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Tag: Wema Bank

  • Wema Bank profit surges by 141% to N102.5 billion in 2024, marks best financial performance in 5 years

    Wema Bank profit surges by 141% to N102.5 billion in 2024, marks best financial performance in 5 years

    Wema Bank Plc has reported an impressive increase in both gross earnings and profitability, marking its best financial performance in at least five years.

    Strong interest income and the expansion of strategic assets drove the bank’s gross earnings to N433.43 billion in the year that ended on December 31, 2024, according to its audited financial statements.

    As the bank took advantage of rising interest rates and fortified its loan and investment portfolio, profit before taxes surged by 141 percent to N102.5 billion, setting a new record.

    A dividend payment of N1.00 per share for the 2024 fiscal year was suggested by the Board of Directors in the report.

    Read also: GTCO’s HabariPay records N3.8 billion profit in 2024

    Loan disbursements and government securities investments make Wema Bank’s major revenue streams

    In 2024, Wema Bank’s primary revenue streams were loan disbursements and government securities investments.

    Loan revenue accounted for roughly 66 percent of the bank’s total interest income, generating N233.85 billion, a 91 percent increase over the previous year. 

    A 98 percent increase over the previous year, the bank also received N113.68 billion from government investments (such as bonds and treasury bills), which accounted for roughly 32 percent of interest income.

    In addition to giving out more loans and increasing its investments in safer government securities, the bank also took advantage of high interest rates (caused by CBN’s policies to combat inflation).

    N1.125 trillion of the N1.237 trillion in gross loans that Wema Bank disbursed came from long-term loans.

    Wema Bank kept ₦111.11 billion in treasury bills and ₦712 billion in federal government bonds, which are far safer investments than loans.

    Wema Bank’s loan portfolio still has some risks, although it has made significant profits from investments and loans.

    As a precaution against potential losses (also known as Expected Credit Loss, or ECL), the bank set aside N36 billion because some loans might not be fully repaid.

    The bad loan provision, which totals N27.33 billion, primarily applies to loans that are already experiencing significant problems (Stage 3 loans).

    The actual loans remaining on the bank’s books (net loans) were ₦1.201 trillion after this sum was subtracted.

    Because of the current high-interest-rate environment, Wema Bank, like other Nigerian banks, had to deal with higher funding costs; despite its strong earnings, due to the higher cost of funds, interest expenses on bank deposits increased by 732.9 per percent, and net interest margins were impacted by the 139.9 percent increase in borrowing costs.

    Monetary tightening has had a significant impact, as evidenced by the ₦103.4 billion total interest paid on customer deposits. Although these cost pressures were substantial, the bank’s ability to maintain a high net interest income helped lessen their effects.

    Wema Bank’s digital banking contributes to rise in revenue

    Thanks to its innovative digital banking and wide range of services, Wema Bank’s non-interest revenue increased dramatically in addition to interest income. The increase in net fees and commission income to N55.576 billion was fuelled by FX exchanges (N15.03 billion), digital goods (N14.073 billion), management fees (N8.023 billion), and account maintenance fees (N7.364 billion).

    Wema Bank’s digital innovations, Coop Hub (a platform for cooperative societies) and ALAT Xplore (Nigeria’s first teen mobile banking app), may have been crucial to this expansion.

    By drawing in younger users, ALAT Xplore increased e-banking fees, card transactions, and account openings. By assisting cooperative societies with digital financial management, Coop Hub increased fund transfers and transaction-based income.

    Read also: Fidelity Bank records N385 billion pre-tax profit in 2024

    Wema Bank’s ₦3.593 trillion in total assets

    The majority of Wema Bank’s ₦3.593 trillion in total assets came from customer deposits. A rise in shareholder funds to N256.421 billion was fuelled by retained earnings of N103.251 billion, share capital of N10.715 billion, and a share premium of N56.431 billion.

    To comply with regulatory requirements and enhance its capital base, Wema Bank raised its share capital and premium through an N40 billion rights issue.

    Furthermore, the bank’s chairman reiterated the bank’s pledge to raise N200 billion in new capital in the 2024 Annual Report, saying, “To meet the new CBN capital requirements, the bank will be raising N200 billion in new capital as approved by the shareholders at the last Annual General Meeting. This will be broken down into N150 billion Rights Issue and N50 billion in Special Placement.”

    The share price of Wema Bank closed at N10.7, up 18.8% in 2025.

