Wema Bank still committed to sound risk management


Wema Bank Plc, has maintained its commitment to sound risk management and would continue to uphold best practices in its banking business.

This was made known recently, at its Annual General Meeting in Lagos during which the financial report for the year ending December 31, 2016 was presented to shareholders.

The bank pledged to continuously provide convenient banking opportunities for its loyal customers and the general public.

This, the bank noted, informed its fully-digital bank model.

While addressing shareholders, the Managing Director/Chief Executive Officer of the bank, Segun Oloketuyi, said, “Sound risk management practices remain at the core of our business model. The bank was not immune to the impact of the economic slowdown, but a more prudent approach was taken in providing for some loans.

“We closed with a Non-Performing Loan ratio of 5.07 per cent from 2.67 per cent in the prior year. In addition, our coverage ratio remains robust at 100 per cent with Capital Adequacy Ratio at 11.07 per cent, which is above the regulatory minimum of 10 per cent.”

On the launch of its dubbed ‘Africa’s first fully digital bank, he explained, “We remain committed to leading and defining how the use of technology shapes the banking landscape in Nigeria and indeed Africa, with the introduction of our *945# banking code among other innovative service offerings.”


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