Comeback Blueprint: Inside Wema Bank’s Journey to Digital Dominance

Oluchi Chibuzor posits that Wema stands tall as the pioneer of Africa’s first fully digital bank, a consistent industry performer, and a case study of how resilience, reinvention, and leadership can turn legacy into relevance

Few comeback stories in Nigerian banking are as compelling as Wema Bank’s. Once written off as a relic of the past, the 80-year-old institution has defied the odds. It has transformed from a financially distressed, perception-weary bank into one of the country’s most innovative financial brands. Today, Wema stands tall as the pioneer of Africa’s first fully digital bank, a consistent industry performer, and a case study of how resilience, reinvention, and leadership can turn legacy into relevance.

But the road to reinvention was far from smooth. The early 2000s had left Wema on the brink. The bank had a ton of debt, with a fractured internal culture, a fading customer base, and a reputation as “an old people’s bank.” It would take bold vision and even bolder execution to revive it. That task fell to Segun Oloketuyi, appointed in 2009 with a mandate to do more than steady the ship. He had to rebuild it.

When Segun Oloketuyi stepped into Wema Bank in June 2009 as Managing Director and Chief Executive Officer, what he met wasn’t exactly a bank, not in the true sense of the word. “We had a name and a platform,” he recalled in a recent interview, “but we didn’t have capital, we didn’t have liquidity, and we couldn’t meet customers’ withdrawal needs. In reality, we didn’t have a bank.” 

The management accounts told the story in stark figures: N66 billion negative capital and a N37 billion overdrawn account with the Central Bank of Nigeria (CBN). “That’s about N113 billion we needed to deal with. We had no capital and very little confidence left in the system,” Oloketuyi said. “It was a bank buried in debt, with customers losing trust and employees updating their CVs daily.” And yet, nearly a decade later, when he bowed out in 2018, Wema Bank had not only returned to profitability, it had become Nigeria’s first fully digital bank. A brand that once seemed trapped in the past is now shaping the future.

Oloketuyi’s vision was driven by what he described as a three-phase – later four-pronged transformation plan: stabilize the bank, restructure it, prepare it for growth, and go for growth. “Stability was non-negotiable. Without liquidity, you don’t have a bank. Without customer trust, you don’t have a business,” he explained. “We needed to stop the bleeding, build capital, and show customers they could rely on us again.” 

Part of this included making difficult but necessary decisions about talent. “We inherited a workforce that wasn’t aligned with the urgency or the vision,” he shared. “We did a full review, and some people had to leave while we had to hire more aligned hands. It was painful, but we did it with professionalism. And we ensured everyone who left got what they were due as severance package.” 

Alongside internal realignments came strategic recalibration. It wasn’t enough to fix culture and cut costs – Wema needed to reexamine its entire structure and operating model. The leadership team had to confront difficult questions about where the bank was overextended, what parts of the business were viable, and how to focus energy and capital where it mattered most. It was a period of honest introspection; we set aside sentiment in favor of strategic clarity.

Oloketuyi shared, “We looked at our national footprint and asked ourselves – do we really have a national bank, or are we just carrying a national license?” After rigorous analysis, the team boldly decided to downgrade to a regional license. It significantly reduced the bank’s capital requirement. “Our thinking was: be a bank first. Chase size and license later,” he said.

Instead of seeking salvation from external investors who had long lost interest, Oloketuyi looked inward. “I told my team: without stepping out of this building, we have what it takes to rescue the bank.” At the time, several billions sat in the books as provisional loans. The recovery strategy was simple but effective: “If we could retrieve just 70–80 per cent of that, we’d have capital and liquidity again.” Oloketuyi formed a recovery team, and within months, the tide began to turn. By the end of 2009, the negative capital had dropped from N66 billion to N45 billion. When the Asset Management Corporation of Nigeria (AMCON) launched in 2010, Wema was among the first to knock on its doors. “We packaged our loans, sold what we could, and got the liquidity we needed to breathe again,” he added.

The turnaround wasn’t just technical; it was cultural. Beyond repairing the balance sheet, the real challenge was reviving confidence within the organization and among its customers. Years of financial instability had eroded morale and trust. For the transformation to stick, people needed to believe again – in leadership, the vision, and the brand. “You can’t restructure an institution without rebuilding belief. We didn’t just want to fix numbers; we wanted to restore identity,” he added.