  • Wema Bank celebrates innovation and inclusion at Hackaholics 5.0 finale

    Wema Bank celebrates innovation and inclusion at Hackaholics 5.0 finale

    Wema Bank convened the grand finale of Hackaholics 5.0, on November 27, 2024, a technology competition that aims to empower startups and youth in Africa. This event, entitled “Meta-Idea: DigiTech Solutions for Africa’s Prosperity,” underscored the potential of technology to confront societal challenges and stimulate economic development.

    Held as a testament to Wema Bank’s commitment to innovation, Hackaholics 5.0 attracted a diverse audience of participants, government officials, tech enthusiasts, and industry leaders. The event served as a platform for showcasing transformative ideas and celebrating ingenuity.

    Read also: Winners emerge from Zenith Bank hackathon, receive N77.5m

    How Wema Bank is empowering lives through innovation

    Since its inception in 2019, Hackaholics has become a significant platform for fostering creativity and entrepreneurship. Aligning with Wema Bank’s mission of “Empowering Lives Through Innovation,” the competition bridges gaps in Africa’s macroeconomic landscape by supporting the continent’s brightest minds.

    Hackaholics achieved a milestone this year with a record-breaking 4,310 applications from innovators across Africa. Participants addressed issues spanning health, education, agriculture, and financial services, presenting cutting-edge solutions to complex challenges.

    Wema Bank’s goals in driving STEM excellence in Africa

    In his keynote address, Mr. Moruf Oseni, the MD/CEO of Wema Bank, emphasised the significance of investments in STEM (Science, Technology, Engineering, and Mathematics) for Africa’s development.

    “No nation has successfully transitioned to First World status without significant investment in STEM,” he remarked. Oseni called on private and public stakeholders to foster an environment that nurtures technological innovation, emphasising that initiatives like Hackaholics catalyse this process.

    Wema Bank’s commitment to innovation is evident in its launch of Nigeria’s first fully digital bank, ALAT, which continues to serve as a springboard for tech-driven solutions. This year’s Hackaholics finalists competed for a prize pool exceeding ₦70 million, underscoring the bank’s dedication to empowering the youth.

    Keynote highlights: The role of women in digital transformation

    A standout moment of the event was the keynote speech by Debola Deji-Kurunmi, founder of Emerge Coaching Africa and a transformational leader. She spoke passionately about the role of women in Africa’s digital revolution and urged more inclusive investments in female-led tech ventures.

    Deji-Kurumi highlighted the existing funding gap in tech ecosystems, where only 5% of VC funding reaches female founders. She proposed strengthening tech ecosystems for women through mentorship, funding, and education. Her vision extended to redefining technology as a sector and an enabler across industries.

    Read also: NearSwipe Ltd, 9 other startups win N29.5 million in FirstBank’s Fintech Summit 6.0

    Beyond competition: Hackaholics’ broader impact

    Hackaholics 5.0 was not just about competition. It offered participants mentorship, networking opportunities, and exposure to a vibrant community of innovators. Over the years, the initiative has directly engaged over 1 million participants across Africa, fostering a robust innovation ecosystem.

    The finale also featured thought-provoking panel discussions, a showcase of Wema Bank’s corporate vision, and the celebration of groundbreaking startups set to redefine Africa’s tech landscape.

    Hackaholics 5.0 encapsulated Wema Bank’s ethos of innovation and its vision for Africa’s prosperity. By providing a platform for creative minds and advocating for technological advancement, the competition continues to be a beacon of hope for Africa’s future. As the event concluded, one message stood out: with suitable investments and collaborative efforts, Africa’s potential knows no bounds.

  • Wema Bank offers AlatPay to Ease Instant Payments for SMEs

    Wema Bank offers AlatPay to Ease Instant Payments for SMEs

    The leading Nigerian bank, Wema Bank, has introduced AlatPay, an instantaneous digital payment solution, to assist small and medium-sized enterprises in digitising their business processes. The elegant Four Points by Sheraton in Lagos hosted the launch.

    Executive Director of Retail and Digital Business Tunde Mabawonku stated that “the future of cards is cardless” and that the payment industry is changing. He predicted that cards would become cardless tokens that consumers would need to tap to use in the coming years.

    According to him, this is how payments will go in the future, and Wema Bank is excited to be a big part of it by enabling merchants to make simple payments with AlatPay.

