Wema Bank Plc has received upgraded ratings from two leading global credit rating agencies—Fitch Ratings and Global Credit Ratings (GCR)—signalling renewed confidence in the bank’s financial strength and long-term viability within the African banking landscape.
According to a statement by the bank, the upgrades reflect growing market trust in its stability, innovation, and strategic direction.
Fitch Ratings revised Wema Bank’s outlook from Stable to Positive, while upgrading its National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’. The bank’s Long-Term Issuer Default Rating was also affirmed at ‘B-’.
Similarly, GCR Ratings raised Wema Bank’s national scale long-term and short-term issuer ratings to BBB+(NG)/A2(NG), up from BBB(NG)/A3(NG), and assigned a Stable outlook.
Commenting on the development, Wema Bank said:
“As the pioneer of Africa’s first fully digital bank, ALAT, and Nigeria’s most innovative financial institution, Wema Bank continues to redefine banking by integrating lifestyle, technology, and practical financial solutions tailored to customers’ evolving needs.”
The bank further underscored its legacy and future aspirations, stating:
“Wema Bank is not only Nigeria’s longest surviving indigenous bank but also a forward-looking institution committed to long-term relevance. We are building a legacy that transcends time and proves that Nigerian enterprises can thrive across generations.”
The ratings upgrades come as a boost to Wema Bank’s positioning in a competitive market, reaffirming its reputation as a digitally driven, resilient, and customer-focused financial institution.
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