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Wema Bank Shines at Global SME Finance Forum Conference Awards 2024

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…Awarded:
• SME Financier of the Year (Africa)
• Platinum Award for Best Financier for Women Entrepreneurs (Africa)

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received two awards of excellence at the Global SME Finance Forum Conference Awards 2024 which held in São Paulo, Brazil between September 16 & 18, 2024. The awards received are SME Financier of the Year (Africa) and Platinum Award for Best Financier for Women Entrepreneurs (Africa).

The Global SME Finance Forum is the world’s leading, technically oriented and geographically diverse platform focused solely on scaling SME financing worldwide. Managed by this Forum, The Global SME Finance Forum Conference Awards is dedicated to acknowledging the effective and successful practices of financiers across the world, honouring the innovative products and services these financiers create for SMEs, recognising the impressive results in expanding finance and services to SMEs, and celebrating these exceptional financial institutions. Wema Bank emerged Africa’s top financier not just for the general SME landscape but also particularly for women-owned SMEs, at the 2024 edition of the annual Global SME Finance Forum Conference Awards.

Reputed as the Bank of choice for Micro, Small and Medium Enterprises (MSMEs), Wema Bank received recognition for its commendable track record of developing innovative, sustainable and significantly impactful products, services, solutions and opportunities for businesses of all sizes across Nigeria. The Bank’s impact ranges from affordable financing options and seamless payment collection solutions to access to market, digital solutions for efficient business operation and management, SME Advisory services, and a vast range of products tailored to the needs of businesses across every part of Nigeria. Through its women-focused proposition, SARA by Wema, Wema Bank continues to tailor its SME offerings specifically for women, helping these women build sustainable businesses and access the resources needed to scale and thrive. The Bank further supports overall growth and well-being of these women with affordable to free healthcare packages. It is beyond doubt that Wema Bank is indeed deserving of its recognition as Africa’s top financier for SMEs and particularly, women entrepreneurs.

Expounding on the Bank’s glaring commitment to empowering MSMEs, the MD/CEO of Wema Bank, Moruf Oseni, articulated the big picture for the Bank. “MSMEs make up the bulk of Nigeria’s economy and they are critical to not only mitigating unemployment and other macroeconomic challenges but also promoting innovation and significantly boosting the economy towards national development. At Wema Bank, we recognise the potential that MSMEs hold as well as the challenges that threaten the maximisation of this potential, and we have made a lifelong commitment to providing viable, seamless, accessible, affordable, reliable and effective solutions tailored to the needs of businesses of all sizes across Nigeria; especially women-owned businesses. There is a rising need for intentionally inclusive empowerment strategies in not only stimulating growth in the SME sector but also bridging the gap in gender equality, and we have undertaken the responsibility of fulfilling that need. As a Bank, our mission is to empower lives through innovation, and as always, we will continue to seek more effective ways to empower businesses for optimal productivity and sustainable growth”.

“We are honoured by the global recognition accorded to us by the Global SME Finance Forum and as we receive these awards, we reiterate our commitment to providing businesses with the resources they need and a bouquet of intelligent solutions that mitigate prevalent challenges and make business management and operation seamless, maximally profitable and efficient. Thank you to the Global SME Finance Forum for the acknowledgement, and also to our valued customers who continue to entrust the future of their businesses and their financial well-being in our hands. This prestigious recognition honours our unwavering commitment to empowering SMEs and fostering innovation in SME finance, further fuelling our drive to consistently go above and beyond in accelerating growth for SMEs and delivering optimum value to every stakeholder. We are indeed the Bank of choice for MSMEs and women across Nigeria, and we will never relent in empowering women to thrive and businesses to scale regardless of economic fluctuations”, Oseni remarked.

Wema Bank continues to raise the standards of banking and financial services in Nigeria, demonstrating a commitment to generating positive impact across diverse verticals, a dedication to exceeding expectations and a passion for empowering lives and businesses for success.

Businesses interested in accessing the Bank’s tailored range of finance options and business-centric solutions are encouraged to visit https://wemabank.com/smes or send an email to smehelpdesk@wemabank.com to get started.

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Banking and Finance

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

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Lagos, Nigeria – November 4, 2024 – Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.
This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.
At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.
The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App. The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.
Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions. “This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.
Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices. Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.
The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support. Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.
Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

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Banking and Finance

Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth .

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Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to

₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to

₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.

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Banking and Finance

Wema Bank Launches Export Trade Academy to Empower Nigerian SMEs in International Markets

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In a bold step towards empowering Nigeria’s small and medium enterprises (SMEs), Wema Bank has launched the Wema Export Trade Academy, a groundbreaking initiative designed to enhance the global trade capabilities of local businesses. This forward-thinking program demonstrates Wema Bank’s commitment to empowering Nigerian businesses and supporting their international growth potential.
Navigating the complex landscape of export trade involves overcoming regulatory, financial, and logistical hurdles, which can often hinder small businesses from establishing a foothold, the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets. The Academy specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.
Participants in the Wema Export Trade Academy will benefit from sessions led by industry experts as well as mentorship opportunities with seasoned professionals. The academy goes beyond conventional training by offering real-world insights into international trade practices, such as export documentation best practices and navigating trade agreements, positioning Nigerian SMEs to confidently expand their presence in the global marketplace. Additionally, the program fosters a collaborative environment, encouraging participants to network with fellow Nigerian exporters, exchange ideas, and build connections with international trade facilitators. This supportive ecosystem is aimed at enhancing productivity and positioning Nigerian businesses as strong contenders on the world stage.
As a trailblazer in digital banking and business innovation, Wema Bank continues to set high standard within Nigeria’s financial landscape. The launch of the Wema Export Trade Academy marks a new chapter in the bank’s mission to support Nigerian enterprises, solidifying its role as an indispensable partner in their journey to international success.
The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions. With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.

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