    Read also: Wema Bank Uses Facial Recognition to Boost Platform Security

    Mr Mabawonku said AlatPay is positioning Nigerian merchants and small businesses to acquire transactions worldwide. Over the last few years, they discovered that small businesses struggle to acquire transactions. They either tell people to transfer money or pay cash or some other way of getting payment. But with AlatPay now, you need to follow the straightforward steps, and you can acquire transactions from anywhere in the world.

    Mr Mabawonku said merchants do not have to expose their financial details because they now have a payment engine that makes transactions easy. So, this strategy enhances businesses’ ability to do much more.

    Enhancing Retail Payment Efficiency with AlatPay

    AlatPay would serve 70% of retailers who have trouble making payments. In a dynamic corporate environment, payment systems that are both secure and efficient are crucial. More than 70% of firms report having trouble accepting online payments, according to Stripe research.

    These challenges result in missed chances and delays in finishing business. With the potential to increase productivity by up to 40%, seamless payment solutions are becoming increasingly crucial to the long-term viability of businesses as financial transactions become more global.

    To assist small businesses in meeting these unique challenges of globally evolving marketplaces, Wema Bank is launching AlatPay, an offshoot of its digital app, Alat. The bank says this introduction demonstrates its commitment to innovation and empowering businesses for optimal efficiency.

    AlatPay is a secure digital payment service designed for businesses, offering a simple setup process, safe transactions, prompt payments, and customisable storefronts for online transactions.

    Read also: Wema Bank, NYSC to launch Youth Empowerment Initiative

    Elevating Your Business with AlatPay

    Businesses must visit AlatPay and select Get Started to get started. After that, to receive a one-time password (OTP), they must supply their email address. The user must fill out their personal information and select a business category to create a merchant profile after validating their email. After that, an OTP will be texted to their phones to confirm the information.

    Users choose payment channels and fill in their account details to pay. Bank approval takes 24 hours. Approved users access AlatPay APIs, create a storefront on the portal, and go live. Store URL is shared with customers and social media.

    Speaking about what this means for Wema Bank, Tunde Mabawonku said the bank prides itself on being innovative.

    Tunde added that, after 79 years in the business, one of the things they have done to stay competitive is to provide new and creative items. The Alat digital platform has become Nigeria’s top digital bank.

    He said it helps one to compete effectively on a global scale. Clients can now access a platform that functions independently wherever in the globe. To improve payments and acquisitions, Alat and AlatPay offer platforms for making solutions.

  • Wema Bank Uses Facial Recognition to Boost Platform Security

    Wema Bank Uses Facial Recognition to Boost Platform Security

    Wema Bank, a well-known bank in Nigeria, has recently formed a strategic relationship with Daon, a well-known worldwide company focusing on digital identity and trust solutions. 

    This partnership aims to make Wema Bank’s digital platform safer by adding cutting-edge face recognition technology. The move was made in response to several events and is meant to stop scams on the bank’s platform.

    Read also: 5th edition of Wema Bank tech competition now accepting entries

    Wema Bank’s Integration of Daon’s Applications

    Through the Daon IdentityX® platform, Wema Bank said in a thorough statement that it has added Daon’s cutting-edge apps, namely Daon xProof and (xAuth/xFace), to its current banking app. These apps are meant to improve the processes of digital identity verification and authentication, making them stronger and safer for users.

    This technology was implemented by Daon and its regional partner, Ouranos Technologies. We aim to give Wema Bank clients a secure and easy banking experience. Its technology lets customers execute ordinary banking transactions across several interaction channels, including selfies. This simplifies client banking and improves security using advanced liveness detection and other techniques to avoid presentation assaults.

    Daon’s innovative idea of Identity Continuity makes it possible for these solutions to work together. It lets Wema Bank onboard new customers and authenticates existing ones across multiple platforms using a single platform.

    Wema Bank’s Encounter with Fraudulent Activities

    Wema Bank’s recent heist highlights the need for enhanced security. A recent study in April 2024 revealed Wema Bank’s significant financial losses of ₦685 million (about $594,943) in 2023. Digital and collection/payment channel fraud and forgeries, including third-party platform transactions, caused these losses. Daon’s face recognition technology is Wema Bank’s strategic move to prevent security breaches and protect clients.

    Wema Bank swiftly strengthened its fraud defences in response to these security threats. The bank increased its digital compliance department fraud monitoring staff to better detect and respond to fraud. This expansion is part of a drive to protect consumer transactions and the bank’s digital services.

