“Can a legacy Nigerian commercial bank sustain relevance by operating Africa's first fully digital bank (ALAT) alongside its traditional branch franchise?”
Wema Bank is a Nigerian commercial bank founded in 1945 (originally Agbomagbe Bank), listed on the Nigerian Stock Exchange (NSE: WEMA). In 2017 it launched ALAT, positioned as Africa's first fully digital bank, extending its retail/SME franchise onto mobile-first rails. Today it offers retail, SME, corporate banking, treasury, trade and financial advisory, with digital payments/collections products (WemaCollect, Wema WebPay/CIPG) and card issuance.
Wema Bank Plc. discloses Wema Bank Plc (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Wema Bank Plc. does not disclose a bank charter of its own; its banking services are provided through Wema Bank Plc (in-house).
Wema Bank Plc. processes payments through Wema WebPay / CIPG (self-operated), WemaCollect (self-operated), Wema Web Merchant (self-operated) and NIBSS eBillsPay.
Wema Bank Plc.'s cards are issued through Wema Bank Plc (in-house) on the Mastercard, Visa and Verve networks.
Wema Bank Plc.'s lending and capital products are provided by Wema Bank Plc (in-house).
Wema Bank Plc. uses Bank of Africa (BOA) Group (correspondent partner) for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 6 layers in Wema Bank Plc.'s stack: Payments / PSP (Wema WebPay / CIPG (self-operated), WemaCollect (self-operated), Wema Web Merchant (self-operated) and NIBSS eBillsPay); Banking / BaaS (Wema Bank Plc (in-house)); Card issuing (Wema Bank Plc (in-house)); Card network (Mastercard, Visa and Verve); Lending (Wema Bank Plc (in-house), Small Business Loans, Business Support Facility, Import Finance Facility and 5 others); FX & payouts (Bank of Africa (BOA) Group (correspondent partner)).
Wema Bank Plc. is founded in 1945 and headquartered in Lagos, Nigeria.
Wema Bank Plc. has raised $278.7M in total.
Get a read on where your own stack stands against Wema Bank Plc. and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.