Wema Bank
Also a provider — view Wema Bank’s profile →“Can an 80-year-old Nigerian commercial bank leverage its digital-native ALAT platform to remain a leading challenger in African embedded finance?”
Founded1945
HQ54 Marina, Lagos Island, Lagos State, Nigeria
FoundersChief Mathew Adekoya Okupe
Total raised₦150B rights issue (2025) + ₦50B special placement
Latest round₦150B Rights Issue (2025)
IndustryBank / National
The story
Wema Bank was founded in 1945 as Agbonmagbe Bank and is one of Nigeria's longest-standing commercial banks. In 2017 it launched ALAT, positioned as Africa's first fully digital bank, transforming Wema from a legacy regional bank into a digital-first challenger. In 2025 it completed a ₦150B rights issue to meet the CBN's recapitalization threshold for national commercial banks, and has been expanding embedded services on ALAT — notably embedded insurance via Curacel and a proprietary payment gateway (ALATpay / Wema WebPay) for merchant collections.
Product timeline
1945
Founded as Agbonmagbe Bank Limited in Lagos.· founding
2017
Launched ALAT by Wema, described as Africa's first fully digital bank.· banking
2025
Concluded ₦150B Rights Issue meeting CBN's ₦200B commercial bank recapitalization requirement.· capital
2025
Celebrated 80th anniversary.· milestone
Regulated entities
1
regulatory licence held by Wema Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
Wema Bank was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
The stack
7 layers disclosed in Wema Bank’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Insurance
in the full report
FX & payouts
in the full report
Accounting gap: none
12 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.