    Wema Bank also developed a thorough anti-fraud programme to educate consumers about fraud dangers and how to prevent them. The ad educates clients on securing their accounts and personal information against unauthorised access and fraud.

    Wema Bank took strict actions against various fintech partners to safeguard its payment environment. In the same month as the losses, the bank dismissed up to seven fintech partners from its payment gateway platform. The bank’s zero-tolerance platform compromise policy was shown by suspending these partners for fraud.

    These initiatives and Daon’s face recognition technology demonstrate Wema Bank’s dedication to fighting fraud and improving digital banking security. To ensure client safety, Wema Bank uses technical innovation, staff growth, customer education, and robust compliance enforcement.

    Read also: Wema Bank, NYSC to launch Youth Empowerment Initiative

     Innovating in EMEA and APAC with Daon

    Clive Bourke, Daon’s EMEA and APAC president, commented on the cooperation with Wema Bank. He said that Daon’s complete identity verification and authentication solutions integrated into the Wema Bank app will transform the client experience. Bourke said clients will have a more reliable and optimised user experience without compromising data security.

    Bourke stressed that identity fraud in the banking business causes significant financial losses, making this technical improvement crucial. He said robust identity verification and authenticity are essential to fighting financial fraud.

    Wema Bank’s Chief Digital Officer, Olusegun Adeniyi, echoed Bourke’s thoughts and reaffirmed the bank’s objective of frictionless access to various financial services. Adeniyi stressed that the bank’s switch to Daon’s technology is strategic to improve client experience and security. He said the move responded to fraud and a proactive effort to safeguard the bank’s reputation for secure and fast digital banking.

    Daon and Wema Bank leadership share a goal of using cutting-edge technology to protect consumer data and transactions, creating trust and confidence in digital banking.

  • Wema Bank, NYSC to launch Youth Empowerment Initiative

    Wema Bank, NYSC to launch Youth Empowerment Initiative

    Wema Bank has collaborated with the National Youth Service Corps to launch the NYSC-ALAT Accelerator Programme.

    According to the bank’s statement, the partnership was unveiled at the signing ceremony of the Memorandum of Understanding in Abuja. The partnership’s stated goal was to help young Nigerians gain a foothold in the lucrative job market through the programme.

    The goal of the NYSC-ALAT Accelerator Programme is to help the youth who participate in the NYSC programme acquire the skills, find jobs, and advance in their careers so that the unemployment and underemployment rates can be reduced and the economy can grow.

    Wema Bank reports that in partnership with Microsoft, the programme will offer digital training in areas like design thinking, AI, programming languages, and content creation and that it will also equip NYSC members with grants and funding to help them establish sustainable income streams.

    Read also: FG, WEMA bank to establish tech hubs in 7 states

    In addition to offering loans to all participants, the programme also included mentorship opportunities and a business plan competition to help participants craft the ideal business plan while also financially rewarding the top ideas that encourage entrepreneurship and the creation of new jobs.

    In his address, Wema Bank’s Executive Director of Retail and Digital, Tunde Mabawonku, highlighted the essence of partnership, saying that Wema Bank, with 79 years of financial inclusion, is committed to empowering lives through innovation. This partnership with NYSC is a platform for the growth and development of Nigerian youths, intertwining digital technology with daily life and driving economic growth. The vision is to provide the youth with tools that will accompany them beyond their service year, shaping their career and adult life.

    Representing the Director-General of NYSC, Mr Ayodele Omotade, stated the corps’ commitment to driving the programme. According to him, this MOU signifies their combined efforts towards wealth creation and the economic advancement of Nigerian youth. With Wema Bank’s support, they look forward to opening up career opportunities for our members and contributing to the development of a digitally skilled workforce.

    Wema Bank customer empowerment on Valentine’s Day

    In the seventh monthly draw of the third season of Wema Bank’s 5 for 5 Promo, customers were awarded a cash prize of N9,000,000. As a token of appreciation for their patronage, the bank sent the substantial sum as a Valentine’s Day gift. Mr Okoye Ebube Solomon of Enugu and Ms Omowunmi Deborah Abimbola of Abeokuta were each given N1,000,000 in the Valentine’s Day draw.

    As an extra token of our appreciation for all things romantic, we are rewarding four joint account holders with N250,000 each, as well as eighty customers with N25,000 and thirty with N100,000.

