In a move that underscores Wema Bank’s growing financial strength and long-term viability, global and regional credit rating agencies Fitch Ratings and GCR Ratings have both announced rating upgrades for Nigeria’s longest-surviving indigenous bank.

Fitch Ratings revised the Bank’s outlook from Stable to Positive, while upgrading its National Long-Term Rating to ‘A-(nga)’ from ‘BBB(nga)’. The agency also affirmed Wema Bank’s Long-Term Issuer Default Rating (IDR) at ‘B-’.

Similarly, pan-African credit rating agency GCR Ratings upgraded Wema Bank’s National Scale Long-Term and Short-Term Issuer Ratings to BBB+(NG)/A2(NG) from BBB(NG)/A3(NG), maintaining a Stable outlook.

The rating upgrades signal renewed investor and market confidence in Wema Bank’s risk management practices, capitalisation, earnings profile, and overall operational resilience. Founded in 1945, Wema Bank has evolved into a digital banking pioneer—introducing Africa’s first fully digital bank, ALAT—and is widely recognised for its innovation-driven strategy and consistent reinvention in a competitive financial services landscape.

Commenting on the upgraded ratings, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, described the development as a validation of the bank’s strategic direction and institutional fortitude.

“These upgrades are a testament to the remarkable work our teams have done over the past year. They not only affirm the progress we’ve made but also signal the potential of where we are headed,” Oseni stated. “Wema Bank is not just a financial institution—it is a symbol of resilience, innovation, and service to the Nigerian people.”

He further noted that the bank’s legacy, now in its 80th year, continues to inspire a forward-looking vision anchored on digital transformation, customer-centricity, and inclusive financial growth.

“From inception, Wema Bank was established to meet the needs of Nigerians at a time when access to financial services was limited. Today, that same purpose continues to drive our mission—only now, we are better positioned with the tools and technology to deliver solutions that impact lives far beyond traditional banking,” Oseni said.

He reaffirmed the Bank’s commitment to sustained value creation for stakeholders, promising continued strategic investments in innovation, operational excellence, and community empowerment.

Wema Bank’s ratings upgrade places it in a stronger position to attract capital, deepen customer trust, and strengthen its role within Nigeria’s evolving financial services sector.