Wema Bank has reported measurable growth over the last decade, growing its assets 13-fold over the period.
According to The PUNCH’s findings, the size of the lender’s assets have jumped 1,185 per cent to N5.23tn between the first quarter (Q1) of 2016 and the corresponding period of 2026.
The monetary value of Wema Bank’s asset size rose from N407bn in 2016 to N5.23tn in 2023.
The sharp increase in asset size over the 10-year period means Wema Bank now manages more than 13 times the resources it held a decade ago, significantly strengthening its financial capacity.
The expansion has important implications for the lender’s operations and the broader economy.
A larger asset base gives Wema Bank greater capacity to extend credit to households and businesses, finance infrastructure and corporate projects, absorb economic shocks, and comply with tighter regulatory capital requirements. It also enhances the bank’s competitiveness against larger rivals, improves its ability to attract investors, and provides a stronger platform for future expansion.
Analysts say the sustained growth underscores the success of the bank’s digital-first strategy, anchored by its ALAT platform, as well as its “focus on retail banking, small and medium-sized enterprises, and prudent balance sheet management,” said a Lagos-based financial expert, Kabby Umunna.