Wema Bank Plc, as we know it today, has a name being previously known. In this post we’ll share meaning of the name and the history behind it.
Wema is one of the oldest banks in Nigeria. It was established on May 2, 1945, by the Late Chief Mathew Adekoya Okupe.
The bank started with branches in Ebute-metta, Sagamu, Abeokuta, and Ijebu-Igbo as Agbonmagbe Bank Limited.
Agbonmagbe is a Yoruba word meaning inexhaustible. The bank derived its name from the idea that it is always available to serve its consumers in overflowing finance.
After the Western Nigeria Marketing Board took over the bank in 1969, it was renamed Wema Bank Limited, and it became Nigeria’s longest surviving indigenous bank.
In 1987, the bank converted to a public limited liability company, and in 1990, it was listed on the Nigerian Stock Exchange under the symbol WEMABANK.
Wema Bank was granted a Universal Banking License in February 2001, which allowed it to offer a broader range of banking services.
In December 2015, the Central Bank of Nigeria granted the bank a National Banking license, making it a national financial powerhouse with a capital base of over N43.8billion.
Wema Bank has grown from its humble beginnings to become an award-winning national bank with a nationwide network of branches and industry-leading technology.
The bank has over 150 business offices and digital platforms that provide retail, SME, trade, treasury, business advisory, and corporate banking services to millions of Nigerians and foreigners.
Wema Bank has also been recognized globally for its resilience and unprecedented adoption of digital technology, which led to the launch of ALAT, Nigeria’s first fully digital bank, as a revolutionary Wema Bank product in 2017.
In conclusion, the name “Wema Bank” is the current name of the bank, previously known as Agbonmagbe Bank Limited and later renamed Wema Bank Limited in 1969.
The bank has grown significantly since its establishment in 1945 and has become a major player in Nigeria’s banking industry.
