Wema Bank Secures Ratings Upgrade from Fitch and Global Credit Ratings
Fitch Ratings has upgraded Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT’s National Long-Term Rating to ‘A-(nga)’ from its previous ‘BBB(nga)’. In a similar move, Global Credit Ratings (GCR) upgraded Wema Bank’s National Scale long and short-term issuer ratings to BBB+(NG)/A2(NG), from BBB(NG)/A3(NG).
Additionally, Fitch Ratings revised the Bank’s ‘Outlook’ to Positive from Stable, while affirming the Long-Term Issuer Default Rating (IDR) at ‘B-‘. GCR also measures Wema Bank to have a Stable Outlook. This significant vote of confidence from two major ratings agencies, Fitch Ratings and Global Credit Ratings (GCR), underscore the Bank’s strong financial base, smart growth strategies, and clear vision for tomorrow.
Coming from a previous position of ‘BBB(nga)’ on the Fitch scale and ‘BBB(NG)/A3(NG)’ on the GCR scale, the improved ratings signal a stronger, more stable institution that continues to command investor confidence and customer trust. These upgrades reflect the Bank’s strategic strength, sustained operational performance, and solid risk management framework.
Commenting on the development, the Managing Director/CEO of Wema Bank, Moruf Oseni, said, “These upgrades are a powerful milestone for Wema Bank, a clear recognition of the tremendous progress we’ve made together over the past year. They affirm not just the strength of our numbers, but the quality of our strategy, execution, and long-term vision. More importantly, they open doors. With stronger ratings, we are now even better positioned to attract and serve top-tier clients, including multinational corporations, development finance institutions, and blue-chip companies, many of whom rely on these ratings to determine banking partners”.
“I would like to especially acknowledge the outstanding contributions of our teams (our great knights) whose tireless effort, attention to detail, and dedication to excellence have helped us tell the Wema story powerfully and credibly in the right circles. As we continue to celebrate our 80th anniversary, these upgrades are a proud reminder that the Future of Possibilities we envision is being built every day by our people, through our performance, and for our customers,” he added.
For customers, this translates to even greater confidence in Wema Bank’s stability, capacity to support long-term financial goals, and commitment to responsible banking. For business partners and investors, it reinforces the strength of Wema Bank’s financial position and operational integrity, while unlocking more opportunities for growth and collaboration.
These achievements are especially symbolic as the Bank celebrates its 80th anniversary, signaling eight decades of heritage, resilience, and transformation.
With a legacy of innovation and a clear roadmap for the future, Wema Bank remains committed to unlocking new opportunities, delivering exceptional value, and staying ahead in an evolving financial landscape. The upgraded ratings from Fitch and GCR affirm that the journey ahead is full of possibilities.
