Fitch, GCR upgrade Wema Bank Plc ratings

Fitch Ratings and Global Credit Ratings have upgraded the ratings of Wema Bank Plc, affirming its capacity for long-term sustainability in the African banking ecosystem.

According to the Bank, upgrades by credible rating agencies such as Fitch and GCR reinforce market confidence in the bank’s financial stability and strategic direction.

Fitch Ratings revised Wema Bank’s outlook from Stable to Positive and upgraded its National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’, while affirming its Long-Term Issuer Default Rating at ‘B-’.

GCR Ratings upgraded the bank’s national scale long-term and short-term issuer ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG) with a stable outlook.

Wema Bank stated thus:

“As the pioneer of Africa’s first fully digital bank, ALAT, and Nigeria’s most innovative financial institution, Wema Bank continues to lead a paradigm shift in banking, connecting banking with lifestyle, leveraging innovation, and delivering practical solutions tailored to the needs of customers across all stages of life.”

“Wema Bank is not only Nigeria’s longest surviving indigenous bank but also an institution with a future of limitless possibilities, one that will outlive expectations, transcend time, and demonstrate that Nigerian businesses can thrive for centuries”