    Nigerian students win ₦50m at Wema Bank’s Hackaholics 4.0

    Tunde Mabawonku, the Executive Director of Retail and Digital Business at Wema Bank, reaffirmed the strategic alignment of the 5 for 5 Promo Valentine draw with the Bank’s ongoing Season of Love Campaign, highlighting the bank’s dedication to offering a rewarding and fulfilling banking experience to every customer.

    So far, 840 lucky Nigerians have shared N63,000,000 from the Wema Bank 5 for 5 Promo Season 3 since the first draw in August 2023. With just three more draws remaining, 360 more Nigerians stand to win this season, and there’s a chance for anyone, anywhere in the country, to do so.

    The requirements are as follows: they must deposit a minimum of N5,000 into their Wema Bank/ALAT account every month, conduct no less than five transactions, and keep an average balance of N5,000.

  • Nigerian students win ₦50m at Wema Bank’s Hackaholics 4.0

    Nigerian students win ₦50m at Wema Bank’s Hackaholics 4.0

    The path to this spectacular climax finally came to an end on Friday of last week, when ten finalists representing universities from all around Nigeria competed for the top award prize at the Hackaholics 4.0 event. This event was the culmination of the Hackaholics 4.0 competition.

    Over N50 million in cash awards were going to be awarded, with each of the five categories receiving their own portion. The winner of Hackaholics received N15 million as their prize, N10 million went to the first runner-up, and N7 million was given to the second runner-up in the competition.

    In order to encourage more women to work in the technology industry, N5 million was put aside as a prize pool for any team that was managed by a woman who participated in the Hackaholics. In addition, a sizeable sum of N22 million was contributed to university STEM endowments, which demonstrates a commitment to the development of the next generation of innovators in the technology sector.

    These 10 finalists were chosen from an astounding pool of 3,000 candidates to present their innovative concepts in the following ten distinct areas of human existence: education, climate, government technology, health, gender-based violence, financial inclusion, entertainment, fintech, insurance, and civic technology.

    The innovative ideas that were presented by the competitors left Google’s Startup Fund Manager Femi Awoniyi speechless, and he couldn’t help but express his enthusiasm for them. He admitted that the Hackaholics summit, in addition to delivering essential funding to the winners, serves as a catalyst for pushing others to step forward with their ground-breaking discoveries. He said this was one of the reasons the summit was so successful.

    Read also: NCC invites applicants for 2023 Talent Hunt Research Hackathon

    The winners of the Wema Bank Hackaholics

    Ireti Hackaholics

    The Wema Bank Hackaholics 4.0 competition was won by Jane Agbaohwo, who is also the founder of Ireti, an innovative health-tech startup. Agbaohwo is currently studying medicine and founded the company. Her innovative approach, which aims to diagnose breast cancer in its early stages, helped her win the N15 million cash prize, which was competed for by nine other new businesses.

    “Going forward we will be able to reach out to women in urban communities and also women in rural communities because we are partnering with NGOs. We are reaching out to them; helping them to create awareness about breast cancer – it kills, but you stand a chance to live if you detect early and start treatment on time,” Agbaohwo said.

    Nelson Atuonwu, who was competing on behalf of the fledgling company Team Grip, came in second place overall and was awarded a monetary prize of N10 million for his efforts. Oluwatimilehin Ogunme, who competed for Team Trakka, finished in second place overall and took home a prize worth a respectable N7 million as a result of his efforts.

    At the occasion, individual achievements weren’t the only thing that was highlighted; instead, the gathering also honored group efforts. Tochukwu Ifeanyi, the Chief Executive Officer of Team Outsidee, was honored for leading her team to success in the women-led initiative by being presented with a monetary reward in the amount of N5 million.

    In recognition of exemplary accomplishments, additional awards were presented in a variety of categories. The Edutech Award went to University X’s Damilare Ololade, and the Climate Tech award went to Bonojo Adedayo of Pup Industries. Both of these men are from Nigeria.

    David Campbell of Team Naija Box was able to get the energy prize, while Ifeanyichukwu Henry of Raptor was able to win the award for Energy Technology. Olukayode Fadairo, who was a member of Team MumAlive, and Gift Akobundu, who was a member of Team Chao, both received awards.

    Nigerian digital bank Alat invites entries for ‘Re-imagine’ project to boost ICT talents

    Remarks

     

    According to Moruf Oseni, the Managing Director and Chief Executive Officer of Wema Bank, a distinctive combination of traditional banking knowledge and technology that is deeply integrated into the bank’s system has given them the potential to promote the expansion of the technology ecosystem in Nigeria.

