Wema Bank Plc has launched a new branch at Ilorin, Kwara State as part of its strategic plan to reach its customers across the nation.
The bank in a statement to newsmen noted that the new branch, designed with innovative features for improved customer experience, will strengthen the bank’s business in Ilorin and also provide local residents and business owners with their banking needs.
“We are excited to open a new branch which will help us as a bank meet the growing demand for financial products and services by the residents of Ilorin,” said Ademola Adebise, the Managing Director of Wema Bank. “For us, it is not about just opening branches, we are targeting communities where there are opportunities.”
“With the new national status, the bank has reopened formerly closed-down branches in the North and South East. Some of the cities with reopened branches include Kano, Kaduna, Bauchi, Minna, Lokoja and Aba. The bank also plans to launch new branches in Gombe, Onitsha and other leading cities in Nigeria.
“In addition to its expansion, Wema Bank is also providing financial services through digital channels such as ALAT by Wema and *945#. Through these channels, Wema Bank has been able to onboard more customers and provide easy banking services with its digital channels. The bank is also providing agency banking to meet the needs of customers all over the country.
“Wema Bank remains committed to growing its network to support business owners and other Nigerians with effective retail banking services across the country, Adebise said.
Shareholders of Wema Bank Plc recently approved N0.03 dividend payment proposed by the management of the Bank.
Speaking at the AGM, the Chairman, New Dimension Shareholders Association, Mr. Patrick Ajudua lauded the bank performance despite harsh operating environment.
Ajudua noted that the shareholders celebrated the proposed N0.03 per share dividend payout, not just because of a payout ratio of 34.79 per cent but also because it was the first time they were getting any return from Wema Bank in 15 years.
Addressing shareholders at the AGM, Wema Bank’s Chairman Babatunde Kasali said: “The Bank, founded in 1945, had survived different reforms and restructuring in the country’s economy and financial services industry.
Following the 2008 banking crisis in Nigeria which saw the collapse of many banks, the Bank had negative capital in excess of N66 billion and was declared a bank in grave financial situation by the banking industry regulator in Nigeria but years of effective leadership have turned around the fortunes of the Bank.
While the work to rebuild the Bank was ongoing, shareholders had to forfeit their annual dividend as the Bank was in no position to do so. However, following its capital reconstruction, a major constraint to Wema Bank’s dividend payment ability was lifted”.
Kasali noted that the journey to recapitalize Wema Bank, return it to profitability and consistently grow has been an arduous one for the management of the Bank and the shareholders alike, who year after year had to put up with the Bank’s reasons for not paying dividend.
