Lagos, June 12, 2025
Wema Bank Plc, one of Nigeria’s leading financial institutions, has received a significant boost to its credit profile, following ratings upgrades by two major international rating agencies — Fitch Ratings and Global Credit Ratings (GCR).
Fitch upgraded Wema Bank’s Long-Term Issuer Default Rating (IDR) from ‘B-’ to ‘B’, with a Stable Outlook, citing improved capital buffers, a strengthened funding base, and consistent earnings performance. The agency also noted the bank’s prudent risk management and digital transformation as major contributors to its stronger operational resilience.
Similarly, Global Credit Ratings affirmed and upgraded Wema Bank’s national scale long-term rating to BBB+(NG) from BBB(NG), with the short-term rating reaffirmed at A2(NG). GCR attributed the upgrade to the bank’s enhanced liquidity profile, steady loan book growth, and improvement in asset quality.
Wema Bank’s Managing Director/CEO, Moruf Oseni, welcomed the news, stating that the upgrades reflect the bank’s sound financial health and strategic efforts to reposition its operations for long-term growth.
Wema Bank, widely known for pioneering Africa’s first fully digital bank, ALAT, has continued to expand its digital footprint and attract a growing base of tech-savvy customers across Nigeria and beyond.
The upgraded ratings are expected to bolster investor confidence and improve access to funding for the bank, especially in the face of tightening monetary conditions and global economic uncertainty.