    “We also recognize that any economy that is serious about sustainable economic and social development must pay serious attention to science, technology, engineering, and mathematics education.”

    “Entertainment and sports have put Nigeria on the global landscape in a positive light; but they cannot help to predict technology and infrastructure deficits that will see Nigeria achieve its true potential,” Oseni said.

    Olugbenga Agboola, founder and CEO of Flutterwave, stated in a keynote that events such as Hackaholics 4.0 may provide great possibilities to founders who are utilizing technology to solve both local and global concerns. He lauded the efforts of Wema Bank to establish infrastructures that would foster innovation within the fintech industry.

    According to Tunde Mabawonku, the executive director of retail and digital business for Wema Bank, the digital summit unites digital innovators, visionaries, and industry executives from all over Nigeria. He noted that the event transcends boundaries. 

    “It’s all about harnessing the collective potential of startup founders to redefine the boundaries of what’s possible in the digital age.”

    According to him, the topic that was discussed at this year’s Hackaholics event captures the spirit of the innovation initiative that the bank is running. 

    “It embodies our sheer belief in a world where change is only constant. Our ability to reimagine and disrupt the status quo is what sets us apart,” Mabawonku added.

  • Wema Bank partners COREN to foster technology, sustainable growth in Nigeria

    Wema Bank partners COREN to foster technology, sustainable growth in Nigeria

    Wema Bank has embarked on a strategic partnership with the Council for the Regulation of Engineering in Nigeria (COREN) to champion technology, sustainable industrial development, and the realization of Sustainable Development Goal (SDG) number 9 – Industry, Innovation, and Infrastructure. 

    The Managing Director of Wema Bank, Moruf Oseni, conveyed this collaboration during his address at the 31st Engineering Assembly in Abuja, sponsored by Wema Bank recently.

    Wema Bank’s Managing Director, Moruf Oseni, represented by Deputy Managing Director Wole Akinleye, articulated the bank’s dedication to fostering resilience, integrity, and innovation. Akinleye emphasized that Wema Bank’s sponsorship of the event aligns seamlessly with the institution’s core values. He further highlighted the imperative of consistently reinventing oneself, underscoring the principle that innovation is key to achieving longevity.

    Akinleye stated, “Against all odds, we launched ALAT, Africa’s first fully digital bank in 2017 — an achievement that forever changed the face and practice of financial services in Nigeria. We acknowledge that no nation can drive and sustain economic development without Science, Technology, Engineering, and Mathematics (STEM) education and practice — this is why we happily accepted the invitation to participate in this event as the mandate of COREN resonates deeply with our ethos at Wema Bank.”

    Read also: NITDA to develop Africa’s technology in partnership with experts 

    Engineers as Architects of Hope

    Akinleye encouraged participants to recognize the pivotal role engineers play in societal transformation. He emphasized that engineers are not merely creators of structures but also architects of hope and guardians of national welfare. This perspective underscores the far-reaching impact that engineering and technological advancements can have on shaping the future.

    Akinleye also shed light on Wema Bank’s Hackaholics initiative, an annual technology and innovation ideation event hosted on university campuses. This initiative empowers the brightest talents across Nigerian tertiary institutions to channel their intellectual energies towards solving real-world challenges in various sectors of the economy. As Hackaholics 4.0 approaches its grand finale, Akinleye expressed optimism about the innovative solutions that will emerge, showcasing the bank’s commitment to nurturing technological advancements and entrepreneurship.

    FG, WEMA bank to establish tech hubs in 7 states

    COREN Engineering Assembly: Fostering Collaboration for Progress

    The COREN Engineering Assembly, an annual gathering of engineering practitioners, consultants, contractors, and stakeholders from both the public and private sectors, serves as a platform for interaction, brainstorming, and the development of solutions to national development issues. This collaborative event underscores the significance of partnership and dialogue in driving progress and innovation within the engineering and technological sectors.

    Wema Bank’s partnership with COREN marks a significant step towards fostering technological innovation and sustainable growth, demonstrating the institution’s commitment to shaping a future where technology and engineering contribute to the nation’s progress and prosperity.

    The bank’s commitment to fostering innovation, integrity, and resilience was highlighted by its sponsorship of the event. The Deputy Managing Director of Wema Bank, Wole Akinleye, represented Oseni and underlined the pivotal role of innovation in the bank’s operations.

