Lagos: Credit rating agencies, Fitch and GCR, have upgraded the ratings of Wema Bank, further underscoring its capacity for long-term sustainability within the African banking ecosystem.
According to News Agency of Nigeria, these ratings raise the projection on Wema Bank's outlook from stable to positive. Fitch, an American rating agency, upgraded the bank's National Long-Term Rating to 'A-(nga)' from 'BBB(nga)', while affirming its Long-Term Issuer Default Rating (IDR) at 'B-'. African rating agency, GCR, also 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.
Commending Fitch and GCR for the objective assessment and projection of the bank's future, its Chief Executive Officer, Mr. Moruf Oseni, reiterated Wema Bank's promise to its customers and shareholders. Oseni asserted that Wema Bank's journey has just begun at 80, stating that the institution represents a bold and firm statement to the world.
Wema Bank was founded to cater to the needs of Nigerians 80 years ago, and Oseni emphasized that the legacy lives on. The bank has navigated every challenge and consistently developed solutions that accelerate progress across various industries beyond banking. Oseni highlighted the significant nature of the upgrades, which stand as a testimony to the work put in over the last year.
Since its inception in 1945, Wema Bank has built a legacy of impact, resilience, empowerment, innovation, and excellence. It has pioneered a paradigm shift in banking, connecting it with lifestyle and leveraging innovation to meet customer needs proactively.
The bank's approach has earned it a reputation as Nigeria's most innovative bank. From increasing customer volume to diversifying its customer base and offering a variety of strategic solutions, Wema Bank has demonstrated its capability to build a legacy of impact. The recent upgrades from Fitch and GCR affirm the bank's positive and stable outlook.
In 2024, Pan-African Rating Agency, Agusto and Co, upgraded Wema Bank's ratings to Bbb+ with an ESG Score of 2 and confirmation of a stable outlook, citing improved profitability despite macroeconomic challenges. Further, GCR upgraded Wema Bank Plc's national scale long-term issuer ratings and affirmed the short-term issuer rating, while Fitch affirmed the bank at 'B-' with a stable outlook.