How Wema Bank repositions for business revolution

When Wema Bank Plc celebrated its 70th anniversary as Nigeria’s longest surviving indigenous bank a year ago, it left no one in doubt of the brand’s resilience.

The bank unveiled a new logo and identity, which today epitomise the new thinking in the organisation. The new thinking is geared towards repositioning for improved and innovative banking services in the country.

For an organisation that is conscious of growing its reputation in the industry, it was a deliberate strategy to celebrate the efforts made in the last six years, aimed at positioning the brand as a modern and more customer-centric organisation.

The bank’s latest status as a National Bank is a major point of commendation and demonstrates its resilience for excellence. Also worthy of note is the recent international credit rating and awards, which are added pointers to the innovative disposition of the present management.

Wema Bank Plc recently added more feathers to its cap, having obtained two international organisations for standardization (ISO) certification from the British Standard Institute (BSI), a leading organisation in audit management system and processes. These certifications are the world’s highest accreditation for information security and service management.

The ISO/IEC 20000-1:2011 (IT Service Management System) Certification indicates that Wema Bank has designed, developed, established and implemented a template for improved IT services for both its internal and external customers, while the ISO/IEC 27001:2013, (Information Security Management System) certification attests to the bank’s commitment to security of both customers and data.

Wema Bank Plc has also broadened its SMEs financing in Nigeria. The bank in its bid to actualise its passion for sustainable economic growth in the country received a N3.3 billion Line of Credit (LOC) from the African Development Bank (AfDB) to support the growth of small and medium enterprises (SMEs) business in the country.

Segun Oloketuyi, managing director/ chief executive officer of the bank, described the rebranding process as a ‘thorough business evolution.’ It is expected that this ongoing revolution will fast track the organisation’s drive to become a leading retail bank in the country.

For any institution to survive the test of time, a major element is the connection with the consumers.  This understanding has worked for leading brands across the globe, and it is not lost to the management of Wema Bank.

In its bid to protect the interest of its customers, the bank has introduced an innovative card control feature. This is an anti-fraud solution that enables customers choose the preferred electronic platforms and countries to use their cards.

Oloketuyi, who underlined the strategic position of the consumers to the survival of the organization said, “The customer is at the centre of everything we do and nurturing great relationships has been a hallmark of Wema Bank since its inception. We have also made significant investments in people, technology and process improvements in the last few years to lay a solid foundation for the future.”

He emphasised that this is only possible through proper alignment between the management and staff.

“With regular training and development of its staff, the bank has acculturated the importance of doing things right, the first time with the ultimate goal of delivering excellent service to all existing and prospective customers,” he said.

As Wema Bank celebrates its 71st anniversary, this is a mission that it holds to heart.

The bank was established on May 2, 1945 as Agbonmagbe Bank. The organisation is known for its distinctive brand of relationship banking and has undergone a rapid transformation in the past five years, which has seen it gradually regain its pride of place in the Nigerian banking industry.

Widely reputed as the longest surviving and most resilient indigenous Nigerian bank, Wema Bank Plc has, over the years, diligently offered a fully-fledged range of value-adding banking and financial advisory services to the Nigerian public.

Incorporated in 1945 as a private limited liability company (under the old name of Agbomagbe Bank Limited) and commenced banking operations in Nigeria the same year, Wema Bank later transformed into a public limited company in April 1987 and was listed on the floor of the Nigerian Stock Exchange (NSE) in January 1990. On February 5, 2001, Wema Bank Plc was granted a universal banking licence by the Central Bank of Nigeria (CBN), thus allowing it provide the Nigerian public with diverse financial and business advisory services.

However, in 2009, the bank underwent a strategic repositioning exercise spearheaded by a new management team that has seen its profile rise considerably, which finally culminated into its taking a sound strategic decision to operate as a commercial bank.

In 2010, Wema Bank downscaled to operate only within its core areas of business – South-South, South-West and FCT Abuja. In November 2015 the bank had a capital base of N43.8 billion, having met the regulatory requirement stipulated by CBN, was granted a National Banking license. This historic event has made Wema Bank the first bank to be granted a National Banking License, having previously operated with a Regional License.

Operating a network of over 125 branches and service stations backed by a robust ICT platform across Nigeria, the bank is no doubt committed to long-term sustainability in its business operations. It maintains the highest standards of social responsibility, corporate governance and diversity in its operations.

“I’m very proud to see the great changes that have taken place internally and externally at Wema Bank and we are committed to offering even better services into the future,” Oloketuyi said.

“The logo speaks about the evolution of the relationships built with all stakeholders over the years as signified by interconnecting lines which form a ‘W’. As part of the rebrand, the bank’s traditional purple colour was revised to project a more vibrant, welcoming and modern outlook.

“The new logo is all about creating and nurturing relationships through professionalism, trust worthiness, service excellence, mutual respect, integrity, accessibility, teamwork, innovation, focus, dependability and much more.

“It seeks to position us as proponents of a new brand of banking; it seeks to tell our story in a way that highlights the major reason we have survived since 1945 and will continue to shape our way of doing business going forward,” he added.

With the current drive and management pursuit, it is safe to say that the bank’s vision, to be the financial institution of choice in service delivery and superior returns, is being attained.

ODINAKA ANUDU