By 2015, Wema Bank had regained its national license, a critical step forward. The financials were improving, and structural reforms were in place. But Oloketuyi understood that operational progress alone wasn’t enough. The brand still carried baggage. Customers, especially younger ones, hadn’t yet connected with the “new Wema.” The image was outdated, and the perception was stubborn. Oloketuyi shared, “We rebranded, redesigned our logo, upgraded branches, and installed ATMs, but we still weren’t attracting the kind of customers we needed. In people’s minds, Wema was still an old people’s bank.”

So he and his team turned to innovation, not just as a gimmick, but as a strategy. “I was coming from a bank where technology worked. So we said: how can we become a bank of the future?” Wema conducted nationwide focus groups to understand what young Nigerians truly wanted. The insight was clear: “They wanted a bank in their hands. No branches. No queues. Just convenience.” That insight birthed ALAT, Nigeria’s first fully digital bank, in 2017. It stunned the industry. “No one expected something so radical to come from Wema Bank. But we proved that legacy doesn’t mean complacency. It can mean reinvention.”

When Oloketuyi retired in September 2018, he did so with peace of mind. “I had nothing more to add. We had laid the foundation. It was time to hand it over,” he said. And what a foundation it was. 

Today, as Wema celebrates its 80th anniversary, the seeds he planted have blossomed into a dynamic, tech-forward bank with record-breaking growth. In 2024, the bank recorded N433.43 billion in gross earnings and N102.5 billion in profit before tax — its highest ever. “I look at the numbers now, and I’m blown away,” Oloketuyi said. “The growth is geometric. But it makes me happy that it’s not just one man’s story. It’s a story of teams, belief, and a shared mission.” He credited the smooth handover to leaders like Ademola Adebise and Moruf Oseni, who carried the vision forward. “You can only do so much on your own. But when you build something people believe in, it continues long after you’re gone.”

Since his exit, the bank has expanded on the momentum Oloketuyi built. Under successive leadership, Wema has deepened its digital offerings, transformed its operational model, doubled inclusion and sustainability, and scaled its national footprint. Initiatives like Coophub, a digital platform that helps cooperative societies manage their money, records, and members easily and securely online and the FGN-ALAT Digital Skillnovation Programme, which targets over two million youth, and the bank’s renewed SME focus have brought financial services to formerly excluded communities and entrepreneurs. ALAT continues to evolve as a market leader in digital banking, and has received a companion in ALAT Xplore, a fully digital bank tailored to teenagers and young adults, helping them build healthy financial habits. Its other initiative, Sara by Wema, a gender-focused financial inclusion platform, provide tailored support for women across personal and business finance.

The bank’s internal culture, anchored on performance, innovation, and empathy, has earned it “Best Place to Work in Nigeria” accolades in both 2023 and 2024. The numbers don’t just impress; they inspire. Customer deposits have soared past N2.5 trillion. Total assets have grown by over 60% in just one year. Wema is no longer playing catch-up; it is setting the pace.

Oloketuyi believes that Wema’s future is rooted in its ability to stay curious and humble and continue building around people – the same philosophy that guided its revival. “Our forefathers gave us this platform. From the days of Chief Okupe in 1945 till now, Wema Bank has always been a place of possibility. A place where people come to express themselves, grow, and lead.” 

Oloketuyi emphasizes that maintaining this vision requires a relentless focus on innovation and customer-centric solutions, ensuring the bank remains adaptable in a rapidly evolving financial landscape. By fostering continuous learning and collaboration as a culture, Wema can uphold its legacy while pioneering new opportunities for growth and impact.

As the bank marks its 80th year, he offers a simple but powerful wish: “I want Wema to become that institution again – the one that people turn to, not just for cash, but for leadership, innovation, and trust. We lost it once, but thank God, we’ve regained it.”

QUOTES

“Under successive leadership, Wema has deepened its digital offerings, transformed its operational model, doubled inclusion and sustainability, and scaled its national footprint. Initiatives like Coophub, a digital platform that helps cooperative societies manage their money, records, and members easily and securely online and the FGN-ALAT Digital Skillnovation Programme, which targets over two million youth, and the bank’s renewed SME focus have brought financial services to formerly excluded communities and entrepreneurs.”