Business

Wema Bank’s Digital Bank, ALAT, Emerges Nigeria’s Best Digital Bank @ Euromoney Awards 2025

Wema Bank’s MD/CEO, Moruf Oseni, expressed appreciation to the Euromoney Awards for recognising the Bank’s impact on the proliferation of digital innovation in Africa, reiterating the Bank’s commitment to its sustainability vision of developing digital solutions for societal impact.

Published

1 year ago

July 18, 2025

OhiBaba

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In recognition of its position as a digital pioneer in the African banking landscape, Africa’s first fully digital bank, ALAT, a trailblazing digital platform pioneered by Nigeria’s oldest indigenous and most innovative bank, Wema Bank, has been awarded Nigeria’s Best Digital Bank at the Euromoney Awards 2025.

Euromoney is a leading provider of competitive intelligence and benchmarking insight for the global banking and finance industry, trusted for over 50 years to deliver data-led analysis that informs strategy, validates performance, and supports decision-making at the executive level.

The Euromoney Awards, pioneered by Euromoney, are regarded as the ultimate accolade in banking; the industry-leading stamp of approval that banks across the globe work yearlong to achieve.

Recognised as Nigeria’s leading financial institution in digital innovation, Wema Bank’s revolutionary digital bank, ALAT, was awarded Nigeria’s Best Digital Bank at the Euromoney Awards 2025 held at The Peninsula London Hotel in London on Thursday, 17th July, 2025.

Since its launch on May 2nd 2017, ALAT has bridged the gaps in delivery of financial services to Nigerians within Nigeria and globally, evolving remarkably into a holistic hub of lifestyle and financial solutions for Nigerian adults of all ages and from all walks of life.

From simply being the first fully digital bank in Africa, ALAT has evolved remarkably into a digital platform with an ecosystem of dynamic financial solutions tailored to provide seamless, reliable, and convenient service for all.

With ALAT, basic financial services like transfers, airtime & data purchases, bill payments and loans are placed at the fingertips of users, in addition to a wide range of advanced financial services and solutions that merge banking with lifestyle.

From in-app local and international flight bookings to tailored personal and group savings options, investments and stocks, movie and event tickets, deals and discounts on a limitless pool of products and services, 24/7 health consultation, and a suite of customised loan options for salary earners and non-salary earners; ALAT changed the game, redefining banking and financial services in a world where digital has become the future.

In view of ALAT’s groundbreaking role in blazing the trail for FinTechs in Africa and its intentionally-curated wealth of features and offerings designed to meet the needs of Nigerians in Nigeria and the diaspora, it is evident that the Bank is undeniably deserving of the recognition and accolade.

Underscoring Wema Bank’s commitment in shaping the future of banking through impactful innovations like ALAT.

Receiving the award, Oseni said that the world is moving fast and so is the permeation of ‘digital’ into the most critical aspects of our lives.

Eighty years ago when Wema Bank was established, typewriters were the extent of banking technology.

Today, we have pioneered a fully digital bank, and possess technology advanced enough to power over 150 FinTechs.

In ten years, one can only imagine what this fast-paced digital economy will bring.

One thing is clear, any business, venture or institution that will remain relevant by the end of the next decade, must leverage digital technology today.

This is why Wema Bank is so driven when it comes to digital. Innovation and empowerment”.

“As a Bank, our stance is clear. Wema Bank will never relent in empowering lives through innovation and developing digital solutions for societal impact.

We will continue to pioneer innovation, empower innovators and bridge the gap between traditional and digital, leveraging the opportunities of the digital world to generate meaningful impact on lives and businesses in Nigeria, Africa and across the world.

We have remained resilient in this commitment since 1945 and this award tells us that the world is feeling our impact.

We are honoured by this recognition, and I take this opportunity to extend our sincerest gratitude to the Euromoney Awards.

We take this as a challenge to keep up the good work, go harder, and continue going above and beyond in shaping the future of banking through digital innovation.

Here’s to 80 years of impact and a future of limitless possibilities with Wema Bank”. Oseni concluded.

Wema Bank continues to raise the bar in financial services, placing Nigeria on the global map for banking and digital innovation.

Since 1945, the Bank has spearheaded a positive transformation in Africa’s banking and financial landscape, proving that Nigerian-owned businesses have the capacity to last and stand the test of time.

As the Bank celebrated its 80th anniversary on May 2nd 2025, its futuristic digital platform, ALAT simultaneously clocked 8, marking 8 years of digital transformation.

The world continues to watch in anticipation as Wema Bank leads the movement in digital innovation, shaping the future of banking in Africa.

Related Topics:Featured Wema Bank's Digital Bank ALAT Euro money Awards

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Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

1 hour ago

July 21, 2026

OCHEFA

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

10 hours ago

July 21, 2026

OCHEFA

18 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.