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

1,034 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

Naira Exchange Rates To Dollar, Pound, Euro…Wednesday, 16 September 2026

How much is 100 pounds in naira today?
At the current black market rate of 1880 per pound, 100 British Pounds = 188,000 Naira

Published

11 hours ago

September 16, 2026

OCHEFA

22 Views

BLACK MARKET RATE

1 US Dollar is 1380 Naira.

1 Great British Pound (GBP) is 1880 Naira.

1 Euro (EUR) is 1575 Naira.

1 Canadian Dollar (CAD) is 1000 Naira.

1 Chinese Yuan is 190 Naira.

1 Ghanaian Cedi is 100 Naira.

1 South African Currency, Rand (ZAR) is 70 Naira.

1 UAE Dirham is 370 Naira.

1 CFA Franc (XOF) is 2350 Naira.

1 CFA Franc (XAF) is 2250 Naira.

1 Australian Dollar (AUD) is 850 Naira.

CBN Exchange Rate

DOLLAR (USD) ₦1329.15

POUND (GBP) ₦1793.69

EURO (EUR) ₦1534.77

SWISS FRANC (CHF) ₦1622.69

JAPANESE YEN (JPN) ₦8.5

CFA FRANC (XOF) ₦2.33

WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1811.58

CHINESE YUAN (CNY)₦198.03

SAUDI RIYAL (SAR)₦353.85

SOUTH AFRICAN RAND (ZAR)₦81.79

Business

Textiles was my biggest business mistake — Dangote

Dangote disclosed that almost 8,000 workers were laid off across the textile business, with 6,920 of them coming from Nigerian Textile Mills in Ikeja alone.

Published

1 day ago

September 15, 2026

OCHEFA

34 Views

•Aliko Dangote

President of Dangote Group, Aliko Dangote, has described his investment in the textile industry as the biggest business mistake of his decades in business.

Dangote made the disclosure during an appearance on Arise Television, where he reflected on some of the challenges he encountered while building his business empire.

Dangote’s comments come amid ongoing concerns over the survival of local manufacturing industries and the impact of imported goods on domestic production and employment.

“My biggest business mistake was textiles,” he said.

According to the industrialist, the textile business eventually collapsed due to inadequate policy protection and what he described as dumping by foreign manufacturers.

“We were swamped by Chinese dumping and Indian dumping. So eventually we had to close down,” Dangote said.

He said the closure had a significant impact on workers, particularly employees of Nigerian Textile Mills in Ikeja, Lagos.

Dangote disclosed that almost 8,000 workers were laid off across the textile business, with 6,920 of them coming from Nigerian Textile Mills in Ikeja alone.

He said the experience shaped his approach to subsequent investments, stressing the need to ensure that businesses remain viable even when government protection is eventually withdrawn.

Business

Dangote: Africa Is Like a ‘Scratch Card’ — Opportunities Are Immense

Dangote’s message, therefore, extends beyond the refinery itself: Africa’s opportunities will remain invisible unless capital is deployed to “scratch” the surface and turn potential into productive assets.

Published

1 day ago

September 15, 2026

OCHEFA

40 Views

| map of Africa by Wikipedia

By Ochefa

Africa is sitting on enormous economic opportunities that remain largely untapped, President and Chief Executive Officer of Dangote Industries Limited, Alhaji Aliko Dangote, has declared.

Dangote likened the continent to a “scratch card”, saying its vast opportunities would only become visible when Africans and investors take deliberate steps to unlock them.

“Africa is like a scratch card. Unless you scratch it, you don’t see the use of it. The opportunities are immense,” Dangote said.

He spoke in Lagos during the Dangote Petroleum Refinery and Petrochemicals “Facts Behind the Offer” presentation and opening gong ceremony, held to mark the formal opening of the refinery’s Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX).

The offer comprises 4.1 billion new ordinary shares at ₦525 per share, giving the issue a value of about ₦2.15 trillion, with a minimum subscription of 10 shares valued at ₦5,250. The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.

Dangote said the group was looking beyond Nigeria as it seeks to expand its industrial footprint across Africa, disclosing plans being explored for the establishment of a refinery in Lamu, Kenya.

The move, he said, reflects the need to build African businesses capable of attracting large-scale international capital while creating greater economic integration across the continent.

According to him, the Dangote Group’s expansion strategy is not simply about building individual businesses, but about creating platforms through which Africans and international investors can participate in the continent’s economic transformation.

“What we are trying to do is to open up the market and make sure that when we open up the market, Africans and non-Africans will join us to have what you call the new Africa rising,” he said.

The refinery IPO represents a major test of Nigeria’s ability to mobilise domestic and international capital behind large-scale industrial projects.

Dangote urged Nigerians and other Africans to seize the opportunity presented by the offer, arguing that the refinery has the potential to become Africa’s largest company by the end of 2026.

His “scratch card” analogy captures the central argument behind the expansion strategy: Africa’s economic potential may be enormous, but unlocking it requires capital, infrastructure, industrial investment and businesses willing to take long-term risks.

For Nigeria, the refinery’s public offering also signals a potentially significant shift in the ownership structure of one of the country’s biggest industrial assets—from a project largely associated with one private investor to an enterprise in which a broader pool of investors can participate.

The development comes as Nigeria seeks to deepen its capital market, retain more domestic savings within the economy and mobilise long-term funding for productive investment.