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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

1,100 Views

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

African Union launch continent’s first credit rating agency

African leaders have long accused Western ratings agencies including S&P, Moody’s and Fitch of failing to fairly assess the risk of lending to African ⁠countries and of moving too quickly to downgrade them during crises such as conflicts and pandemics.

Published

6 hours ago

October 7, 2026

OCHEFA

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The African Union on Wednesday launched the continent’s first credit rating agency—Africa Credit Rating Agency (AfCRA).

AfCRA, launched in Port Louis, the capital of Mauritius, where it will be based. is seeking to provide an alternative ‌to the “big three” global ratings agencies as debt burdens weigh on many African economies.

“AfCRA complements existing global credit rating agencies by offering a perspective rooted in African data, expertise and realities,” the AU said in a statement.

The agencies reject that criticism, saying they apply the same methodologies globally.

Rating experts said the success of the initiative will hinge on the perceived credibility of the new agency, especially in times of crisis.

“A new rating agency begins with a promise while investors ultimately require a track record,” said Dennis Shen, a lecturer in finance at the International School of Management in Berlin and former sovereign analyst at Scope Ratings.

“The hardest test, however, will come when markets are under stress, because a rating agency’s credibility is tested most severely when its conclusions are uncomfortable ‌rather than ⁠when it is highly convenient.”

AfCRA may provide a counterweight to established rating agencies, but it must meet global standards, former Nigerian Vice President Yemi Osinbajo said.”It can’t just be a chauvinistic or nationalistic agency,” he said.

AfCRA, which will rate sovereign borrowers, financial institutions and private companies, will operate independently and be funded through shareholder capital and its operations, the AU said.

Business

Naira Rates To Dollar , Pound, EURO… Monday, October 5

Published

3 days ago

October 5, 2026

OCHEFA

52 Views

Black Market Exchange Rates

₦1365DOLLAR (USD)

₦1820POUND (GBP)

₦1535EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

West African CFA ₦2300CFA

Central African CFA ₦2200

Australian Dollar currency ₦850AUSSIE (AUD)

Official CBN Exchange Rates

DOLLAR (USD)₦1330.10

POUND (GBP)₦1759.58

EURO (EUR)₦1496.76

SWISS FRANC (CHF)₦1605.62

JAPANESE YEN (JPN)₦8.45

CFA FRANC (XOF)₦2.29

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1801.60

CHINESE YUAN (CNY) ₦198.39

SAUDI RIYAL (SAR)₦354.25

SOUTH AFRICAN RAND (ZAR)₦79.91

Business

Diesel Costs Bite: LAMATA Accelerates Shift To CNG, Electric Buses

The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.

Published

3 days ago

October 4, 2026

OCHEFA

56 Views

Lagos is accelerating its transition away from diesel-powered public transport as the Lagos Metropolitan Area Transport Authority (LAMATA) begins phasing out diesel buses from its regulated fleet, amid a surge in diesel prices that has pushed operating costs sharply higher.

LAMATA is targeting clean-energy propulsion for 52 per cent of its Bus Rapid Transit (BRT) fleet by 2050, with compressed natural gas (CNG) and electric vehicles (EVs) taking the place of conventional diesel buses under a policy that took effect at the beginning of 2026.

The Managing Director and Chief Executive Officer of LAMATA, Mrs. Abimbola Akinajo, disclosed this weekend, during the handover of 20 additional high-capacity CNG buses under the Presidential Initiative on CNG and EVs.

The latest delivery brings LAMATA’s CNG fleet to about 170 buses, following the deployment of approximately 150 CNG buses before the new vehicles were received.

The authority also operates high-capacity and medium-capacity electric buses.

Akinajo said some of the new CNG buses would be deployed on the busy Ikorodu–Tafawa Balewa Square corridor, where passenger demand remains high.

“We will only work with CNG or EV buses, and this has been the policy since the beginning of the year,” she said.

The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.

For LAMATA, the shift is therefore not only an environmental policy but also a cost-management strategy aimed at shielding commuters and transport operators from the impact of rising fuel expenses.

Akinajo said regulated public transport fares had not been increased, partly because the lower operating costs of CNG and electric buses were helping to contain the pressure on operators.

“Regulated public transport fares have not increased, and these buses have helped us achieve that,” she said.

Diesel phase-outUnder the new policy, existing diesel-powered buses in the regulated system will be progressively replaced with CNG and electric alternatives.

Akinajo said the long-term direction was for the regulated system to ultimately operate an entirely electric fleet, while the broader clean-energy target provides a pathway towards reducing emissions from Lagos’ transportation sector.

Transportation remains a major source of emissions in the megacity, making the switch to cleaner buses a key component of Lagos State’s long-term ambition of achieving net-zero emissions by 2050.