    Akinleye remarked, “We have learned that the secret to longevity is to constantly reinvent oneself; as when, against all odds, we launched ALAT, Africa’s first fully digital bank in 2017 — an achievement that forever changed the face and practice of financial services in Nigeria.”

    Recognizing the importance of Science, Technology, Engineering, and Mathematics (STEM) education and practice for driving and sustaining economic development, Akinleye expressed the bank’s alignment with COREN’s mandate.

    He urged the assembly participants to continue contributing to the transformation of society, emphasizing that engineers are not only creators of structures but architects of hope and guardians of the nation’s welfare.

    “We acknowledge that no nation can drive and sustain economic development without Science, Technology, Engineering and Mathematics (STEM) education and practice — this is why we happily accepted the invitation to participate in this event as the mandate of COREN resonates deeply with our ethos at Wema Bank,” stated Akinleye.

    Referring to Wema Bank’s dynamic spirit and commitment to making a positive impact, he added, “Wema Bank will continue to breach new grounds, exceed expectations, and set industry standards, and its pact with COREN is one more on a growing list of meaningful partnerships and revolutionary solutions that impact lives, businesses, and nations; steadily solidifying its position as the bank that works and supports lifestyles.”

    In addition to the partnership with COREN, Akinleye unveiled Wema Bank’s ongoing initiative, Hackaholics. This annual campus-based technology and innovation ideation event brings together the brightest minds from Nigerian tertiary institutions to tackle real-life challenges in various sectors of the economy. The upcoming Hackaholics 4.0 finale is expected to introduce inventive, innovative, and globally impactful solutions.

    The COREN Engineering Assembly, an annual gathering, provides a platform for engineering practitioners, consultants, contractors, and stakeholders from the public and private sectors to collaborate, brainstorm, and devise solutions for national development challenges.

  • Nigerian digital bank Alat invites entries for ‘Re-imagine’ project to boost ICT talents

    Nigerian digital bank Alat invites entries for ‘Re-imagine’ project to boost ICT talents

    ALAT by Wema, Nigeria’s leading digital bank, has issued a call for entries for the 2023 edition of its hackathon event.

    This effort is a component of the Hackaholics 4.0 “Re-imagine” project, which seeks to identify and develop tech talent.

    This year’s edition aims to explore the boundless possibilities of emerging technologies while utilising its neo-bank proposal to significantly widen the student and youthful ecosystem, deepen the bank’s brand and position the brand to recruit and retain tech talent.

    Alat Hackaholics 4.0 event

    The Hackaholics programme is a youth-focused competition for entrepreneurs and innovators with game-changing tech-driven or tech-enabled concepts and products who want to develop and rapidly scale their enterprises.

    It is geared towards young Nigerians who use their coding, product curation, and pitching skills to solve major societal issues in several businesses.

    During the campaign, the bank intends to involve 10,000 tech entrepreneurs, produce 5,000 ideas, establish six pitch centres, and receive over one million visitors. This year, the winner will receive $10,000.

    Read also: Lagos Startup Expo holds in May 20 2023

    This year’s Hackaholics edition is expanding its scope and exploring other verticals, such as education, environment, civic tech, insurance, government technology, health, gender-based violence, fintech, financial inclusion, and entertainment, in order to cover more ground in regard to societal issues.

    “We want to encourage young minds who can build solutions beyond just naira and kobo; we want people who can solve real-world problems around civic-tech, gov-tech, converting gender-based violence, entertainment, and health, and this is why we chose the theme “Re-imagine,” said Solomon Ayodele, Head of Innovation at ALAT by Wema.

    Each centre will choose 40 teams, but only ten will pitch. Six universities will host this round of live pitches: Lagos State University, University of Benin, Babcock University, Nile University, Abuja, University of Abuja, and the Federal University of Technology, Akure.

    The finale will take place at the University of Lagos. In addition, a select group of participants will receive a two-day excursion to explore the operations of leading organisations in their solution vertical.

    How to apply

    The Hackaholics competition is open to any Nigerian youth who is currently working on a solution. This category comprises non-programmers and those without a Computer Science degree.

    Your solution, competition, target market, and the team must be summarised (a minimum of 3). Every interested applicant must have an ALAT account.

    Shortlisted applicants will be invited to the incubation session, which is sponsored by Amazon, Microsoft, Endeavour Africa, and others.

