Wema Bank Plc is one of the few institutions that saw Nigeria through its formative years and have grown with it to date. But beyond the labyrinth of numbers by which its sector is assessed, ABIGAIL IKHAGHU examines the human values that kept the bank going while many of its peers fell by the wayside.
Exceptional customer service has become the heartbeat of modern banking, directly influencing growth, profitability and customer loyalty. Banking public do not only expect speed, personalisation and seamless service across digital and physical platforms but also want to see these around the clock. Banks excelling in customer experience grow significantly faster than their competitors, with studies from Zendesk showing they expand 3.2 times quicker.
Customer dissatisfaction carries high stakes; 53 per cent of clients say they will switch banks after just one negative experience. Hence, banks must flawlessly handle each interaction, whether opening an account, resolving disputes or applying for loans. Every touchpoint shapes a bank’s trustworthiness.
Perhaps, Wema Bank understands this deeply. Its long-standing client, Ambassador Festus Pobena, also known as Admiral Pobena, relates how the bank, which is celebrating 80 years, exemplifies these values.
At 79, he has banked with Wema for decades, marking a journey that mirrors the bank’s evolution from a regional player to a tech-savvy leader.
“With the help of the bank, I have felt secure. It has helped me grow and supported countless others,” said Pobena. His enduring connection with Wema highlights the importance of personal relationships in banking.
“I have had a strong bond with my banking officer, which significantly helped me,” he added.
When digital innovation meets traditional trust
One major driver behind Wema Bank’s success is its innovative approach to digital banking. The launch of ALAT in 2017, Africa’s first fully digital bank, marked a significant milestone. Within its first year, ALAT attracted over 250,000 customers, gathering deposits of more than N1.6 billion ($4.48 million).
By 2023, approximately 75 per cent of Wema’s customers would regularly engage with digital platforms such as ALAT, USSD banking and ALAT for Business. Then, many of its peers were still struggling to get their act together in digital banking. This demonstrates the bank’s successful integration of cutting-edge technology with traditional banking values, improving financial inclusion nationwide.
Despite his age, Pobena endorsed ALA, saying: “It has been wonderful, very user-friendly,” he said. His positive experience highlights the intuitive design and inclusive rollout that bridges generations, providing ease and convenience for all users.
The blueprint for customer loyalty
Digital innovation is rewriting the rules of engagement across the global banking landscape. According to McKinsey, banks that embrace digital transformation outperform peers by creating seamless, end-to-end customer journeys. These innovations, from AI-driven chatbots to real-time fraud alerts, improve speed, accuracy and convenience while reducing operational costs.
However, innovation alone is not enough. Trust remains the backbone of banking, especially in emerging markets. The most successful banks blend high-tech with high touch, leveraging data analytics and automation without losing sight of empathy, privacy, and personal connection. Wema Bank’s model offers a playbook for others, led with digital and anchored in trust.
Furthermore, global consulting firms like McKinsey have consistently highlighted that banks that successfully adopt digital innovation outperform their peers in operational efficiency and their ability to create deeply personalised, emotionally resonant customer experiences.
These digital leaders offer more than apps and online portals. They craft end-to-end journeys that reflect each customer’s unique needs and preferences. Whether it is an intuitive loan application process, instant balance updates, or AI-driven chat support, every interaction contributes to how customers feel about their bank. And feelings, as research shows, drive loyalty.
According to IBM, a multi-technology company, 84 per cent of customers now consider the bank’s experience as important as the products and services. The emotional resonance of a seamless journey can often outweigh even competitive pricing or high-interest returns.
More critically, banks that blend digital and physical channels, ensuring consistency across apps, branches, call centres, and websites, tend to outperform in customer retention and see significantly lower churn rates. When customers can move effortlessly between online banking and in-person support without friction, they are far more likely to remain loyal, recommend the bank to others and explore additional services.
Wema Bank has embraced this reality with admirable foresight. Its strategy goes beyond simply adopting digital tools; it aims to humanise them. By creating platforms that are not only functional but also empathetic and inclusive, Wema has positioned itself as a bank that listens. Its flagship innovation, ALAT, is a digital bridge that carries long-time customers into a new era without leaving anyone behind.
