Wema Bank Plc.
“Can a legacy Nigerian commercial bank sustain relevance by operating Africa's first fully digital bank (ALAT) alongside its traditional branch franchise?”
Founded1945
HQLagos, Nigeria
Total raised$278.7M
IndustryBank / National
The story
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.
Product timeline
1945
Founded as Agbomagbe Bank in Nigeria.· founding
2017
Launched ALAT, described as Africa's first fully digital bank.· banking
Regulated entities
1
regulatory licence held by Wema Bank Plc.
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Wema Bank Plc.’s embedded-finance stack
Payments / PSP
Wema WebPay / CIPG (self-operated)WemaCollect (self-operated)Wema Web Merchant (self-operated)NIBSS eBillsPay
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting gap: none
15 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.