Further giving credence to its capacity for long-term sustainability in the African banking ecosystem, Fitch and GCR have upgraded the ratings of Wema Bank, Nigeria’s oldest indigenous bank.

Raising the projection on Wema Bank’s outlook from stable to positive, Fitch, upgraded the bank’s national long-term rating to ‘A-(nga)’ from ‘BBB (nga)’, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B-‘.

The African rating agency, GCR, also upgraded Wema Bank’s national scale long and short-term issuer rating to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG); with a stable outlook.

Commending Fitch and GCR for the objective assessment and projection of the Bank’s promising future, Moruf Oseni, its CEO, reiterated the bank’s promise to its customers and shareholders, asserting that Wema Bank’s journey has just begun at 80.

“Wema Bank is more than just a provider of financial services. This great institution represents a bold and firm statement to the world, ‘Nigerian-owned can stand the test of time’. Wema Bank was founded on the precipice of catering to the needs of Nigerians when no one else would. 80 years later, that legacy lives on and we are more fueled than ever to keep that timeless legacy thriving.

“Wema Bank has navigated every challenge, bounced back with an unquenchable thirst to keep going, and consistently developed solutions that accelerate progress across various industries beyond banking.

“Today, Wema Bank stands stronger than ever at 80 years. This is what happens when you devote your ‘all’ to self-improvement and delivering value to the people you serve. 80 years seems like a lot—and it is, but it is nothing compared to what lies ahead. These upgrades are very significant and represent good news for us as a bank. It stands as a strong testimony to the great work we have all put in in the last one year.

Wema Bank will continue to exceed all expectations, support the people on all levels and never relent in our promise to keep delivering optimum value to every stakeholder,” Oseni said.