    Data Protection Stakeholders to speak at ‘PrivCon Nigeria 2023’

    Opportunities 

    These innovators and startup founders will benefit from the live pitches and incubation sessions, including:

    • Give funds to innovators and startup founders to establish and scale their solutions. 
    • Product development and integration will benefit from the hackathon. 
    • Teams and solutions will be highly visible. 
    • Give founders access. 
    • Provide founders with mentoring and guidance.  
    • Learn from industry leaders.

    A committee of industry experts will select the winners of the $7 million in cash prizes in the grand finale from the selected contenders’ unique ideas.

    The winner receives $3 million, the first runner-up receives $2 million, and the second runner-up receives $1 million. The first women-led startup receives $1 million.

  • Wema Bank introduces a telemedicine program for its clients

    Wema Bank introduces a telemedicine program for its clients

    Wema Health Connect 24/7 is a telemedicine service that was developed in collaboration between Wema Bank and Health Connect. The goal of this service is to help people get access to basic medical care.

    WEMA Health Connect 24/7 lets customers talk to a doctor and get medical care 24 hours a day, seven days a week if they want to.
    In response to the launch of the project, the bank’s Managing Director and Chief Executive Officer, Mr Ademola Adebise, said, “This new digital platform shows that Wema Bank is still committed to coming up with new ways to help customers live easier lives”.

    “WEMA Health Connect is readily available to all Wema and ALAT customers at any time at a discounted rate,” and “even non-customers can be easily onboarded via a single landing page or the ALAT app.” “All Wema and ALAT customers have easy access to WEMA Health Connect at any time.”
    He went on to say that the service will make it possible for consumers to receive their first medical treatment before being admitted to the on-site hospital for further care.

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    Wema launched this program to help reduce the difficulties experienced by its customers in getting medical assistance

    As a result of the difficulties presented by COVID-19, patients have expressed a wish to receive medical assistance in an expedient and straightforward manner rather than by going to the hospital. The process of prescribing drugs, lab tests, and imaging investigations will be made easier with the help of Wema Health Connect.
    “Patients can receive notification of progress in fulfilling their prescriptions in addition to receiving results and reports from laboratories and imaging centers, including critical images,” he said. “Patients can also receive notification of progress in fulfilling their prescriptions.”

    Adebise went on to say, “The WEMA Health Connect has many benefits for subscribers, such as access to a doctor for unlimited medical consultations by calling the toll-free number; access to affordable healthcare at the click of a button; honest and ethical medical advice based on evidence; access 24 hours a day, seven days a week on smartphone and non-smartphone devices; prenatal and postnatal wellness; and wellness lectures and workshops.”
    The program, among other things, gives trustworthy medical and wellness advice and helps people who are healthy and people who are having sudden or long-term problems.

    The researcher said that “it also helps to facilitate medical appointments, the delivery of medication, and laboratory services.” Patients with mental health problems like depression, anxiety disorders, substance dependence, low self-esteem, suicidal thoughts or actions, eating disorders, compulsive behaviour, or need to learn how to be assertive and manage their emotions can also get help through this service.

    Also commenting on the relationship with WEMA Bank, the Head of Sales and Marketing for Health Connect 24-7, Vincent Ezeora, said the following: “It has been HealthConnect247’s objective to provide high-quality, accessible, and affordable healthcare to every Nigerian. After logging onto the ALAT app, subscribers can click on the Lifestyle/Tickets section, then click on Health to access the Wema Health Connect 24/7, and subscribe using the subscribe button.

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    About Wema Bank

    Over the years, Wema Bank Plc has diligently offered a variety of value-adding banking and financial advisory services to the Nigerian public for the entirety of its 77-year existence. The company is widely regarded as Nigeria’s most innovative bank and as the indigenous financial institution in Nigeria that has survived the longest. It was founded in 1945 as a Private Limited Liability Company with the name Agbonmagbe Bank Limited. It started doing banking business in Nigeria the same year.
    Then, in April 1987, WEMA Bank became a public limited company (PLC) and was listed on the trading floor of the Nigerian Exchange.

    About Health Connect

    Health Connect is the best platform anywhere in the world to provide a comprehensive solution for the management of clinical and administrative tasks in the healthcare industry. Their software solution is all-encompassing, enabling healthcare providers to enhance operational efficiencies, save money, and give exceptional patient care.