Wema Bank records boom in electronic banking channels in 2022

Wema Bank recorded a boom in its electronic banking channels in 2022 as it generated N6.1 billion from digital platforms, representing a 79 per cent increase when compared with the 3.4 billion the bank generated from electronic channels in 2021.

The bank disclosed this in its 2022 audited financial statement recently released.

Behind this growth is the bank’s digital banking platform, ALAT, which gained traction and attracted more customers in the year under review. According to the bank, ALAT recorded a 131 per cent increase in the number of customers’ onboarded in 2022.

In addition, Wema Bank said its other card products also recorded a 98 per cent increase in the number of new customers within the year.

Speaking on the bank’s financial performance and the crucial impact of its electronic banking channels, Wema Bank’s Chairman Board of Directors, Babatunde Kasali, said:  “ALAT continues to be a key growth driver and success story for the Bank, recording a year-on-year increase of over 853,092 in the number of actively transacting customers on the platform. With the rollout of new and innovative features on ALAT, and our ALAT For Business platform, we are sure of increased growth and heightened performance on both platforms in the coming year.

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“Wema Bank has always worked to put its customers first and meet their needs every step of the way, whether through their local bank branch or through ALAT, the digital banking platform. We will continue to work towards our goal of becoming Nigeria’s dominant digital banking platform, an objective that requires an unwavering focus on our digital business, a key lever for customer acquisition, retention, and engagement.”

Meanwhile, the bank observed that the increase in the use of its electronic channels has also led to an increase in the number of complaints received from its customers. It, however, said the complaints are being resolved promptly.

Last week, Wema Bank Plc released its audited financial statements for the year ended 31st December 2022, revealing strong financial performance despite macroeconomic headwinds.

The bank’s profit before tax grew by 20.25 per cent to N14.8 billion as against N12.37 billion posted in 2021. The interest income went up 44.43 per cent to N108.03 billion from N74.7 billion posted in 2021, driven by strong growth in Net Interest Income.

According to the bank’s financial statement, Net Interest Income rose by 35.9 per cent to N54.2 billion from N39.8 billion in 2021 driven by growth in earning assets while Operating Income was up 31.5 per cent to N74.4 billion from N56.6 billion in 2021.