This blend of innovation and intimacy is especially vital in Nigeria, where customer trust, cultural sensitivity and personal rapport remain integral to the banking relationship. For Wema, the objective has never been digital for its own sake. Instead, it is about enhancing lives — streamlining transactions without sacrificing the warmth of a human voice on the other end of a call or the reassuring presence of a familiar face at the local branch.
For Pobena, Wema’s strategic growth is not just visible in its balance sheets or technological upgrades; it is a personal journey he witnessed firsthand.
“I remember when Wema used to operate out of my property in Olu Obasanjo city,” he said, adding, “Today, they have built impressive tall structures across various cities. Seeing that transformation gives me a deep sense of joy.”
His testimony affirms Wema Bank’s long-term vision to grow in size and substance. The bank’s evolution from a modest regional player into a digitally advanced institution did not happen overnight. It results from deliberate investments in technology, talent and trust. And the enduring loyalty of customers like Pobena confirms that they have been on the right path all along.
From numbers to human impact
According to Forbes, banks need more than attractive interest rates or a broad range of products to stay relevant. They must deliver meaningful, memorable customer experiences. In this regard, Wema stands out.
Through its enduring commitment to innovation, personalised service, and active listening, Wema has consistently demonstrated that banking is not just about transactions; it is about transformation, walking alongside customers through life’s highs and lows, and offering support not just when convenient but when it truly matters.
“They have genuinely contributed to Nigeria’s economic development, providing loans and vital support to individuals and businesses,” said Pobena, whose relationship with the bank spans over five decades.
“Its support significantly impacted my life and the lives of many others,” he added.
Pobena’s words are a reminder of banking’s potential to drive real change. His journey with Wema, from the early days when branches operated out of community properties to today’s sleek digital platforms, reflects the kind of deep, human-centred service that builds generational loyalty.
Beyond product offerings, Wema has embedded a philosophy of care into its operations. By investing in customer relationships, the bank has created an environment where people feel seen, valued, and empowered. From small business owners accessing their first lines of credit to retirees using ALAT’s intuitive tools to manage pensions, every interaction is a chance to uplift.
This is where Wema’s legacy finds its true meaning. Over the decades, its strategic investments in infrastructure, staff development, and digital capabilities have all been driven by the mission to serve people better.
As Nigeria continues to evolve economically, the need for institutions that combine technology with empathy becomes even more urgent. Wema’s model offers a blueprint for the future, where data drives decisions, but people remain at the heart of everything.
A legacy of integrity, innovation
Since opening its doors in 1945, Wema Bank has charted a distinct path in Nigeria’s financial landscape, rooted in trust, technological foresight, and unwavering customer commitment.
Over eight decades, the bank has grown from a modest regional lender to a nationally recognised financial institution, skillfully navigating regulatory reforms, economic downturns, and fierce market competition.
This spirit of progress was built on a long-standing culture of responsible banking and transparent governance. Wema’s leadership prioritised ethical decision-making, resilient financial practices and sustainable growth over short-term gains. Even during turbulent financial cycles, including the global economic crisis of 2008 and Nigeria’s currency fluctuations, Wema stood firm, meeting its obligations to customers, partners and regulators.
At the heart of this resilience is the bank’s belief that banking is more than relationships, reliability and relevance. From day one, the bank invested in people as much as it did in products. Its frontline staff were trained in technical skills and service culture, empathy and customer care – values that have remained consistent through decades of technological change.
Wema’s long-standing support for Nigeria’s small and medium-sized enterprises (SMEs) reflects its people-first approach. The bank has extended credit facilities, capacity-building programs, and digital tools to empower local businesses, many of which operate in underserved or rural areas. In doing so, Wema has played a quiet but crucial role in driving national economic development, creating jobs and fostering innovation beyond Nigeria’s urban centres.
From launching mobile banking apps to integrating AI-powered support and expanding fintech partnerships, Wema’s strategic evolution has remained rooted in a clear understanding of its mission: to be a bank that grows with its customers, not apart from them.
Reflecting on his long-standing relationship with the bank, Pobena said: “I am happy that I’ve grown with Wema. I have been associated with them and gained so much over the years. I have a goodwill message: please keep growing.”
