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VENO NEWS:FIGURES DONâ€™T LIE: WEMA BANK STANDING ON STRONG FINANCIAL FUNDAMENTALS -Adebise
Date: 12-04-21

Wema Bank, Nigeriaâ€™s leading innovative and digital-driven financial institution has reassurance its esteemed customers and shareholders that it remains standing on strong financial fundamentals and reliable performance metrics, riding on the back of seasoned and astute leadership.

The bank gave this reassurance, through its Managing Director/Chief Executive Officer, Ademola Adebise, while reacting to a recent publication in the media purportedly alleging a dip in its liquidity status following the unaudited report for 2020 with the MD/CEO saying the report is only a deliberate campaign to create panic among its stakeholders using false news, and therefore should be discountenanced,

He said, â€œThe strength and viability of financial institutions are not measured on the isolated performance of one outlier year. The said report based a lot of its false allegations on the unaudited 2020 financial year. But that was a year when COVID-19 induced a lockdown and a disruption of such magnitude that negatively impacted businesses, industries and economies the world over.

â€œWema Bank has continually exhibited not just resilience, but admirable viability over the years with a 30.95% increase in earnings recorded in just 2019. Then came 2020, and in spite of the difficulties, we succeeded in achieving impressive results in key areas such as net earnings from fees and commissions, while growing the Bankâ€™s asset base significantly.

â€œThatâ€™s not all, customer credibility in the bank was also accentuated with a massive increase in customer deposits over the previous year. This is an audacious show of confidence from the customers of Wema Bank

â€œThese performance metrics amongst others, are testament to our smart balance sheet optimization approach which will be affirmed by the time the audited and official 2020 Financial Report is released in the coming weeks â€œ

The CEO also referenced how well the Bankâ€™s performance in the said 2020 makes it one of the best performing financial institutions in the land.

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â€œWe won the BusinessDay award for the Best SME Bank of the Year for 2020. A recognition of our unrivalled support for small and medium scale businesses through loans, business advisory, and ease of payments and transactions.

â€œAlso, the recently published 2020 KPMG Customer Experience Survey, showed Wema Bank making significant growth in the retail category, climbing up ten (10) places from the previous year to 2nd position, with an above industry average of 74.6% Customer Experience score. This achievement is a mark of dedication to excellent customer service and refreshing support for all our customer categories.â€

The KPMG Customer Experience Survey grades banks over six universal pillars of Personalization, Integrity, Expectations, Resolution, Time & Effort and Empathy, and Wema Bank has showed a mastery of these pillars and have been outstanding at all of them.

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Furthermore, in line with the bankâ€™s sustainability goal of developing digital solutions for societal impact, it successfully organized the second edition of Hackaholics, a radical gathering of developers, web designers and creative thinkers to develop solutions around key themes of Education, Health, Agriculture, Fintech, Gaming & Betting.

These are intentional measures put in place to sustain an institutionâ€™s legacy of economic evolution and social inclusion.

â€œWe are a responsible corporate citizen with empathy as a core pillar of our personality. Thus, we stood by the nation in the trying times of the COVID-19 pandemic with significant support for governments at both the federal and state levels.

â€œParticularly to prevent severe food shortages and align with the SDG of Zero Hunger, we supported State Governments with food palliatives donation which alleviated the conditions of over 80,000 households of the most vulnerable segments of the population.â€

With all these financial and non-financial performance metrics, it is not in doubt that Wema Bank is not only standing strong, it is also among the best performing financial institutions in Nigeria, in 2020.

â€œIâ€™ll take this opportunity to commend our customers for their sustained trust in us. A support that has remained a critical pillar of our stability and growth over the years, especially as we celebrate our 76th anniversary

For us as a responsible and visionary organization, we are staying committed to our corporate purpose of making life easier and better through innovation and digital-driven lifestyle solutions for Nigerians and their businesses.â€ Adebise concluded.
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