Bank tracked in the Embedded Finance Index. Named by 8 companies, most often as their banking-as-a-service.
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8 companies name Wema Bank in their stack. The most common role is banking-as-a-service (7). A company can use the same bank for more than one thing.
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.
Other banks named for BaaS in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.
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<img src="https://www.embeddedfinanceindex.com/api/badge/wema-bank/install" width="1" height="1" alt="" style="display:none">8 companies disclose Wema Bank in their stack in the Embedded Finance Index 2026, including ALAT, Flutterwave, Wema Bank Plc., Sycamore.NG, Bloc, ALAT by WEMA, VeendHQ (Techstars '23) and Chams Holdco.
Wema Bank is a bank. Companies in the Embedded Finance Index 2026 name it as their banking-as-a-service (7), sponsor bank (3) and card issuer (2).
The most-disclosed BaaS alternatives to Wema Bank are Evolve Bank & Trust (72 buyers), Sutton Bank (64 buyers), Cross River (56 buyers), Pathward (47 buyers), ClearBank (40 buyers) and Thread Bank (35 buyers).
Wema Bank was founded by Chief Mathew Adekoya Okupe and is founded in 1945, headquartered in 54 Marina, Lagos Island, Lagos State, Nigeria.
Wema Bank has raised ₦150B rights issue (2025) + ₦50B special placement in total.
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