Categories: Business

Wema to Launch First Digital Banking

Wema Bank, one of Nigeria’s oldest financial institution, says it will launch the first fully digitized banking service in Africa in the first half of 2017.

A statement by the bank in Lagos today quoted Mr Segun Oloketuyi, the bank’s Managing Director and Chief Executive Officer, as announcing this while presenting the bank’s audited 2016 financial results.

Oloketuyi said the launch of the new service was intended to enhance the bank’s business model, improve efficiency and reduce costs.

According to him, the launch, which will change the banking landscape, will offer simple, convenient and reliable banking experience to members of the public.

Oloketuyi said that the bank remained committed to leading and defining how the use of technology could shape the banking landscape in Nigeria and indeed Africa.

He added that although 2016 was a challenging year given the spate of economic headwinds, the bank recorded double-digit growth in gross earnings.

His words: “The earnings rose to 18.48 per cent from N45.79 billion to N54.25 billion driven by 18.61 per cent and 13.61 per cent increase in interest and non-interest incomes, respectively.

“The profit after tax also rose by 14.10 per cent higher at N2.59 billion compared to N2.27 billion in 2015.”

Oloketuyi, however, said that the bank was not immune to the impact of the economic slowdown with a non-performing loan ratio of 5.07 per cent from 2.67 per cent in the prior year.

He said that the bank’s coverage ratio remained robust at 100 per cent with Capital Adequacy Ratio, at 11.07 per cent, was above the regulatory minimum of 10 per cent.

Oloketuyi said that as a financial institution built on public trust and sound risk management practices, the bank remained at the core of its business model.

According to him, the bank expects the vestiges of the headwinds in the economy to remain in 2017.

He assured of the bank’s better performance in 2017 as it would leverage on the continued growth of its digital and physical initiatives.

0
Dipo

Dipo Kehinde is an accomplished Nigerian journalist, artist, and designer with over 34 years experience. More info on: https://www.linkedin.com/in/dipo-kehinde-8aa98926

Recent Posts

Are The Grammys Relevant Outside the United States?

Building Credibility For nearly eight decades, the Grammy Awards have stood as the pinnacle of…

13 hours ago

Disputed 5.3bn Shares: Court Adjourns Barbican/FBN Holdings Suit as Ecobank’s Recusal Motion Remains Pending

Justice Ayokunle Faji has adjourned further proceedings in the suit filed by Barbican Capital Limited…

2 days ago

Los Angeles Protects Undocumented Immigrants from Trump’s Deportation Plans with Sanctuary Ordinance

Segun Atanda/ The Los Angeles City Council has approved a sweeping "sanctuary city" ordinance designed…

2 days ago

Trump Could Face Prison After Second Term, Prosecutors Say

Segun Atanda/ New York prosecutors have opposed dismissing President-elect Donald Trump’s conviction for falsifying business…

2 days ago

MC Oluomo Flouts Court Order, Assumes Office as NURTW President

Femi Ashekun/ In a bold and controversial move, Musiliu ‘MC Oluomo’ Akinsanya, has defied a…

2 days ago

Tinubu Sacks Nnamdi Azikiwe University VC, Registrar … Dissolves Council

Matilda Omonaiye/ President Bola Ahmed Tinubu has dissolved the Governing Council of Nnamdi Azikiwe University,…

2 days ago