Wema Bank at 80: Empowering Tomorrow with a Legacy of Innovation and Progress

By Probitas Report

In a financial landscape often shaped by fleeting trends and rapid disruption, Wema Bank stands as a resilient monument of purpose-driven growth, celebrating 80 years of unwavering service to Nigeria and beyond. Founded on May 2, 1945, as Agbonmagbe Bank Limited by the visionary Late Chief Mathew Adekoya Agbonmagbe Okupe, the institution began its journey from the humble cities of Ebute-Metta, Sagamu, Abeokuta, and Ijebu-Igbo. It has since transformed into a national powerhouse, known today as Wema Bank Plc—Nigeria’s longest surviving indigenous bank.

From its early acquisition by the Western Nigeria Marketing Board to its rebranding in 1969, the bank has demonstrated an unyielding commitment to excellence and adaptability. Listed on the Nigerian Stock Exchange in 1990 and later granted a Universal Banking License in 2001, Wema Bank has not only weathered the storms of Nigeria’s financial evolution but has steered many of those winds with bold decisions and visionary strategy.

Agbọ́nmágbẹ Bank 

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The year 2015 marked a pivotal shift as Wema Bank moved from a regional license to securing a national banking license. This regulatory milestone ignited a fresh decade of transformative initiatives anchored in customer-centric innovation. In 2017, Wema launched ALAT by Wema—Africa’s first fully digital bank—redefining the banking experience for millions. ALAT has become more than just an app; it is a digital ecosystem delivering seamless, intuitive, and inclusive services ranging from basic transactions to flight bookings, insurance packages, health consultations, and lifestyle perks. With over three million customers, including more than 500,000 formerly unbanked individuals onboarded in the past year, Wema Bank has become a digital pioneer for financial inclusion.

But beyond platforms and profits, Wema Bank embodies purpose. To Nigeria’s youth, it is an enabler of dreams. To the underserved, it is a ladder of opportunity. To established entrepreneurs, it is a driver for scaling. For the finance sector, Wema Bank is a pacesetter. And to the nation, it is a steward of economic development and innovation.

Wema Bank

As Wema Bank celebrates its 80th anniversary under the theme “Empowering Tomorrow,” it does so not as a relic of the past but as a visionary pathfinder for the future. With a legacy built on resilience, a present marked by digital transformation, and a future rooted in sustainable impact, Wema Bank remains more than just a bank—it is a national heritage and a future-facing force of progress.

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ALAT

On behalf of the Publisher and the entire Editorial Board of Probitas Report, we extend our warmest congratulations to Dr. Oluwayemisi Olorunshola, Chairman of Wema Bank Plc, and the outstanding Executive Management team led by Mr. Moruf Oseni, Managing Director/Chief Executive Officer, on the remarkable milestone of Wema Bank’s 80th anniversary. We salute the visionary leadership of Oluwole Ajimisinmi (Deputy Managing Director), Tunde Mabawonku (Executive Director, Digital Bank), Segun Opeke (Executive Director, South-West Bank & Specialized Businesses), Olukayode Bakare (Executive Director, Corporate, Treasury, & North Bank), and other top executives whose dedication and innovation have driven the bank's legacy of resilience, excellence, and industry-first breakthroughs such as ALAT. Your collective stewardship has not only sustained Wema Bank’s historic relevance as Nigeria’s oldest indigenous bank but has also positioned it as a bold pacesetter in digital transformation and inclusive banking. Congratulations on this extraordinary achievement, and may your visionary leadership continue to shape the future of banking in Africa.

The original name of Wema Bank — Agbọ́nmágbẹ — is not just a name but a prophetic identity that has shaped its enduring legacy. In Edo language, Agbọ́nmágbẹ beautifully translates to “Life is Good,” a testament to the bank’s commitment to enriching lives and building prosperity for generations. In Yoruba, it carries the profound meaning of “Enough to scoop out of without drying up” — a symbol of inexhaustible resources, resilience, and abundant provision. Today, as Wema Bank celebrates 80 years of visionary leadership and groundbreaking innovation, it begins to fully embody the essence of its name — by delivering renewed banking solutions that are robust, inclusive, and future-ready. From digital trailblazing with ALAT to financial empowerment across demographics, Wema Bank is indeed living out its name: a wellspring that never runs dry, a promise that life can truly be good for all. 

Here’s to 80 years of impact—and to the many decades yet to come.

With profound respect and affection,

Dr. Ohio O. Ojeagbase, FICA, SFIDR
Chief Private Investigator / CEO, KREENO CONSORTIUM