebbi

14. Iwade MFB (tier 2) in Ogun

15. Winview MFB (tier 1) in Abuja

16. Zuru MFB (tier 2) in Kebbi

17. Minjibir MFB (tier 1) in Kano

18. Shanono MFB (tier 2) in Kano

19. Sumaila MFB (tier 2) in Kano

20. Rimin Gado MFB (tier 2) in Kano

21. Mwaghavul MFB (state-based) in Plateau

22. Sycamore MFB (tier 2) Kano

23. TOFA MFB (tier 2) in Kano

24. Safegate MFB (tier 1) in Lagos

25. Creekline MFB (tier 2) in Delta

26. Bestar MFB (tier 1) in Oyo

27. Livingspring MFB (tier 1) in Cross River

28. Apple MFB (tier 2) in Ogun

29. Stanford MFB (state-based) in Uyo

30. Frontline MFB (tier 2) in Anambra

31. Zafec MFB (tier 2) in Kaduna

32. Supreme MFB (tier 1) in Lagos

33. Bejin-Doko MFB (tier 2) in Niger

34. Kanopoly MFB (tier 1) in Kano

35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano

36. Yeneng MFB (tier 2) in Plateau

37. Creditville MFB (tier 1) in Lagos

38. MBAG MFB (tier 1) in Lagos

39. Straight Sahara MFB (tier 1) in Benue

40. Our Pass MFB (tier 2) in Ondo

41. VERDANT MFB (tier 1) in Lagos

42. Basawa MFB (tier 2) in Kaduna

43. Casha MFB (tier 2) in Abuja

44. Esteem MFB (tier 2) in Kano

45. Enterpreneur MFB (tier 1) in Lagos

46. Avantus MFB (tier 2) in Osun

It would be recalled that the CBN increased the capital base for banks, in March 2024, giving them until March 31, 2026, to meet the requirements.

On March 6, 2026, the financial regulator disclosed that 30 banks have met the minimum capital requirement.