Wema Bank's Ratings Upgraded by Fitch and GCR

Strategic Insights -

Wema Bank, an indigenous financial institution, has seen its ratings upgraded by two reputable credit rating agencies, Fitch and GCR. This significant recognition is a testament to the bank's long-term sustainability and its ability to navigate challenges. The upgrades, which raise the projection on Wema Bank's outlook from stable to positive, are a significant endorsement of the bank's efforts to deliver value to its customers and shareholders. This milestone marks a new chapter in the bank's history, which spans 80 years of impact, resilience, and innovation.

Key Takeaways:

  • Fitch upgraded Wema Bank's National Long-Term Rating to 'A-(nga)' from 'BBB(nga)', while affirming its Long-Term Issuer Default Rating (IDR) at 'B-'.
  • GCR upgraded Wema Bank's National scale long and short-term issuer rating to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), with a stable outlook.
  • Wema Bank's Chief Executive Officer, Mr. Moruf Oseni, commended Fitch and GCR for their objective assessment, emphasizing the bank's commitment to its customers and shareholders.
  • The ratings upgrade signifies Wema Bank's capacity for long-term sustainability and its ability to navigate challenges, such as macroeconomic headwinds.
  • The bank has introduced a new era of impactful banking, focusing on meeting customers' needs proactively with practical solutions tailored to their lives.
  • Wema Bank has been recognized as Nigeria's longest surviving indigenous bank and arguably the most innovative bank, with a legacy that continues to reflect in the bank's numbers.

Statistics:

  • 80 years: the length of time Wema Bank has been in operation.
  • 1945: the year Wema Bank was founded.
  • BBB+(NG)/A2(NG) and BBB(NG)/A3(NG) are the new long and short-term issuer ratings upgraded by GCR.
  • B- is Wema Bank's affirmed Long-Term Issuer Default Rating (IDR) by Fitch.
  • 1 year: the duration for which Wema Bank has worked to self-improve and deliver value to its customers and shareholders.
  • 2024: the year Agusto and Co upgraded Wema Bank's ratings to BBB+ with an ESG Score of 2, citing improved profitability and strong shareholders' support.

Sources:

  • News Agency of Nigeria (14 June 2025)
  • Fitch Ratings
  • Global Credit Ratings (GCR)
  • Wema Bank ( statement, 14 June 2025)
  • Agusto and Co. (2024)