News
Wema Bank Named 2021 Most Innovative Digital Bank in Nigeria
Wema Bank emerged the winner of the ‘Most Innovative Digital Bank’ in Nigeria at the 2021 Digital Banker Africa Awards.
Digital Banker Africa, the continent’s premier, magazine and website organizes the Digital Banker Africa Awards to celebrate organisations from across Africa that have stood out from amongst their peers with outstanding innovation, infrastructure and development along with the use of pioneering technology to support their business and customers.
The award’s judging panel comprises professionals with a combined experience of over 110 years of financial and business journalism experience, and is supported by a team of researchers who have ensured that the award winners are the most deserving in their category.
Last month, Africa’s first fully digital bank, ALAT by Wema, was awarded the ‘Most Outstanding Digital Bank Brand of the Year Award’ at the 2021 Brandcom Awards, which honours brands, agencies, and notable individuals in the brands and marketing communications industry who have distinguished themselves with tangible and laudable impact.
This latest award further recognises Wema Bank’s consistent innovativeness in delivering value to its stakeholders, enabling its customers to bank with ease and live their desired lifestyles.
Commenting on the award, Ademola Adebise, the Managing Director/CEO, Wema Bank, said it attests to the bank’s digital growth and confirmation of its position as a leading innovative financial institution.
“We are grateful for this honour recognising our relentless effort in becoming Nigeria’s leading innovative digital bank. We dedicate this to all our customers who trust us and have continuously made us and our game-changing digital bank, ALAT their first choice,” he said.
He said that the award would further motivate Wema Bank to do more in the service of its customers. “This recognition serves as an encouragement for us to continue to build on our successes and invest more in our product offerings.
“We are committed to improving the lives of our customers in every way, enabling them to make it through each day in the best and easiest way possible with our services,” Adebise said.
The Bank’s passion to solidify its position as a leader in the digital banking space has seen it build a robust portfolio of digital solutions tailored to meet a diverse pool of customers and tailor-made to suit the dynamic lifestyles of students, budding entrepreneurs and young professionals.
The Bank was the first to pioneer card control, a solution that allows customers secure their payment cards by locking and unlocking their cards directly from their mobile phones, also offering USSD Banking through its *945# platform.
These achievements and solutions have earned the bank several other accolades including Excellence in Branchless Banking, Digital Banking Platform of the Year and Best and Innovative Digital Solution.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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