Wema Bank’s balanced scorecard leads to steady growth

Wema Bank recently hosted some staff of Uganda’s Apex Bank- The Bank of Uganda (BoU), on a weeklong knowledge and skills sharing session on Balanced Score Card and Performance Management.

Speaking on the BoU’s decision to take a cue from Wema Bank’s Performance Management System, Agnes Kamya Kijjambu, who led the delegation from Uganda, said the Bank of Uganda decided to partner with Wema Bank after an extensive research.

“While making our findings, Wema Bank was recommended to us by the Balanced Scorecard Institute, Washington. The Institute assured us that Wema Bank is one of the leaders in the Nigerian banking industry in terms of best practices in strategy and performance management,” said Kijjambu.

Wema Bank’s Performance Management System was overhauled in 2013 with the adoption of the Balanced Scorecard methodology, in partnership with Balanced Scorecard West Africa. This is in line with the Bank’s Project LEAP growth strategy that seeks to propel the Bank to be a leading player within the Retail & Digital Banking landscape.

The Balanced Scorecard approach has led to improved effectiveness and productivity of staff, which has helped the bank to continue its steady growth. The bank closed the second quarter with an increase of 15.2 percent in interest income to N20.16 billion and a rise of 21.6 percent in non-interest income to N4.11 billion. Profit before tax rose by 11 percent to N1.3 billion when compared to the first half of last year.

The bank has continued its branch modernisation and expansion growth plans by reopening its branches in Lokoja and Minna. More branches are expected to be opened before the end of 2016.

Established in 1945, Wema Bank is Nigeria’s longest surviving indigenous bank. Wema Bank offers a range of retail and SME banking, corporate banking, treasury, trade services and financial advisory to its customers. In 2009, the Bank initiated a strategic repositioning exercise, which culminated in a decision to operate as a commercial Bank with regional authorisation in South-South Nigeria, Southwest Nigeria, Lagos and Abuja in 2011. Pursuant to meeting the Central Bank of Nigeria requirements, the Bank was granted a banking licence with National authorization in 2015. Wema Bank operates a network of over 136 branches and service centres backed by a robust ICT platform across Nigeria.